Jobs have grown again in regional Victoria and the regional unemployment rate has dropped to a near record low, underscoring the strength of the state’s economic resurgence.
Today’s Australian Bureau of Statistics (ABS) figures show that more than 3,900 Victorians found work in regional Victoria last month, continuing a sustained run of growth.
The regional unemployment rate dropped to 3.1 per cent – less than half of the rate inherited by the Andrews Labor Government in November 2014. The growth in regional jobs in that time leads all states and territories.
There are now more than 854,800 people in work in regional Victoria while the statewide employment level of 3,627,800 reported last week is a record high, providing Victorian workers with stability and security.
The Geelong region has more than 190,000 people in work – an increase of 72,500 people since the Labor Government has been in office. In Gippsland, some 40,000 jobs have been added over this period.
In Hume, with 104,600 people in work, the unemployment rate dropped by 0.7 percentage points, to just 2.0 per cent. In the North-West, the unemployment rate is exactly half of what it was nine years ago and jobs have grown by more than 10,000.
Since the depth of the pandemic economic crisis in September 2020, almost 480,000 new jobs have been created across Victoria, eclipsing every other state’s performance on the back of the Government's steadfast backing of workers and industry.
In the March quarter, Victoria's state final demand, a key performance indicator, grew by 0.7 per cent, driven by increased investments from business and public sectors, and household spending.
The latest NAB business survey found that Victorian business conditions remained in positive territory and above the long-term average.
The ABS this month reported Victoria’s population grew by 39,700 in the December quarter – the highest increase of all the states.
Quotes attributable to Treasurer Tim Pallas
“Jobs are growing across the state and it means workers and businesses can feel confident about the future.”
“A strong economy means businesses are able to plan for expansion and to employ more people, and families have security and certainty.”
Reviewed 22 June 2023