Victoria Unemployment Rate Down To 6.0% February 2016

Victoria Unemployment Rate Down To 6.0% February 2016

Victoria Treasurer Tim Pallas

Jobs Growth Surges In Victoria

Victor P Taffa

Strong economic growth in Victoria is translating into jobs with Victorian employment bucking the national trend and surging by 30,300 for the month of February, the Australian Bureau of Statistics reported today.

Victoria’s unemployment rate in February is 6.0 %, down from 6.3 % last month despite a 0.4 percentage points rise in the participation rate.

Both part-time employment and full-time employment increased by 18,900 persons (2.0 %) and 11,400 persons (0.6 %) respectively.

“We came to government promising to get Victorians back to work and that’s exactly what we’re doing with more than 100,000 new jobs created since we were elected.” Treasurer Tim Pallas said.

“Victoria’s surge in employment is against the national trend and clearly demonstrates the Andrews Government’s focus on job creation is bearing fruit.”

Victoria was the only state to record a rise in employment in February.

The latest ABS statistics confirm Victoria’s strong, ongoing economic growth has translated into job creation.

Since November 2014, employment has increased by 100,700 people, with full time employment up by 52,900 people.

Leading indicators of employment growth continue to trend upward, pointing to a strengthening in the Victorian jobs market.

In more good news, Victoria’s youth unemployment rate also fell in February and is now 1.0 percentage point lower than a year ago.

“I was pleased to see a significant drop in youth unemployment. We know there’s more to be done and that’s why we’re focused on strong financial management that ensures Victoria’s continued growth and prosperity.” Treasurer Pallas said.

The strong jobs growth is consistent with the ABS National Accounts figures released last month showed that Victoria’s State Final Demand for 2015 was the highest in the country.