Manufacturing News, Victoria

Victoria leads the nation in jobs creation, with lowest unemployment rates

The Victorian economy has seen the state record Australia’s strongest jobs growth over the past year, delivering the lowest unemployment rate of all the states.

Australian Bureau of Statistics (ABS) figures confirmed 2,100 Victorians started new jobs in January, bumping the total number of Victorians in work to a near record 3.68 million.

Victoria’s strong annual jobs creation is nation-leading, with almost 150,000 Victorians securing employment, recording the largest increase of all the states.

Acting treasurer, Danny Pearson said The underlying strength of the Victorian economy is highlighted in these figures and that’s great news for workers and businesses across the state – helping them to keep prospering, expand operations and create even more jobs.”

Victoria’s labour force participation rate remains high, at 67.2 per cent, reflecting jobseekers’ confidence, and our youth unemployment rate is low 9.0 per cent.

A robust regional economy continues to drive strong jobs growth and support communities, with a record 826,000 Victorians employed in regional and rural areas

Victoria has also led all other states in generating jobs since the September 2020 pandemic peak, both in absolute and percentage terms, with almost 530,000 new jobs created across the state.

These records are set to continue with independent analyst, Deloitte access economics predicting Victoria’s strong economic prospects and employment growth to outpace all other states over the next five years.

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