26 September 2023

Regional unemployment out of work itself

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Jobs in regional Victoria are growing glossy again according to the Australian Bureau of Statistics (ABS) which has reported the State’s regional unemployment rate has dropped to a near record low, underscoring the strength of the State’s economic resurgence.

According to today’s Australian Bureau of Statistics (ABS), the figures reveal that more than 3,900 Victorians had found work in regional Victoria last month.

The ABS found the regional unemployment rate had dropped to 3.1 per cent – less than half the rate inherited by the Labor Government in 2014. The growth in regional jobs in that time led all states and territories.

It said there were now more than 854,800 people in work in regional Victoria while the statewide employment level of 3,627,800 was a record high, providing Victorian workers with stability and security.

“Since the depth of the pandemic economic crisis in September 2020, almost 480,000 new jobs have been created across Victoria, eclipsing every other state’s performance on the back of the Government’s steadfast backing of workers and industry,” the ABS said.

“In the March quarter, Victoria’s state final demand, a key performance indicator, grew by 0.7 per cent, driven by increased investments from business and public sectors, and household spending.”

It said the latest NAB business survey found that Victorian business conditions remained in positive territory and above the long-term average.

The ABS this month reported that Victoria’s population grew by 39,700 in the December quarter – the highest increase of all the States.

State Treasurer, Tim Pallas said jobs were growing across the State which meant workers and businesses could feel confident about the future.

“A strong economy means businesses are able to plan for expansion and to employ more people, and families have security and certainty,” Mr Pallas said.

The Premier’s record plans can be accessed at this PS News link.

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