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Victorian employment trend remains positive

Thursday, 10 October 2013
Acting Treasurer Gordon Rich-Phillips has welcomed today’s labour force figures which demonstrate that Victoria’s economy continues to perform well and that the fundamentals of the economy remain strong.  
 
According to the latest Australian Bureau of Statistics (ABS) figures over the year, Victorian employment grew by 14,700 persons (0.5 per cent). This was driven by increases in both full-time and part-time employment, which rose by 9,300 and 5,400 persons respectively.
 
“Today’s labour force figures show that over the year, Victoria was the only non-mining state to see an increase in both full-time and part-time employment,” Mr Rich-Phillips said.
 
“This demonstrates that the Victorian Coalition Government has the right framework in place to drive forward a strong economy and job growth right here in Victoria.” 
 
Victoria’s unemployment rate rose slightly to 5.8 per cent (+0.1 percentage points), up from 5.7 per cent last month, but remains at historically low levels.
 
“Victoria continues to have the highest labour participation rate of all the non-mining states and strong population growth,” Mr Rich-Phillips said.
 
“Compared with other states, Victoria has the third lowest unemployment rate, with only resource-rich Western Australia and New South Wales performing marginally better.
 
“There are continued strong business opportunities in Victoria, despite some of the challenges industries are facing due to global uncertainty.
 
“I recently announced that 120 new jobs will be created in our ICT sector and this is just one of a number of examples in which innovative companies are looking to invest and grow in Victoria,” Mr Rich-Phillips said. 
 
While the ABS employment figures reflect some degree of volatility in the data, in trend terms Victorian employment was positive, with growth of 24,900 persons (0.9 per cent) over the year.
 
“Today’s result demonstrates that the fundamentals of the Victorian economy remain strong and that the Coalition Government’s responsible economic management will continue to build for growth right across Victoria,” Mr Rich-Phillips said. 
 
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