Australian Bureau of Statistics (ABS) figures just released reported a record-breaking $78.9bn spent on retail sales in the 12 months to November 2017.
This represented an annual increase of 4.9% in the state – significantly higher than the 2.9% increase nationwide.
During November alone, the state recorded $6.8bn in retail sales, which represented more than 25% of the national tally for the month.
The statistics revealed a number of areas which contributed to the growth including “other retailing” such as recreational and pharmaceutical goods, as well as household items and department stores.
The takeaway food, restaurants and café sector experienced a 1.6% monthly rise and 4.8% for the entire year.
Victorian Treasurer Tim Pallas was delighted with the latest statistics, enthusing:
“This is yet another key indicator that Victoria is a great place to do business, supported by a strong economy and healthy consumer sentiment.”
Printing services will no doubt be busy creating Copies of the findings, which were backed up by recently release of figures showing Victoria led the way in the nation’s 28.5% rise in building approvals.
Pallas added:
“With 319,100 jobs created since November 2014, more than anywhere else in the nation over the same period, Victoria’s economy remains the envy of the nation.”
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