Victoria is the only state in the country to sink into recession, proving Daniel Andrews lost control of the budget well before the financial fallout from COVID-19 and the bushfires.
Today’s National Accounts figures show Victoria’s economy shrinking by 0.1 per cent in the March quarter.
With two consecutive negative quarters, the Victorian economy is now officially in recession for the first time since September 2008.
Poor and reckless financial management by the Andrews Labor Government meant Victoria’s State budget was in deficit by $1.1 billion, government debt had ballooned to over $40 billion in 19/20, and the economy had shrunk by the end of last year.
Victoria is the only state in Australia which has currently recorded two consecutive negative quarters.
Comments attributable to the Shadow Treasurer, Louise Staley:
“While Australia is heading into a recession, Victoria is already there.
“Victoria is in recession today because Daniel Andrews had wrecked the economy well before COVID.
“Recessions hurt working families the most as unemployment rises. Around 127,000 Victorians lost their jobs in April and there is worse to come.”
Media Contact: Simon Watson 0484 000 051 Simon.Watson@opposition.vic.gov.au