Victoria’s unemployment rate has dropped to 4.8 per cent — its lowest rate in seven years – with more than 10,000 full-time jobs created in the month of August alone.
Labour Force data released by the Australian Bureau of Statistics today shows almost 73,000 new jobs have been created in the last twelve months – three quarters of them full time.
Victoria’s unemployment rate is below the Australian average of 5.3 per cent, and well down on the 6.7 per cent inherited from the previous Liberal and National Government.
Since the Andrews Labor Government was elected in 2014, more than 370,000 jobs have been created in Victoria – contributing to more than a third of the nation’s employment growth.
The majority of these – 247,600 – are full-time roles, an increase of 12.5 percent.
This is more than six times the amount of full time jobs created under the previous Liberal and National Government which could only manage 39,000.
The youth unemployment rate in the year to August also fell 0.2 per cent from the previous month – and is 0.5 per cent lower than the previous year – to now be at its lowest rate since August 2013.
Quotes attributable to Treasurer Tim Pallas
“The Andrews Labor Government has created more jobs than any other state in the nation.”
“We are investing in transport, health and education at record levels and supporting businesses across the State – to ensure Victoria continues to be the fastest growing economy in the nation.”
Quote attributable to the Minister for Industry and Employment Ben Carroll
“Our huge pipeline of city-shaping infrastructure is creating thousands of jobs and giving local manufacturers the chance to supply materials for our biggest projects – because we’re putting local jobs first.”
Reviewed 19 August 2020