Victoria has achieved a new jobs record with more Victorians in work than ever before.
Australian Bureau of Statistics (ABS) figures show that almost 27,000 people started a new job in May, bringing the total number of people in employment across the state to an unprecedented 3,627,800.
Victoria has led all states in growing jobs since the height of the pandemic’s economic shock, with almost 480,000 jobs added in that time. New South Wales has been the next best performing state, but more than 106,000 jobs behind Victoria.
The sustained employment growth means the State Government’s ambitious Jobs Plan target of creating 400,000 jobs by 2025 has been achieved two years ahead of schedule.
In a further indication of a buoyant jobs market, Victoria’s labour force participation rate – a measure of active job seekers and people in work – stands at 67.6 per cent, its second-highest level on record.
In other positive ABS data released on Thursday, Victoria’s population growth of 39,700 in the December quarter was the highest of all the states.
Since December 2014, Victoria’s population has increased by 746,800 people. The Victorian Budget 2023/24 released last month forecasts above-trend population growth of 1.9 per cent per year in 2022-23 and 2023-24.
Last week the NAB business survey found that Victorian business conditions remained in positive territory and above the long-term average.
Data from earlier this month showed that Victoria’s state final demand grew by 0.7 per cent in the March quarter, with gains in business and public sector investment and in household spending.
Treasurer Tim Pallas said it was exciting news.
“There have never been more Victorians in work and that’s something to celebrate. It’s fantastic news for individuals, families and communities right across the state,” Mr Pallas said.
“We’ll keep backing workers and businesses because it keeps us strong, grows the economy, and underpins the confidence that is so evident in Victoria.”
