Skills And Jobs Grow In Top Rated Economy

20:15' 02-10-2018
International credit agency, Standard and Poors (S&P), has recognised strong financial management in Victoria, revising the states triple-A credit rating, from negative, up to a stable outlook.

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    International credit agency, Standard and Poors (S&P), has recognised strong financial management in  Victoria, revising the state's triple-A credit rating, from negative, up to a stable outlook.

    Victoria and NSW are the only Australian states with triple-A ratings.

    The S&P 2017/18 Financial Report said the rating was underpinned by an expectation that Victoria would “maintain its strong fiscal position and comprehensive liquidity position as it delivers the state’s large infrastructure program”.

    The report showed Victoria’s ongoing economic strength with a general government sector operating surplus of $2.3 billion, as well as significant jobs growth, which has piled on 370,000 jobs since the Labor Government was elected in 2014.

    “Our record infrastructure pipeline is driving our economy and creating local jobs,” said State Treasurer Tim Pallas.

    Initiatives to develop and extend the state workforce include:

    • The $90 million Jobs Victoria initiative, providing tailored services to support more than 8,300 jobseekers facing barriers to employment into work.
    • The Master Builders Youth Employment Program, a partnership between the Master Builders and Jobs Victoria, that will train and place more than 100 young jobseekers into the construction industry.
    • Swinburne University’s Advanced Manufacturing Industry 4.0 Hub, providing advice and training to local manufacturers in the use of digital technologies such as artificial intelligence, the Internet of Things, smart robotics and virtual reality.
    • The Boost Your Business voucher program, providing funding for eligible social enterprises to partner with industry experts to help them expand their business, provide pathways to training and employment, and allow them to support Victorians in need.

    Victoria’s manufacturing industry contributes $27.7 billion to the Victorian economy, with over 13,000 businesses employing more than 280,000 people. It has recorded 17 months of consecutive growth in the Australian Industry Group’s Performance Manufacturing Index, the longest run of expansion since 2001.

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Keywords: australian statesskills and jobsvictorian economy

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