Victoria has achieved new record low unemployment rates, according to a new report from the Australian Bureau of Statistics.
With a 3.1 per cent figure, Victoria maintains its status as the state with the lowest unemployment record since 1974, and the lowest rate since the bureau began reporting monthly records in 1978.
Australia’s overall unemployment rate is currently at 3.4 per cent.
ABS figures released in July also detailed that the state’s retail trade surged by 16.3 per cent in the first half of 2022, taking annual spending to $98.9 billion.
Approximately 330,000 professional roles have been created in Victoria since September 2020, significantly surpassing the state government’s target of 200,000 jobs and outperforming all other Australian states, the Victorian government said in a press release.
The state’s Big Build program has supported the creation of more than 190,000 jobs and ongoing investment in vital infrastructure, contributing an average of $21 billion a year to the Victorian economy.
“Our investment in vital infrastructure is supporting thousands of jobs and we’ll keep backing Victoria and Victorians to the hilt,” said Treasurer Tim Pallas. “Victoria’s economy and jobs market are buoyant and that means families and businesses can have real confidence in the future.”
A raft of indicators also highlighted the underlying strength and dynamism of the Victorian economy— the most recent being the CommSec State of the States Report, which identified Victoria as the best performing in the nation overall in terms of employment, retail trade, and construction activity.
