New economic model needed for Victoria to bounce back
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At first glance, Victoria’s economy appears to have performed as well over the past decade (from 2009-10 to 2019-20) as it had done over the previous one.
Economic growth, as measured by real gross state product (GSP), averaged 2.4 per cent per annum, only slightly below the 2.8 per cent per annum it had averaged between 1999-2000 and 2009-10; 0.1 percentage points per annum above the national average (as against 0.3 percentage points below the national average over the preceding decade); and better than for any other part of Australia except for Western Australia and the ACT.
Australia's economy extended its rapid recovery in the first quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into recession.
Australia Q1 GDP Spikes 1 8% On Quarter forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
The benchmark S&P/ASX200 climbed to 7,217.8 points on Wednesday afternoon, surpassing the 7,197 level of February 2020 shortly before the Covid lockdowns.