Recent data released by the Australian Bureau of Statistics (ABS) has indicated that Victoria’s regional unemployment rate was the equal lowest in the country for October, showcasing a remarkable figure of 2.8 per cent.
This comes as an additional 4,400 Victorians secured employment in regional areas, significantly outpacing the national average of 3.3 per cent, the government said in a news release.
The ABS further highlighted exceptional regional unemployment rates in specific areas, such as Warrnambool and the South West with a rate of 0.9 per cent, Shepparton at 1 per cent, Bendigo and surrounds at 1.6 per cent, and the North-West at 2.4 per cent.
Victoria’s remarkable economic growth since the election of the Labor Government in November 2014 is underscored by the creation of 210,000 regional jobs, a figure that surpasses any other state in percentage terms, reaching a grand total of 868,600 jobs.
The report also revealed that over 540,000 jobs have been generated in over three years, propelling the workforce beyond 3.68 million.
Victoria said it has led all states and territories in job growth during this period, with the next best-performing state, New South Wales, lagging behind by 135,000 jobs.
Furthermore, more individuals are entering the labour market, as reflected by the state’s participation rate, which reached a record 67.9 per cent last month.
CommSec’s State of the States report crowns Victoria as the nation’s top-performing economy, and ABS figures affirm that Victoria’s economy has seen cumulative growth of 8.9 per cent in the past two years, surpassing other states including NSW, Queensland, Western Australia, and Tasmania.
Treasurer Tim Pallas emphasised that the growth of employment across the state is a testament to the confidence of businesses, which, in turn, contributes to job creation and strengthens communities.
“There has never been more people in work in regional Victoria and that provides security and confidence for families planning for the future,” he noted.
The Deloitte Access Economics (DAE) Business Outlook report predicts that Victoria’s economic growth will outpace all other states over the next five years, with annual average job growth leading the nation during the same period.
Recent ABS population figures underscore this positive economic trend, revealing that Victoria’s population increased by 2.4 per cent in the 12 months to March.
