Victoria’s economy prospers
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12 December 2007
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Victoria is on track to achieve higher than expected growth for 2007-08, according to the latest Budget update released by Victorian Treasurer John Lenders today.
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“Despite prolonged drought and a consistently high Australian dollar, the Victorian economy is expected to grow at 3.75 per cent in 2007-08, an increase of 0.5 per cent since Budget time,” Mr Lenders said.
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“The forecast growth in jobs in Victoria for 2007-08 has doubled which is great news and has played a part in bolstering the economy along with strong population growth.
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“Victoria continues to record a surplus of above $100 million, with the net result from transactions in 2007-08 revised up from $324 million at Budget time to $842 million.
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“This reflects strong population and jobs growth and provides a solid base for the Victorian Government to meet the infrastructure and service delivery needs of Victorians now and in the future.”
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Mr Lenders said the strength of the surplus allowed the Government to make record high investments in infrastructure.
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The Budget Update shows estimated net infrastructure investment of $3.9 billion in 2007-08 with continued strong expenditure on infrastructure to 2010-11.
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