Released 25/07/2017
The Territory economy is continuing to go from strength to strength, with figures issued today by the Australian Bureau of Statistics (ABS) showing that the ACT has the strongest retail trade figures in the country.
This result demonstrates high levels of confidence in the ACT economy, which is supporting jobs across multiple industries.
Today’s figures also show that the Territory economy has well and truly turned the corner after the impact of the Federal Liberals’ cuts to the Australian Public Service.
In addition to having the strongest retail trade in the country, the Territory has the second lowest unemployment rate in the country, at 3.6 per cent. Our strategy of supporting the economy throughout the cuts from the Liberal government has worked, and we are now seeing signs of positive growth.
In the past 12 months retail trade increased by 5.7 per cent – the highest rate of all states and territories, and well above the national average (which increased 2.7%), NSW (up 3.2%), Victoria (up 3.0%), Queensland (up 1.9%), and Western Australia (up 0.5%).
In addition, in July retail trade increased by 1.2 per cent in the Territory. Again, this is the highest rate of growth of all states and territories, and compares well to the national rate, which recorded no monthly growth.
Through the year growth in the value of retail trade has now been positive for 25 consecutive months.
With the strength in our retail sector and jobs market, I am pleased that Canberra residents and local businesses are seeing the strength of the local economy.
- Statement ends -
Andrew Barr, MLA | Media Releases