Australian Bureau of Statistics (ABS) figures released today show that regional employment in Victoria advanced by 10,500 in November with Bendigo and Latrobe-Gippsland the highest achievers, adding 3,400 and 2,800 jobs respectively.
Regional employment has soared by just under 150,000 jobs – to more than 807,000 – since the Labor Government was elected in November 2014.
In that time the number of unemployed people in regional Victoria has dropped by more than 20,000. The regional unemployment rate now sits at a near record low 3.1 per cent, less than half of the rate inherited from the former Liberal-National government.
Geelong has been one of the state’s strongest performers under the Labor Government’s watch with a drop of 5.6 percentage points in its unemployment rate, to 2.6 per cent. Over the same period, the unemployment rate in Bendigo has fallen by 5.4 percentage points to 1.6 per cent – and in Ballarat by 5.2 points to 1.7 per cent.
The robust regional figures follow last week’s ABS labour force report revealing Victoria had added 30,800 jobs – more than any other state and almost half of the new jobs generated across the nation in November.
Victoria’s overall unemployment rate of 3.7 per cent is around the lowest in nearly half a century and a full three percentage points lower than when the Liberals and Nationals were last in office.
The economy is growing faster than any other state, with the ABS reporting that real gross state product – a key measure of economic activity – rose by 5.6 per cent in 2021-22, more than 50 per cent greater than the national average.
Investment in infrastructure, health, education, public transport and roads is underpinning Victoria’s employment surge which has seen more than 90,000 jobs created this year and more than 380,000 since the height of pandemic economic shock in September 2020.
Some 610,000 jobs in Victoria did not exist before the Labor Government was elected – equal to one in six of the state’s current 3.5 million-strong workforce.
Quotes attributable to Treasurer Tim Pallas
“All Victorians deserve the security and fulfilment provided by a good job and our sustained recovery is providing opportunities right across the state.”
“Victoria is the jobs powerhouse and we’ll continue to foster the conditions that mean businesses can plan with confidence for the future.”