VIC final demand grew 3.0%, mid-pack among the eight states and territories
State Final Demand in Victoria reached $681.8bn over the year to June 2026. Annual growth of 3.0% is above the 10-year average of 2.9%. Per-person output fell 0.9% in the June quarter after three quarterly rises, though it still rose 1.4% over the year. Victoria's unemployment rate stood at 5.0% in September 2026, 0.3pp above Australia's 4.7% and the highest of the six reporting states. The rate is 0.17pp above its 10-year average of 4.9%. Total employment rose 0.6% over the year, against Australia's 1.2%, and full-time employment rose 0.8%. Against the other states, VIC ranks state final demand growth 5th of 8 states (2026-Jun) and unemployment rate highest of 6 reporting (2026-Sep).
Cash rate and bond yields, exchange rates and commodities, and equities and superannuation are national series with no state breakdown — see the Australia page.
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The Victoria economy this week
5 key pointsVIC CPI 4.0%, lowest of eight states and territories; capital prices up 1.2%
State Final Demand rose 3.0% over the year to June 2026, against Australia's 3.1%. Population grew 1.6% to March 2026 against Australia's 1.4%, although overseas migration fell 8.7% over the year. Capital city house prices rose 1.2% to June 2026, against Australia's 5.5%. Unemployment stood at 5.0% in September 2026, the highest of the six reporting states, while consumer prices rose 4.0% over the year to September, the lowest of the eight states and territories.
1
State Final Demand rose 3.0% over the year to June 2026, against Australia's 3.1%, mid-pack among the eight states and territories.
2
Population grew 1.6% over the year to March 2026, equal second-fastest of the eight states and territories and above Australia's 1.4%.
3
Dwelling approvals rose 2.3% over the year to August 2026, the slowest of the eight states and territories against Australia's 9.5%.
4
Capital city house prices rose 1.2% over the year to June 2026, second-slowest of the eight states and territories against Australia's 5.5%.
5
Unemployment reached 5.0% in September 2026, the highest of the six reporting states and 0.3pp above Australia's 4.7%.
What X is saying about the Victoria economy
6 recent postsToday CHP has released our report Employed and At Risk 2026. It shows the number of working Victorians receiving homelessness support has increased a staggering 42% over the past four years. This increase is particularly being driven by Melbourne’s Growth Corridor suburbs, which
MELBOURNE: Arden Central's 3,500-home target just became 5,400
Victoria locked in Hamton and Hostplus for the extra homes beside the new Metro Tunnel station, with construction starting in 2027.
5,400 homes, one new school. Room enough for everyone? https://t.co/oNyvaYJ84g
MELBOURNE: $78.65m for land with zero houses built yet
Dahua Group bought Prime Equity Group's reworked Diggers Rest parcel, cleared for up to 900 lots, for $78.65 million.
A noise objection died, then the land flipped for $78 million. https://t.co/rVK3bfhb50
A major rail project for Victoria!
ACCIONA-led Southern Program Alliance (SPA) has secured the freight package for Melbourne Airport Rail Stage 1, contributing to a transformational project that will connect Melbourne Airport to Victoria’s rail network and unlock capacity for up
MELBOURNE: 2nd civil contractor facing a wind-up bid this month
B.A. Roads Qld wants Ryan Civil Contracting wound up over unpaid debts, with the Supreme Court hearing set for 25 November.
One hearing, one unpaid claim. Who's really exposed? https://t.co/rRb1wBpmWa
VICTORIA: Construction's own leave fund wants a labour firm wound up
CoInvest has applied to wind up Grounded Fleet Hire Staff, heading to the Supreme Court on 4 November. No order has been made yet.
Should an industry fund chasing levies have the same power as a bank? https://
Posts about the Victoria economy from the last 14 days, collected 29 Oct 2026. Each post was matched to its own X status ID before publication. Views are the authors' own.
