Regional Victoria’s unemployment rate reaches new low in August

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Victoria’s regional unemployment rate slipped to 2.8 per cent in August from the previous 2.9 per cent record, according to the Australian Bureau of Statistics (ABS). 

The latest ABS figure means Victoria retains its hold on the lowest record in the nation and reflects the state’s strong and resilient economy, the state government said in a statement

In the Warrnambool and South West region, the unemployment rate in August was just 1.1 per cent. Bendigo’s rate stood at 1.9 per cent, 2.6 per cent in Geelong, 2.7 per cent in Latrobe-Gippsland, and 2.8 per cent in Shepparton. 

Figures from the ABS mean there are now 742,100 regional Victorians in work, a staggering increase of over 83,000 from November 2014. 

Victoria’s economy is the fastest growing in the country, with its State Final Demand growth for 2021-22 standing at 40 per cent higher than the national average. 

“The unemployment rate in regional Victoria continues to fall and lead the nation – and that reflects a positive outlook among businesses across the state,” said state Treasurer Tim Pallas

The state also ranked top in the most recent CommSec State of the States quarterly report, which highlighted the state’s job success, resilient retail trade, and expansion in construction activity. 

ABS regional labour force figures are compiled as a three-month average to smooth out fluctuations.