Treasurer Tim Pallas today welcomed the release of the ABS Labour Force stats which showed that Victoria’s jobless rate had fallen to 5.6% and is now below the national rate of 5.9%.
Over the month of October, Victoria experienced the strongest employment growth of all states, with 26,100 jobs created.
This was driven by both full time and part time employment, which grew by 10,800 and 15,300 persons respectively.
Under the Andrews Labor Government, Victoria’s employment has grown by 73,340 persons.
When the Labor Government came to office, Victoria had an unemployment rate of 6.7%. It now sits at 5.6%, – the second lowest unemployment rate in the country.
What these numbers clearly indicate is a strong positive trend for Victorian employment. Although there is still more work to be done after four years of inaction by the Coalition, it supports the Government’s plan to get Victorians back to work.
This positive news comes on the back of strong consumer sentiment data released yesterday, as well as recent data showing increased retail spending, strong business investment, and increased exports, all reinforced by Victoria having the highest population growth of any state.
The Westpac Melbourne Consumer Sentiment Index showed that Victoria leads the country in terms of positive consumer sentiment.
The result indicates that Victorians feel very confident about the economy for the next 12 months – and for the next five years.
The stable economic leadership of the Labor Government is continuing to support confidence, jobs and growth in the Victorian economy.
Source: News Release, Victorian Government, 12 November, 2015