Victoria continues to spearhead Australia’s economic recovery, showcasing robust job creation and sustained growth, according to recent data released by the Australian Bureau of Statistics (ABS).
With a near-record 3.68 million Victorians currently employed, the state has achieved the lowest unemployment rate nationwide, reaffirming its position as an economic powerhouse.
In January alone, 2,100 Victorians secured new jobs, contributing to a staggering annual increase of nearly 150,000 employed individuals.
Since the Labor Government took office in 2014, over 760,000 new jobs have been created, effectively reducing the unemployment rate from 6.7 per cent to 3.9 per cent.
Victoria’s thriving regional economy has played a pivotal role in driving this growth, with a record 826,000 Victorians employed in regional and rural areas, marking a remarkable 25 per cent increase under the current government.
This expansion underscores the government’s commitment to supporting diverse communities across the state.
Acting Treasurer Danny Pearson emphasised that their commitment made during the last election to reintegrate Victorians into the workforce is being fulfilled, with over 760,000 new jobs generated since their election.
“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,” Pearson noted.
The state’s economic resilience is further evidenced by its cumulative 9.1 per cent growth over the past two years, surpassing other states including NSW, Queensland, Western Australia, and Tasmania.
Notably, Victoria has generated almost 530,000 new jobs since the pandemic peak in September 2020, leading in both absolute and percentage terms.
Positive indicators from the January NAB business survey reflect growing confidence among Victorian businesses, with business conditions surpassing the long-term average.
Additionally, recent ABS data highlights Victoria’s strong economic performance, with State Final Demand growing by 2.1 per cent in the 12 months to September 2023.
Independent analysis from Deloitte Access Economics forecasts continued economic prosperity for Victoria, with employment growth expected to outpace all other states over the next five years.
This projection underscores Victoria’s position as a beacon of opportunity and resilience in the Australian economy.
