November 16, 2017

Unemployment At 5.7 Per Cent – Biggest Drop In The Nation

Victoria’s unemployment rate has dropped to 5.7 per cent – the biggest drop in the nation – and is now the second lowest in Australia.

Australian Bureau of Statistics labour force data released today shows that, over the year to October 2017, Victoria’s full-time employment increased by 77,800 persons – the second highest increase in Australia.

Since November 2014, Victoria’s employment has increased by 266,400 persons or 9.2 per cent, the largest growth rate of all the states in percentage terms.

Victoria’s full-time employment rate also increased during this period by 174,700 persons or 8.9 per cent, the highest growth of any state.

Data from the Westpac Melbourne Institute (WMI) Consumer Index released yesterday shows Victorians remain optimistic against a national fall in consumer sentiment.

The WMI data confirms that at 105.1 per cent, Victoria now has the highest consumer sentiment of all mainland states, 3.2 per cent higher than it was a year ago.

Nationally consumer sentiment fell by 1.7 per cent to 99.7.

Today’s data follows the release of the 2017-18 Quarterly Report No. 1 which shows Victoria’s economy is strong and growing, delivering a quarterly operating surplus of  $555 million – $75 million more than the same period last year.

Quotes attributable to Treasurer Tim Pallas

“This data confirms that Victoria’s economy is strong and growing, and creating jobs for more Victorians.”

“More than 266,000 jobs have been created since we came to office, and our ongoing investment in the infrastructure and services will continue to create opportunities for Victorians.”

Quote attributable to Minister for Industry and Employment Ben Carroll

“Our record growth in jobs didn’t happen by accident – it’s the result of the Labor Government’s continued investment in the projects that matter to Victorians, and our continued support for local workers and businesses.”