Mr PALLAS (Treasurer) — I rise to update the house on the exceptional performance of the Victorian economy. National accounts figures that were issued yesterday confirm that Victoria is yet again leading the nation. Over the year to June Victoria grew by 4.7 per cent. This is the strongest result of all the states, and it is nearly double both the national figure and the result in New South Wales.

Business investment is up 20 per cent over the year, reflecting of course the confidence that the business community has in this government. Household spending is up 3.4 per cent, reflecting increased consumer sentiment, supported by nearly a quarter of a million jobs that have been created by this government in our time in office. Consumer confidence, a strong construction sector, a booming labour market and our strong budgetary management are all driving these impressive results. Just a few days ago further Australian Bureau of Statistics data confirmed that Victoria’s exports have experienced the highest annual growth in the nation.

When those opposite occupied the government benches our economy stalled to an average of just 1.7 per cent per annum — pathetic. Since this government has been in power Victoria has well and truly been on the march. Our state final demand has grown by an average of 4.4 per cent under this government. On every significant economic indicator Victorians are better off under this government. Job creation, economic growth, consumer confidence, retail sales, business investment — they all tell the same story. Sometimes I think we need an episode of Mythbusters on Spring Street to bust that crazy myth that those opposite are better at managing the economy. Guess what? They are not.