Despite this, expenditure will continue to flow to benefit Victorians in 2020-21, and the 2020-21 Budget will provide updated estimates aimed to: Taking into account the pandemic’s impact on the State’s revenues and new business and community support initiatives, the general government sector operating result in 2019-20 is expected to be a deficit of around $7.5 billion 7. Victoria is one of only two Australian states to receive a triple-A credit rating from agencies Standard & Poor's 5 and Moody's 6 – a rating we've managed to maintain for the past 18 years and a reflection of our consistently strong economic performance that's delivered 27 years of continuous economic growth. Victoria's aerospace industry is a key supplier to the global aviation supply chain, and Victoria's transport equipment industry contributes approximately A$3.5 billion to the economy each year. 3 In 2018-19, education services increased by 17 per cent from 2017-18, and tourism spending increased by 12 per cent over the same period, indicative of a significant rise in international tourists and students choosing Melbourne as their premier destination to visit, live and study. Our international education sector is Victoria's largest service-based export.
In 2018-19, the state's total food and fibre exports accounted for 27 per cent of Australia's food and fibre exports. We export 77 per cent of Australia's dairy exports, 50 per cent of Australia's horticultural exports and 32 per cent of Australia's prepared food exports. Victoria is Australia's largest supplier of premium food and fibre products. Our economy has delivered strong and consistent growth for more than the past two decades, and while Victoria represents only 3 per cent of Australia's total land mass, we account for close to a quarter of Australia's economic activity (23 per cent of national GDP).
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