General News
17 August, 2022
Unemployment at 3.1%
The ABS figures show that at just 3.1 per cent, Victoria has the lowest unemployment rate in almost half a century – since 1974 – and the lowest rate since monthly records began in 1978. The national unemployment rate sits at 3.4 per cent. Almost...
The ABS figures show that at just 3.1 per cent, Victoria has the lowest unemployment rate in almost half a century – since 1974 – and the lowest rate since monthly records began in 1978. The national unemployment rate sits at 3.4 per cent.
Almost 330,000 jobs have been created across the state since September 2020. More than 3.5 million Victorians are in work, including 70 per cent in full-time roles.
The State Government says it has created more than 600,000 new jobs since November 2014 – including more than 480,000 full-time jobs – and overseen a huge jump in female employment with almost 950,000 women now in full-time work.
The most recent CommSec State of the States Report rated Victoria's economy as the best performing in the nation overall, taking in measures including employment, retail trade and construction activity. Victoria was the only state to record an increase in construction activity.
Victoria's State Final Demand – a key measure of overall economic activity – grew by 6 per cent over the year to March, faster than any other state.
ABS figures released last month showed the value of the state’s retail trade rose by 16.3 per cent over the year to June, taking annual spending to $98.9 billion, also the fastest growth in the country.
The NAB Monthly Business Survey released this month put business confidence in Victoria higher than in any other state.