General News
16 May, 2024
Optimism as employment soars
THE State Government is optimistic regional Victoria can go from strength-to-strength after the latest data revealed thousands of jobs had been created in the last month.
According to the latest Australian Bureau of Statistics’ (ABS) regional labour force data, released last Wednesday, another 6700 people in regional Victoria had found jobs in the past month.
The data also revealed unemployment remains low in many areas of Victoria, including Warrnambool and the south west (2.2 per cent), Hume (2.9 per cent), Bendigo (3.1 per cent) and Geelong (3.5 per cent).
“Victoria’s regional jobs growth success is really something to celebrate, because it means Victorians are accessing great work opportunities and economic independence across the state,” Victorian treasurer Tim Pallas said.
The number of people employed in Victorian regional communities has reached 828,500 – an all-time high.
Victoria’s regional unemployment rate remains below the national average, at 3.7 per cent.
Regional employment in Victoria has grown by more than 25 per cent since November 2014, the strongest state growth over this period.
“Having high numbers of regional Victorians in secure work helps drive our economy forward, and spreads prosperity and growth to communities in every corner of the state,” Mr Pallas said.
Recent ABS national accounts data shows Victoria had the largest business investment increase of all the states in 2023 – up by more than 13 per cent – an increase of nearly eight per cent in the previous year.
Independent analysts Deloitte Access Economics forecasts Victoria’s economy to grow by 3.1 per cent in 2023-24, the strongest growth in the country, and to outpace all other states over the next five years.