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Why Victoria’s economy is tipped to perform ‘very, very well’ in 2021

Ross and Russel
Article image for Why Victoria’s economy is tipped to perform ‘very, very well’ in 2021

Victoria’s economy is expected to grow faster than any other state or territory in Australia this year, as the state recovers from the effects of extended lockdowns in 2020.

Partner at Deloitte Access Economics, Chris Richardson, says Victoria will rebound at an astounding rate.

“Victoria will have, is already starting to have a great 2021 because it had such a tough 2020,” he told Ross and Russel.

“Canberra had a less tough 2020 than anywhere else in Australia which also says it’s rebound in 2021 will be less.

“The worse your 2020 was, the better your 2021.”

In the September quarter, Australia’s economy grew faster than at any point since 1986.

“We grew that fast because … there were unemployed people who could get a job again, there were empty shops that could fill with customers, there were empty offices that could start to fill with employees,” Mr Richardson said.

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