Victoria still hampered by global recession

Monday 19 April 2010

Article by Mozo

Victoria is still being hindered by the recent global financial crisis, it has been claimed.

According to CommSec’s latest State of the States report – which is published quarterly – Victoria is Australia’s sixth-best performing area.

The outlook for Victoria has remained unchanged since CommSec’s January assessment of its financial robustness.

Number one in terms of capital strength is the Australian Capital Territory, followed by Western Australia and South Australia.

"The larger states of NSW and Victoria, with their bigger financial and services sectors, were more affected by the global financial crisis," CommSec chief economist Craig James told the Herald Sun.

However, it looks as if Victoria is performing well in terms of low interest home loans provision.

"Victoria has very strong activity in the housing sector and is not far away from the top grouping," Mr James added.

According to a recent report in the Sunday Telegraph, the Reserve Bank of Australia is angling to put interest rates up soon, which could reduce the availability of low interest home loans.

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