Mr PALLAS (Treasurer) — I rise to inform the house about the extraordinary economic benefits that will flow from the redevelopment of 1–29 Queensbridge Street, Southbank. Economic modelling actually suggests that —

Honourable members interjecting.

The SPEAKER — Order! The member for Hawthorn will come to order.

Mr PALLAS — the $1.75 billion tower will contribute $2.1 billion to the Victorian economy over the first ten years of its operation. Now, this is terrific news for Victoria. What it tells us is that the project will create 4000 jobs, which will enhance our $21 billion tourism and events industry. It is the icing on the cake of good news —

Honourable members interjecting.

The SPEAKER — Order! The Leader of the Opposition will come to order.

Mr PALLAS — about the health of our construction industry. Let us look at the construction industry: in the year to December 2016, what we do know is that Victoria recorded growth of 4.5 per cent in the building approvals, in stark contrast to what happened to the rest of the nation, which basically saw an 8.1 per cent reduction or contraction in that industry. So our construction industry is a key reason why almost 200 000 jobs have been created since the government was elected in November 2014. And by giving the business community certainty in terms of our approvals process, we are seeing high business confidence. We are also seeing of course high business conditions, which sit well above the national average — something we can all be proud of.

Our economy is now functioning four times faster than the previous government had it in their last year of operation, our gross state product. We are committed of course, in stark contrast to those opposite. The only thing they could approve was around the kitchen table in Ventnor.