Regional Victoria’s Unemployment Rate
The Andrews Labor Government is helping more Victorians find work, with new data out today showing near record low unemployment for regional Victoria.
The latest data from the Australian Bureau of Statistics shows regional Victoria’s unemployment rate is 3.3 per cent, well below the national regional average of 4.2 per cent.
In the three months to October 2021, the unemployment rate in Regional Victoria fell by 0.3 percentage points and most areas of Regional Victoria experienced a decline in unemployment rates.
Ballarat was one of the state’s strongest performers, experiencing a decline of 1.2 percentage points to an unemployment rate of 2.7 per cent. Unemployment in Bendigo was down 0.3 per cent and the rate in Gippsland dropped 0.6 per cent.
The figures also show that the regional unemployment rate is now half what it was when the Labor Government came to office, dropping from 6.6 per cent in 2014 to 3.3 per cent today.
Since November 2014, regional Victoria’s growth has been the highest among regional areas across the states and with the further easing of restrictions, Victoria’s economy is well placed to bounce back quickly.
The results show the Government is continuing on its four step fiscal strategy of creating jobs, returning to an operating cash surplus, returning to operating surpluses then stabilising debt levels.
The most recent Deloitte Access Economics (DAE) Business Outlook report predicted a rapid recovery for Victoria after reopening, with the State expected to regain ground at speed in 2022.
Quotes attributable to Treasurer Tim Pallas
“As the state reopens we‘re expecting job opportunities to continue to grow, bringing the security and certainty Victorians deserve.”
“We’ve halved regional unemployment since coming into office, turning the Liberals and Nationals’ record of job losses on its head and creating work for thousands of people.”
Quote attributable to Minister for Regional Development Mary-Anne Thomas
“Regional Victoria has proved resilient during an incredibly tough time for all Victorians. We are on the path to a new normal and regional Victoria’s unemployment rates are a positive step in that direction.”