Victoria Treasurer Michael O’Brien
Victorian Employment Remains Steady
Victor P Taffa
Treasurer Michael O’Brien has welcomed today’s labour force figures which showed that Victorian employment grew by 35,000 persons (1.2 %) over the year.
Jobs growth was driven by both full-time and part-time employment, which increased by 4,200 and 30,800 persons respectively.
“Jobs growth in Victoria over the last 12 months has accounted for around one third of the national employment growth even though we have less than a quarter of the population.” Mr. O’Brien said.
“This demonstrates that the Victorian Coalition Government’s responsible economic management is continuing to build for growth right across Victoria.”
Victoria’s unemployment rate for August remained steady at 5.7 % and is below the national average of 5.8 %.
“Victoria has the second lowest unemployment rate among the states, with only resource-rich Western Australia (5.0 %) recording a lower rate.” Mr. O’Brien said.
“Recent positive signs in the stock market and property market are welcomed, as is this week’s improved business and consumer confidence data following a return to stability in Canberra.”
“These signals are encouraging for the Victorian economy and for jobs growth.”
While the ABS unemployment figures reflect some degree of volatility in the data, in trend terms, Victorian employment increased marginally by 1,400 persons (0.0 %) over the month and by 29,700 persons (1.0 %) over the year.
“Victoria’s record $6.1 Billion infrastructure program, announced in the 2013-14 State Budget, will continue to drive economic growth and boost productivity in the short to medium term.” Mr. O’Brien said.
“Major infrastructure projects such as the East West Link will only further support job creation and productivity in our growing and diversified economy.”