Victoria drives into productivity slow lane

According to the Australian Bureau of Statistics’ (ABS) annual state accounts, Victoria’s per capita GDP fell by 1.2% in 2023-04 and has only risen by 10.4% since the Global Financial Crisis (GFC) of 2008.

Victoria’s performance compares poorly against the 1.0% national decline in per capita GDP in 2023-24 and the 14.5% increase recorded since 2008.

Victoria has also experienced the slowest productivity growth in the country since the GFC, rising at less than one-third the rate of New South Wales.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.