Victorian unemployment rate lowest on record

By Our Reporter
0
749
Representational image. Photo by Hajran Pambudi on Unsplash

Victoria’s unemployment rate is at the lowest level since records began in 1978, with the Australian Bureau of Statistics (ABS) today confirming the state’s unemployment rate had fallen to 4.1 per cent.

The rounded fall in January was 0.2 per cent, which was bettered only by Queensland. The national unemployment rate was steady at 4.2 per cent.

Some 535,000 jobs have been created in Victoria since the Andrews Labor Government was elected in November 2014 – the best performance in that time of all the states. Victoria continues to lead the nation in job creation since the peak of the second COVID-19 wave, with more than 254,000 jobs created since September 2020 – more than 100,000 more than any other state, an official press release said.

Victoria’s participation rate remains near record levels, with the female participation rate reaching a record high in January. The underemployment rate fell further in January – to 6.0 per cent – to be at its lowest level since 2002.

In November 2020, the Labor Government set an ambitious Jobs Plan target to create 400,000 jobs by 2025 – 200,000 of them by 2022. Victoria has already exceeded that target.

The Government’s allocation of $13 billion in business support since the COVID-19 pandemic began, including $3 billion funded by the Commonwealth Government, has been one of the keys to the state‘s demonstrated economic resiliance.

The Victorian Budget 2021-22 continued the heavy focus on growing employment, with more than $26 billion allocated to support an average of 38,000 jobs across the state each year over the next four years.

(Media release)

Donate To The Indian Sun

Dear Reader,

The Indian Sun is an independent organisation committed to community journalism. We have, through the years, been able to reach a wide audience especially with the growth of social media, where we also have a strong presence. With platforms such as YouTube videos, we have been able to engage in different forms of storytelling. However, the past few years, like many media organisations around the world, it has not been an easy path. We have a greater challenge. We believe community journalism is very important for a multicultural country like Australia. We’re not able to do everything, but we aim for some of the most interesting stories and journalism of quality. We call upon readers like you to support us and make any contribution. Do make a DONATION NOW so we can continue with the volume and quality journalism that we are able to practice.

Thank you for your support.

Best wishes,
Team The Indian Sun

Comments