SYDNEY, July 23 (Xinhua) -- Australia's Victoria state is set for record economic growth, with business investment, household consumption and the job sector helping to fuel the country's fastest-growing economy, authorities said on Monday.

The state is forecast to record "above trend growth of 3.7 percent of gross state product for the 2018-19 financial year, which would be the strongest growth rate in Victoria since 2005," according to a statement from the office of the state's Treasurer Tim Pallas, citing latest business outlook findings.

Business investment including 20 billion Australian dollars (14.84 billion U.S. dollars) of commercial projects and strong household consumption were cited as key contributors to the outlook.

The state has been the country's fastest-growing economy since November 2014, adding an estimated 48 billion Australian dollars (35.63 billion U.S. dollars) in real terms.

It has also reported employment growth of more than 340,000 new jobs in that time - "more than a third of all jobs created across Australia."

Infrastructure investment over the next four years is forecast to average 10.1 billion Australian dollars (7.5 billion U.S. dollars) annually over the next four years.

"The strength of the Victorian economy is a result of our continued investment in our unprecedented infrastructure pipeline - driving skills, jobs and opportunities for all Victorians, right across the state," said Pallas.