June 18th, 2022Unemployment rate low

Victoria’s unemployment rate falling to the lowest level since monthly records began in 1978.
Data from the Australian Bureau of Statistics (ABS) shows Victoria’s unemployment rate sits at just
3.7 per cent. This dramatic fall also represents the equal-largest drop in unemployment among the states for the month of May.
Since November 2014, Victoria’s unemployment rate has nearly halved with unemployment falling from
6.7 per cent to 3.7 per cent.

Unemployment in regional Victoria has also fallen to near record lows, underscoring the breadth and depth of the recovery being experienced across the state.
Recent ABS figures released earlier this month showed Victoria had the strongest growth of all the states in state final demand since 2014, and the strongest annual growth in state final demand of 6 per cent.
Treasurer Tim Pallas: “The state’s economy continues to go from strength to strength as we confidently push forwards, with record low unemployment. This historically strong jobs market brings a cascade of benefits for Victorians, such as greater workplace security, options and opportunity.”