Victoria’s unemployment rate has dropped to 5.5 per cent, with the latest jobs figures for August confirming Victoria as the job-creating capital of the nation.
The ABS labour force figures, released today, show Victoria leading the nation for fastest and greatest job creation over the last year.
Since the Andrews Labor Government was elected in November 2014, an additional 176,100 Victorians are in a job – with more than 116,000 of these jobs full-time.
Victoria’s unemployment rate has dropped from 5.8 per cent for the previous month of July (revised down from 5.9 per cent).
August was the seventh consecutive month in which the state’s employment has increased – with employment rising by 20,700 people for the month – well above all other states and territories.
Victoria’s youth unemployment rate is now at 13 per cent, well below the rate of 14.6 per cent when the Labor Government was elected in November 2014.
Leading indicators suggest that the Victorian jobs market will remain robust and solid job growth is likely to continue.
Today’s data release comes on the back of confirmation that Victoria has the highest business confidence of any State, and the fastest economic growth of the states for the 2015-16 financial year.
Quotes attributable to Treasurer Tim Pallas
“We haven’t wasted a day in getting Victorians back to work, with 176,100 new jobs created since the Andrews Labor Government came to power – more than 116,000 of those jobs full time.”
“Victoria is now the job creating capital of Australia, with a strong AAA-rated economy that continues to outperform the rest of the nation on a number of fronts.”
Quotes attributable to Minister for Employment Wade Noonan
“Today’s ABS data shows that Victoria continues to lead the nation with the strongest jobs growth – creating 125,000 jobs in the past 12 months.”
“It’s particularly pleasing to see unemployment and youth unemployment levels drop. We’re investing in Victoria to create job opportunities and drive economic growth right across the state.”
Reviewed 19 August 2020