New (ABS) confirm that 152,650 Victorian businesses shut down across 2023-2024.
While Victoria has the second largest economy in the country, it had the weakest business growth of all mainland Australian states at 2.4 per cent in 2023-2024, signalling a lack of business confidence under the Allan Labor Government.
Conversely, in New South Wales, businesses grew by 2.8 per cent, with growth of 3 per cent in South Australia, 4.6 per cent in the ACT, 2.6 per cent in Queensland, and 3.5 per cent in Western Australia.
Today’s news follows recent unemployment data which showed Victoria’s unemployment rate is at 4.6 per cent, marking a four-month trend of being the highest in the country.
Only a Liberals and ³Ô¹ÏÍøÕ¾s Government will address the continued deterioration of Victoria’s finances under Labor.
A future Pesutto Government will:
- Rein in skyrocketing debt, legislating a Victorian debt cap at our first budget.
- Act on our wholesale review of Victoria’s tax system, providing tax relief for families, businesses, and individuals.
- Review all major projects, including the Suburban Rail Loop, to ensure value for money for Victorians.
- Establish Construction Enforcement Victoria to bring transparency back to all major project contracts.
Shadow Treasurer, Brad Rowswell, said: “Under the Allan Labor Government, Victorian businesses are being stifled by the highest taxes and most regulation in the country.
“This is what you get after 10 years of Labor and 10 years of Labor budgets – the slowest rate of business growth of all mainland states, the highest unemployment and the highest taxes in the country.
“Only a Pesutto Liberals and ³Ô¹ÏÍøÕ¾s Government will drive the commerce-led growth we desperately need in Victoria and inspire businesses to settle and expand here with a competitive tax and regulatory environment.
“Labor cannot manage money and Victorians are paying the price.”
