Victoria: Australia’s lagging state

Monday 22 December 2025

Earlier this month, I argued that Victoria was a “lead weight on Australia”, which was informed by the latest state accounts from the Australian Bureau of Statistics (ABS).

These data show that Victoria’s per capita gross state product (GSP) fell by 0.8% in 2024-25 and has risen by only 10.0% since the Global Financial Crisis (GFC) in 2008.

This compares to a 0.3% national decline in per capita GDP in 2024-25 and a 14.3% increase since 2008.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.