General News
1 November, 2023
Lowest unemployment record in south west
VICTORIA has the equal lowest regional unemployment rate in the country, according to figures which the Australian Bureau of Statistics released last week.
VICTORIA has the equal lowest regional unemployment rate in the country, according to figures which the Australian Bureau of Statistics released last week.
The regional unemployment rate of 2.7 per cent was matched only by South Australia, and was significantly lower than the national average of 3.4 per cent.
The state government attributes the low unemployment to jobs growth in the regions over the past nine years and a strong, growing economy.
More than 60,000 regional jobs have been created in the past 12 months alone, taking the total number of regional Victorians in work to 864,200.
South west Victoria enjoys one the of the lowest unemployment rates in the state with an unemployment rate of 1.3 per cent, below the Bendigo region at 1.7 per cent and 2.2 per cent in the Latrobe-Gippsland region.
“The hard work of Victorians in every corner of the state makes our economy strong and that is demonstrated in these numbers,” Treasurer Tim Pallas said.
“Backing great ideas and providing opportunity means we lead the nation in jobs growth in regional areas. It’s a credit to every worker and every business.”
The regional unemployment rate is less than half the rate which the former Coalition government left behind in November 2014, and in the years since the rise in regional jobs in Victoria has led all other states in percentage terms.
Victoria’s overall unemployment rate (3.5 per cent) remains historically very low with a nation-leading 133,500 new jobs created across the state over the past 12 months alone.
There are more than 3.65 million Victorians in work, representing an increase of more than 730,000 jobs since the Labor Government won office.
The recovery from the impact of the COVID-19 pandemic has been strong and sustained, which independent forecasts say will continue.
The Deloitte Access Economics Business Outlook report published recently forecasts Victoria’s annual average jobs growth will lead the nation over the next five years, and economic growth will outpace all other states over the same period.
The March ABS population figures show Victoria’s population rose by 2.4 per cent over 12 months.
Victoria’s population growth led the country before the pandemic and the return to strong growth is a measure of confidence in the strength of the economy.
The current NAB Monthly Business Survey shows Victorian business confidence is the highest of the states while the business conditions index is equal highest alongside Tasmania.