The latest data reveals that Victoria has experienced the highest jobs growth in Australia, with an impressive addition of 32,400 jobs in August 2023. According to the Australian Bureau of Statistics (ABS), this surge marks a significant boost for the state’s economy, propelling total employment to a record 3.82 million.
This growth in employment comes at a time when more people are choosing to settle in Victoria. The state’s population rose by 1.8 percent over the year ending in March, reaching 7.05 million residents, outpacing the national average of 1.6 percent. In absolute terms, Victoria added 125,000 new residents over the year, the largest increase of any state or territory in Australia.
The Allan Labor Government’s efforts to stimulate job creation have resulted in more than 77,000 Victorians finding work over the past 12 months, again the highest increase in the country. Since the government was elected in 2014, Victoria has seen the creation of over 896,000 new jobs, the strongest job growth in Australia during this period.
Factors Contributing to Job Growth
Job numbers have been bolstered by a robust pipeline of opportunities, driven by ongoing infrastructure projects such as the Melbourne Metro Tunnel and the Level Crossing Removal Program. The share of working-age Victorians in employment stands at a historic high of 65.0 percent, while the labour force participation rate is at 68.0 percent. In August, the unemployment rate dropped to 4.4 percent, significantly lower than the 6.8 percent inherited from the former Coalition government.
Over the past decade, Victoria’s economy has grown faster than any other state, expanding by 31 percent since the Labor Government took office. Additionally, business investment in the state increased by 53.4 percent over the last ten years, marking the strongest growth among Australian states. Since June 2020, more than 123,000 new businesses have been established in Victoria, reflecting a 19.6 percent increase, the highest percentage growth of any state.
Government Response and Future Outlook
Victorian Treasurer Jaclyn Symes expressed confidence in the state’s economic trajectory, stating, “These strong results show Victoria’s economy is thriving – a direct result of our focus on growing jobs, supporting families, and delivering state-changing infrastructure.” She emphasized the government’s commitment to fostering growth and creating a fair future for all Victorians, noting that increased migration to the region is a testament to the positive economic environment.
The current economic landscape in Victoria paints a promising picture for the future, with continued investment in infrastructure and job creation likely to support ongoing growth. As employment opportunities expand and the population continues to rise, the Allan Labor Government aims to ensure that more Victorians can achieve their aspirations and thrive in this dynamic environment.
