- Published:
- Thursday 20 July 2023
A strong economy is providing enduring work for more Victorians as employment grew to a record level last month, buoyed by robust investment and improving business conditions.
An additional 7,500 Victorians secured a job in June, pushing the total number of people in work to more than 3.63 million.
Australian Bureau of Statistics (ABS) figures released today show that 123,600 Victorians found work over the past year alone – and more than 715,000 people have joined the workforce since the Andrews Labor Government was elected in November 2014.
Almost 490,000 people have secured work since September 2020 when the pandemic economic shock was at its height – more than any other state in both absolute and per capita terms.
Victoria’s unemployment rate remains at an historically low 3.7 per cent, a full three percentage points below the 6.7 per cent rate left behind by the former Coalition government.
The state’s participation rate – the share of people working or seeking employment – remains at a near record high of 67.6 per cent.
Victoria’s regional unemployment rate is a low 3.1 per cent. Regional jobs growth over the Labor Government’s time in office has led all states and territories on a proportional basis.
The economy is strong with data released last month showing Victoria’s state final demand – a key performance indicator – grew by 0.7 per cent in the first quarter of the year, higher than the national average.
Victoria returned the strongest retail trade growth of all the states in May with a full 1 per cent rise in the month to $9.2 billion.
The NAB business survey for June found that business conditions in Victoria remain higher than the long-term average.
The ABS last month reported that Victoria’s population grew by almost 40,000 in the December quarter – the highest increase of all the states. Over the year, Victoria’s population increased by 2.1 per cent to 6.7 million persons.
Quotes attributable to Acting Treasurer Danny Pearson
“There have never been more Victorians in work and that’s fantastic news for families right across the state.”
“A job means security and fulfilment and allows people to plan with confidence for the future.”