Economy
GDP & Economic Output
State Final Demand
$681.8bn
+3.0%
Australia $2,753.8bn (+3.1%)
VIC as at 2026-Jun
State Final Demand per Capita
$95,296
+1.4%
Australia $98,629 (+1.6%)
VIC as at 2026-Jun
VIC final demand grew 3.0%, mid-pack among the eight states and territories
State Final Demand in Victoria reached $681.8bn over the year to June 2026. Annual growth of 3.0% is above the 10-year average of 2.9%. Per-person output fell 0.9% in the June quarter after three quarterly rises, though it still rose 1.4% over the year.
State Final Demand in Victoria totalled $171.1bn in the June quarter of 2026, with $681.8bn over the rolling year. Annual growth of 3.0% is above the 10-year average growth of 2.9% and up from 2.6% a quarter earlier. The quarterly figure itself fell 0.3% in the June quarter, when the same quarter a year earlier rose 0.3%, so the quarterly measure has moved against the annual trend.
Output per person reached $95,296 a year at June 2026, 5.8% above its 10-year average of $90,071. Per-person output rose 1.4% over the year, against Australia's 1.6%, and sits 3.4% below Australia's $98,629. Population grew 1.6% to March 2026, so while headline State Final Demand grew 3.0%, population growth of 1.6% diluted gains per person. The June quarter fell 0.9%, the first quarterly fall after three rises, so the annual rate hides a recent turn.
Among the eight states and territories, Victoria's 3.0% growth is mid-pack, with South Australia leading at 3.7%. On per-person growth of 1.4%, Victoria is also mid-pack, with South Australia ahead at 2.7%. Victoria's annual growth sits 0.1pp below Australia's 3.1%, and its per-person growth sits 0.2pp below Australia's 1.6%.
VIC against the other states
5
State Final Demand growth — 5th of 8 states
at 3.0% (2026-Jun)
4
State Final Demand per Capita growth — 4th of 8 states
at 1.4% (2026-Jun)
States are compared on State Final Demand. GDP by state is not published - national GDP is on the Australia page.
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Population & Migration
Population
7,154,221
+1.6%
Australia 27,921,150 (+1.4%)
VIC as at 2026-Mar
Net Overseas Migration
81,732
-8.7%
Australia 292,137 (-5.6%)
VIC as at 2026-Mar
Net Interstate Migration
82
+4,538 people
VIC as at 2026-Mar
VIC population grew 1.6%, equal second-fastest of eight states and territories
Victoria's population was 7,154,221 at March 2026, up 1.6% over the year against Australia's 1.4% and a 10-year average of 1.5%. The March quarter rose 0.5%, the weakest March quarter in five years. Overseas migration fell 8.7% over the year, and natural increase fell 7.4%.
Victoria's population was 7,154,221 at March 2026. Growth of 1.6% over the year is above Australia's 1.4% and the 10-year average of 1.5%. Growth has eased from 1.7% a year earlier and is unchanged from the previous quarter. The March quarter rose 0.5%, against a usual March quarter rise of 0.6%, and was the weakest March quarter in five years.
Overseas migration added 81,732 persons over the year, a fall of 8.7% in annual growth, and sits 3.5% above its 10-year average of 78.9k. Natural increase added 28.3k persons, down 7.4% over the year and 17.7% below its 10-year average of 34.4k. Interstate migration was a net gain of 82 persons, against a 10-year average net loss of 4.2k. The sharpest departure from average is overseas migration, with growth of -8.7% against a 10-year average of +1.7%, a gap of -10.4pp.
Victoria's growth of 1.6% sits equal second with Queensland, behind Western Australia's 2.1%, and above Tasmania's 0.6%. Victoria's overall growth is 0.2pp faster than Australia's 1.4%. On net interstate migration per 1,000 people, Victoria records 0.0 per 1,000, the third-highest of the eight states and territories, behind Western Australia's 3.3 per 1,000.
VIC against the other states
2
Population growth — Equal 2nd highest of 8 states
at 1.6% (2026-Mar)
3
Net Interstate Migration per 1,000 People — 3rd highest of 8 states
at 0.0 per 1,000 (2026-Mar)
Net interstate migration is ranked per 1,000 residents so it is not simply a ranking of state size. Australia-wide it nets to zero.
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Property
Development Activity
Dwelling Approvals (rolling year)
55,440
-2.0%
Australia 208,219 (+7.5%)
VIC as at 2026-Sep
Dwelling Approvals per 1,000 People
7.7 per 1,000
-3.7%
Australia 7.5 per 1,000 (+7.1%)
VIC as at 2026-Sep
VIC dwelling approvals rose 2.3%, slowest of the eight states and territories
Victoria approved 57,008 dwellings in the year to August 2026, up 2.3% over the year against Australia's 9.5%. Approvals sit 8.0% below the 10-year average of 62.0k. Commencements rose 2.9% and completions fell 0.2% over the year to June 2026.
Victoria approved 57,008 dwellings in the year to August 2026, 8.0% below the 10-year average of 62.0k. Approvals rose 2.3% over the year, after falling 0.8% a quarter earlier and rising 6.0% a year earlier. The rolling total rose 2.4% in the August quarter, following a 4.4% rise in May and a 3.3% fall in February. Approvals per 1,000 people are 8.0, 14.7% below the 10-year average of 9.4.
Approvals of 57,008 sit 8.0% below their 10-year average. Commencements of 57.6k sit 7.2% below their 10-year average of 62.1k, and grew 2.9% over the year. Completions of 56.2k sit 8.6% below their 10-year average of 61.5k, and fell 0.2% over the year. Approvals rose while completions fell, which points to a gap between approvals and finished dwellings. House approvals rose 6.8% over the year, while attached dwelling approvals fell 4.0%, 10.8% below their 10-year average of 25.2k.
Approvals per 1,000 people of 8.0 are mid-pack among the eight states and territories, and 0.5pp above Australia's 7.5. Victoria's approvals growth of 2.3% is the slowest of the eight states and territories, against Australia's 9.5%. Commercial approvals value totalled 8,524 for August 2026 and fell 3.7% over the year, with industrial approvals down 4.5% against a 10-year average growth of +8.0% and office approvals down 5.2%.
VIC against the other states
8
Dwelling Approvals (rolling year) growth — Lowest of 8 states
at -2.0% (2026-Sep)
5
Dwelling Approvals per 1,000 People — 5th of 8 states
at 7.7 per 1,000 (2026-Sep)
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Housing Market
Capital City House Price
$850k
+1.2%
Australia $1.09m (+5.5%)
VIC as at 2026-Jun
Regional House Price
$625k
+8.7%
Australia $745k (+8.9%)
VIC as at 2026-Jun
VIC capital house prices fell 2.9% in June quarter, up 1.2% over the year
The median house price in Victoria's capital city reached $850,000 in June 2026, up 1.2% over the year but down 2.9% in the June quarter. Growth trails Australia's 5.5% by 4.3pp. Capital city house price to income multiple stands at 7.78, 21.8% below its 10-year average of 9.95.
The median house price in Victoria's capital city reached $850,000 in June 2026. Prices fell 2.9% in the June quarter, when a June quarter usually rises about 0.6%, the weakest June quarter in five years. Annual growth of 1.2% is down from 4.8% a quarter earlier, against a fall of 0.2% a year earlier. Average annual growth over the past decade is 3.4%. Regional house prices reached $625,000, up 8.7% over the year, although the regional June quarter fell 0.8%.
Capital city houses are priced at 7.78 times annual income, in the seriously unaffordable band of 7 to 9 times and 21.8% below the 10-year average of 9.95. Attached dwellings in the capital cities are priced at 5.40 times income, in the moderately unaffordable band and 28.8% below their 10-year average of 7.58. Regional houses at 5.72 times income sit 1.8% below their 10-year average of 5.82, and regional attached dwellings at 4.28 times income sit 7.4% below their 10-year average of 4.62.
Capital city house prices rose 1.2% over the year, the second-slowest of the eight states and territories, against Australia's 5.5%. Regional house prices rose 8.7%, the third-slowest of the seven reporting states and territories, and 0.2pp slower than Australia's 8.9%. House sales in the capital cities totalled 63.4k over the rolling year, down 1.6% and 12.2% above the 10-year average of 56.5k; the June quarter's sales were below the same quarter a year earlier. Regional house sales rose 11.6% over the year to 30.0k.
VIC against the other states
7
Capital City House Price growth — 2nd lowest of 8 states
at 1.2% (2026-Jun)
5
Regional House Price growth — 3rd lowest of 7 reporting
at 8.7% (2026-Jun)
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Housing Finance
Housing Finance Commitments
$24.3bn
+3.4%
Australia $99.0bn (+6.6%)
VIC as at 2026-Jun
New-Build Share of Lending
19.9%
+1.8pp
Australia 18.2% (+2.1pp)
VIC as at 2026-Jun
VIC housing finance up 3.4%, second-slowest of eight states and territories
Housing finance commitments totalled $24.3bn in June 2026, up 3.4% over the year against Australia's 6.6%. Investor lending rose 8.3% while owner-occupier lending rose 1.1%. The new-build share of purchase lending rose 2.80pp in the June quarter to 19.9%, below its average since 2019 of 21.3%.
Housing finance commitments totalled $24.3bn in June 2026, up 3.4% compared to a year ago. Lending volumes are 24.0% above the 10-year average of $19.6bn. Lending rose 7.3% in the June quarter, when a June quarter usually rises about 19.6%. Annual growth has slowed from 17.5% a quarter earlier, and the quarter's rise was below its usual seasonal rise.
Owner-occupier lending of $16.1bn makes up 66.4% of total lending, down from 67.9% a year earlier. Investor lending of $8.2bn makes up 33.6%, up from 32.1% a year earlier and 2.9 percentage points above its 10-year average share of 30.8%. Owner-occupier lending grew 1.1%, below its 10-year average growth of 4.5%, while investor lending grew 8.3%, above its 10-year average growth of 4.3%.
Lending for new builds, covering construction and newly erected dwellings, totalled $4.8bn and grew 14.1% over the year. Lending for existing dwellings totalled $19.4bn and grew 1.0%. New builds captured 19.9% of dwelling purchase lending, below the average since 2019 of 21.3% by 1.35pp. Victoria's new-build share is 1.7pp above Australia's 18.2% and the third-highest of the eight states and territories, behind South Australia's 24.8%.
VIC against the other states
7
Housing Finance Commitments growth — 2nd lowest of 8 states
at 3.4% (2026-Jun)
3
New-Build Share of Lending — 3rd highest of 8 states
at 19.9% (2026-Jun)
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Rental Market
Median Rent (rolling year)
$560/wk
+4.7%
Australia $633/wk (+5.5%) · 2026-Jun
VIC as at 2025-Sep
Median Rent Growth
4.7%
-5.6pp
Australia 5.5% (-0.3pp) · 2026-Jun
VIC as at 2025-Sep
Rent as a Share of Earnings
27.6%
+0.2pp
Australia 29.4% (+0.6pp) · 2026-Jun
VIC as at 2025-Sep
VIC median rent $560 a week, up 4.7% over the rolling year to September 2025
Victoria's rolling-year median rent reached $560 a week at September 2025, up 4.7% over the year and 30.7% above its 10-year average of $428. Growth eased from 5.5% a quarter earlier. The capital city rent premium fell to 28.20%, below its 10-year average of 31.29%.
Victoria's figures are the latest published (September 2025 quarter); the national series carries Victoria forward until DFFH publishes. The median rent in Victoria reached $568 a week in the September quarter ($560 rolling year). Growth of 4.7% over the rolling year is down from 5.5% a quarter earlier and 10.3% a year earlier, so rent growth has cooled.
Capital city rents of $587 a week (rolling year) sit 28.20% above the rest of the state at $458 a week. Regional rents grew faster over the year, up 5.8%, against capital city growth of 4.4%. The 3-bed house median is $561 a week, up 4.1%, and the 2-bed unit median is $564 a week, also up 4.1%, so the unit median now sits just above the house median.
New bonds lodged over the rolling year totalled 202.7k, up 3.9% over the year and 3.2% below the 10-year average of 209.3k. Market rent growth of 4.70% sits above CPI rent growth of 3.70% and wage growth of 3.30%, while overall CPI rose 2.70% over the year to September 2025. Rent as a share of full-time earnings is 27.6%, 3.11pp above its 10-year average of 24.49%, and 1.7pp below Australia's 29.3% for June 2026. Victoria is not ranked on rent growth or rent share.
VIC against the other states
–
Median Rent Growth — not ranked (latest 2025-Sep);
the 5 states compared are at 2026-Jun
–
Rent as a Share of Earnings — not ranked (latest 2025-Sep);
the 5 states compared are at 2026-Jun
Not in this comparison: VIC (latest 2025-Sep), NT (no data), ACT (no data). Rent series are published on different schedules by each state. Every rank here is taken at one common quarter; states without a value at that quarter are listed with their own latest period instead.
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Jobs & wages
Employment
Unemployment Rate
5.1%
+0.3pp
Australia 4.7% (+0.3pp)
VIC as at 2026-Sep
Total Employment
3.82m
+0.6%
Australia 14.78m (+1.2%)
VIC as at 2026-Sep
VIC unemployment 5.0%, highest of six reporting states in September 2026
Victoria's unemployment rate stood at 5.0% in September 2026, 0.3pp above Australia's 4.7% and the highest of the six reporting states. The rate is 0.17pp above its 10-year average of 4.9%. Total employment rose 0.6% over the year, against Australia's 1.2%, and full-time employment rose 0.8%.
The unemployment rate in Victoria stands at 5.0% as at September 2026, close to the 10-year average of 4.9%, and 0.17pp above it. The rate fell 0.11pp in September, when September 2025 rose 0.44pp, and fell 0.06pp over three months. Over the year it rose 0.30pp, slower than the 0.86pp rise a month earlier. From its five-year low of 3.25% in July 2022, the rate has risen.
Total employment reached 3.82 million persons, up 0.6% (21,966 persons) over the year, below the 10-year average growth of 2.1%. Full-time employment rose 0.8% (19,738 persons) over the year, below its 10-year average growth of 2.1%. The labour force rose 0.9% over the year, and unemployed persons rose 7.3% to 203.4k, above the 10-year average growth of 0.6%.
Victoria's unemployment rate is the highest of the six reporting states. South Australia has the lowest at 4.2%, and Tasmania is next highest at 5.0%. Victoria's employment growth of 0.6% is the third-slowest of the six reporting states, against Australia's 1.2%, with Western Australia fastest at 3.7%. Victoria is 0.6pp slower than Australia on employment growth.
VIC against the other states
6
Unemployment Rate — Highest of 6 reporting
at 5.1% (2026-Sep)
4
Total Employment growth — 3rd lowest of 6 reporting
at 0.6% (2026-Sep)
Not in this comparison: NT (latest 2026-Mar), ACT (latest 2026-Mar).
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Job Advertisements
Job Advertisements
137,517
+0.5%
Australia 632,452 (+0.3%)
VIC as at 2026-Sep
VIC job ads up 0.5% over the year, 12.4% below their 10-year average
Job advertisements in Victoria totalled 137,517 in September 2026, 12.4% below the 10-year average of 156.9k. Ads rose 2.1% in the September quarter, against a fall of 1.3% in June. They remain 41.5% below the June 2022 high of 235.2k.
Job advertisements in Victoria totalled 137,517 in September 2026, 12.4% below the 10-year average of 156.9k. Over the year they rose 0.5%, against a fall of 3.0% a quarter earlier. The September quarter rose 2.1%, when the same quarter a year earlier fell 1.5%. Total ads are 41.5% below the five-year high of 235.2k in June 2022.
Professional job ads of 41.5k fell 2.6% over the year and sit 11.2% below their 10-year average of 46.7k, at their lowest level in five years. Industrial job ads of 24.0k rose 6.1% over the year, 9.1% below their 10-year average of 26.4k, and rose 3.8% in the September quarter. Sales job ads of 6.9k rose 5.7% over the year and sit 13.0% below their 10-year average of 7.9k.
Victoria's job advertisement growth of 0.5% is mid-pack among the eight states and territories, and 0.2pp faster than Australia's 0.3%. Western Australia leads at 6.8%. Victoria's total of 137,517 ads is 12.4% below its 10-year average.
VIC against the other states
4
Job Advertisements growth — 4th of 8 states
at 0.5% (2026-Sep)
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Wages & Earnings
Wage Price Index
161.5
+3.1%
Australia 161.2 (+3.2%)
VIC as at 2026-Jun
Full-Time Weekly Earnings
$2,102
+3.8%
Australia $2,157 (+3.5%)
VIC as at 2026-May
VIC wages grew 3.1%, mid-pack and 0.1pp slower than Australia's 3.2%
Wages grew 3.1% over the year to June 2026 in Victoria, as measured by the Wage Price Index, above the 10-year average of 2.7% but 0.1pp slower than Australia's 3.2%. Full-time weekly earnings reached $2,102 in May 2026, up 3.8% over the year. Real wages fell 0.1 percentage points over the year to June 2026.
Wages grew 3.1% over the year to June 2026, as measured by the Wage Price Index. This is above the 10-year average wage growth of 2.7%. Growth is down from 3.4% a year earlier and matches the March quarter's 3.1%. The June quarter rose 0.5%, against a usual June quarter rise of 0.6%.
Average weekly full-time earnings reached $2,102 per week in May 2026, equivalent to $108,727 per year for full-time workers, with annual earnings up 4.1%. Weekly earnings are up 3.8%, above the 10-year average growth of 3.4%. Real wages: over the year to June 2026, wages (WPI) rose 3.1%, inflation over the same twelve months was 3.2%, so real wages fell 0.1 percentage points.
Victoria's wage growth of 3.1% is mid-pack among the eight states and territories, level with New South Wales, and 0.1pp slower than Australia's 3.2%. South Australia leads at 3.6%. Full-time weekly earnings of $2,102 sit 2.5% below Australia's $2,156, but earnings growth of 3.8% is 0.3pp faster than Australia's 3.5%.
VIC against the other states
5
Wage Price Index growth — Equal 5th of 8 states
at 3.1% (2026-Jun)
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Households
Household Consumption
Household Consumption
$90.3bn
+1.6%
VIC as at 2026-Jun
Household Consumption per Capita
$12,617
0.0%
VIC as at 2026-Jun
VIC per-person consumption 0.0% over year, slowest of eight states
Household consumption expenditure in Victoria totalled $90.3bn in the June quarter of 2026, up 1.6% over the year against 10-year average growth of 1.8%. Per-person consumption was flat at 0.0%, the slowest of the eight states and territories. Power and utilities fell 8.0% over the year, while health rose 4.3%.
Household consumption expenditure totalled $90.3bn in the June quarter of 2026, according to National Accounts data. Annual growth of 1.6% is below the 10-year average growth of 1.8%, and down from 2.1% a quarter earlier. The quarter rose 0.1%, against a rise of 0.6% in the June quarter a year earlier. Per-person consumption was $12,617, 1.7% above its 10-year average of $12,402, and fell 0.4% in the quarter.
Essential categories are mixed. Food grew 1.8%, against an average of 1.7%, and health grew 4.3%, above its average of 3.6%. Rent and dwellings grew 1.7%, below its average of 1.9%. Power and utilities fell 8.0%, 7.2pp below its 10-year average growth of -0.8%, and transport fell 4.6%, 4.5pp below its average of -0.1%. Discretionary categories: recreation grew 2.3%, below its average of 3.8%; clothing grew 2.2%, 2.4pp below its average of 4.6%; alcohol and tobacco fell 2.2%, 3.9pp below its average of 1.7%; and cafes and restaurants grew 2.6%, above its average of 2.3%.
Victoria's per-person consumption growth of 0.0% is the slowest of the eight states and territories. Western Australia's 0.3% is the next slowest, above Victoria's figure. No national comparator is published for this measure, so the comparison is between states and territories only.
VIC against the other states
8
Household Consumption per Capita growth — Lowest of 8 states
at 0.0% (2026-Jun)
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Household Spending
Household Spending
$59.6bn
+5.8%
Australia $246.9bn (+6.7%)
VIC as at 2026-Sep
Household Spending per Capita
$8,330
+4.9%
Australia $8,841 (+5.9%)
VIC as at 2026-Sep
VIC household spending up 5.8%, above its 10-year average growth
Victoria spent $59.6bn in the three months to September 2026, up 5.8% on a year ago and above average growth of 4.6%, with spending rising over the latest three months. Transport rose 9.0% over the year, against average growth of 4.7%. Per-person spending grew 4.9%, the second-slowest of the eight states and territories, against a national 5.9%.
Household spending in Victoria totalled $59.6bn in the three months to September 2026, up 5.8% compared to a year ago. This is above average growth of 4.6%. Spending rose 2.2% over the latest three months, after a 1.0% rise in the same three months a year earlier. Single-month spending per person was $2,791 in September 2026, the highest level in five years. Spending comes to $32,962 per person annually. Per person over the three months to September 2026, spending was $8,330, 19.2% above its 10-year average level of $6,987.
Spending rose over the latest three months in every category except alcoholic beverages and tobacco. Among essentials, transport grew 9.0% against average growth of 4.7%, and its 5.4% rise over the latest three months pushed annual growth up from 4.4%. Food grew 5.1%, above its 10-year average of 4.7%, while health grew 3.8%, below its average of 5.9%. Among discretionary spending, recreation grew 7.1% against average growth of 5.6%, hotels and restaurants grew 5.0% against 5.8%, and clothing grew 5.6% against 4.4%. Alcoholic beverages and tobacco fell 5.5%, against average growth of -2.5%, and are 41.3% below their June 2022 high.
Per-person growth across the eight states and territories ranges from 10.7% in the Northern Territory to 4.1% in the Australian Capital Territory. Total household spending in Victoria grew 5.8% against 6.7% nationally, 0.9pp slower. Per person in the three months to September 2026, Victoria spent $8,330, 5.8% below the national $8,841.
VIC against the other states
7
Household Spending per Capita growth — 2nd lowest of 8 states
at 4.9% (2026-Sep)
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Inflation & Cost of Living
Consumer Price Index
104.0
+4.0%
Australia 104.3 (+4.3%)
VIC as at 2026-Sep
Housing CPI
103.8
+3.8%
Australia 105.2 (+5.2%)
VIC as at 2026-Sep
VIC inflation 4.0% in year to September, lowest of eight states and territories
Inflation in Victoria was 4.0% in the year to September 2026, 0.3pp below Australia's 4.3% and the lowest of the eight states and territories. The annual rate rose from 3.5% in August. Housing costs rose 3.8% over the year, against Australia's 5.2%.
Inflation in Victoria was 4.0% in the year to September 2026, against a 10-year average of 3.1%. Inflation remains above the RBA's 2-3% target band. The annual rate rose from 3.5% in August to 4.0% in September. Prices rose 0.9% in September, when September 2025 rose 0.5%, and rose 2.3% over the three months to September.
Transport prices rose 8.0% over the year, 4.2pp above their 10-year average growth of 3.8%, and rose 2.6% in September alone. Communication rose 2.3%, 3.2pp above its average of -0.9%. Recreation and culture rose 5.4%, 3.0pp above its average of 2.4%. Housing costs rose 3.8%, above their 10-year average of 3.3%. Insurance and financial services rose 4.2%, above its average of 3.1%. Relief areas: clothing and footwear fell 0.5% over the year, below its average of 0.4%, and food rose 2.9%, below its average of 3.2%.
Victoria's 4.0% CPI is 0.3pp below Australia's 4.3%, and its housing inflation of 3.8% is 1.4pp below Australia's 5.2%. Victoria's CPI is the lowest of the eight states and territories, with New South Wales next lowest at 4.3%. Victoria's housing inflation is also the lowest, with Western Australia next at 5.0%. Real wages: the Wage Price Index rose 3.1% over the twelve months to June 2026, inflation over the same twelve months was 3.2%, so real wages fell 0.1 percentage points.
VIC against the other states
1
Consumer Price Index growth — Lowest of 8 states
at 4.0% (2026-Sep)
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Housing CPI growth — Lowest of 8 states
at 3.8% (2026-Sep)
CPI is ranked lowest to highest. A low reading is not automatically a good outcome - it is stated as a position, not a verdict.
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