Victoria’s unemployment rate has fallen to its lowest level since records began.
Data from the Australian Bureau of Statistics (ABS) released on Thursday shows the unemployment rate sits at 3.7 per cent, representing the equal-largest drop in unemployment among the states for the month of May.
Victorian Treasurer Tim Pallas said the state’s economy continued to go from “strength to strength”.
“This historically strong jobs market brings a cascade of benefits for Victorians, such as greater workplace security,
options and opportunity,” Mr Pallas said.
A government statement said since 2014, the state’s unemployment rate has almost halved, with unemployment falling from 6.7 per cent to 3.7 per cent in eight years.
“The government has now created 595,000 new jobs since 2014 – including more than 440,000 full-time jobs – and
overseen a significant jump in female employment, with more than 900,000 women now in full-time work,” the government said.
“Since September 2020, more than 318,000 jobs have been created across Victoria, representing the strongest jobs
growth of any Australian state.”
The government reiterated the unemployment rate drop was also statewide, including in Melton and Moorabool.
“Unemployment in regional Victoria has also fallen to near record lows, underscoring the breadth and depth of the recovery being experienced across the state,” the government said.
