The Allan Labor Government has driven Victoria’s economy to achieve the highest job growth in Australia, as revealed in data from the Australian Bureau of Statistics (ABS). In August 2024, an additional 32,400 Victorians secured employment, elevating the total number of jobs in the state to a record 3.82 million. This surge in employment presents significant opportunities for businesses, workers, and families throughout Victoria.
Population growth further underscores the state’s appeal, with the number of residents increasing by 1.8 percent over the year to March 2024, reaching 7.05 million people. In contrast, the national population grew by 1.6 percent. Victoria added 125,000 new residents over the year, marking the largest increase among all states and territories.
Strong Employment Trends and Government Initiatives
The positive employment landscape continues to benefit from the Labor Government’s initiatives, which have successfully created conditions conducive to job growth. Over the past 12 months, more than 77,000 Victorians have found work, again the highest increase recorded in Australia. Since the Labor Government took office in 2014, more than 896,000 new jobs have been created, reflecting the strongest growth rate in the country during this period.
Job creation has been bolstered by ongoing projects such as the Melbourne Metro Tunnel and the Level Crossing Removal Program. The proportion of working-age Victorians employed stands at a historic high of 65.0 percent, while the labour force participation rate also reached 68.0 percent. The unemployment rate declined to 4.4 percent in August, significantly lower than the 6.8 percent rate inherited from the previous Coalition government.
Victoria’s economy has outpaced all other states over the last decade, expanding by 31 percent since 2014. Business investment has surged by 53.4 percent in the past ten years, marking the strongest growth among the states. Additionally, since June 2020, the state has welcomed over 123,000 new businesses, representing a 19.6 percent rise, the largest percentage increase of any state.
Government Commitment to Future Growth
Treasurer Jaclyn Symes commented on the encouraging results, stating, “These strong results show Victoria’s economy is thriving — a direct result of our focus on growing jobs, supporting families, and delivering state-changing infrastructure.” She emphasized the government’s commitment to fostering growth and ensuring a fair future for all Victorians.
The recent employment statistics not only reflect a booming job market but also highlight Victoria’s attractiveness as a place to live. “More people are choosing to call Victoria home because of our strong economy, our packed events calendar, and the best arts and culture in the nation,” