‘Doesn’t get better anytime soon’: Ross Greenwood discusses dire state of Victorian economy

​News24 Business Editor Ross Greenwood discusses the state Victorian economy which is "outlying" when compared to the rest of Australia. ​“Manufacturing in Victoria is slowing faster than any other part of the country; there’s a lack of raw materials or a lack of any sort of mining activity because of the difficulties to actually discover new gas fields in Victoria,” Mr Greenwood told News24 host Peta Credlin. ​“The credit rating is the worst of any state in Australia, and there are warnings from the credit ratings agency that it could be cut if they continue to spend in the way in which they have. ​“You’ve got a metro project right now whose costs are out of control, which means it’s compromising, not just other infrastructure projects in Victoria, but also then crowding out the private sector. ​“All these things compound into the Victorian economy. ​“The problem is if you don’t have an economy that grows faster, if you don’t have settings to allow it to grow faster, you’re simply trying to hoover in more debt. ​“Then the problem gets worse; it doesn’t get better anytime soon.”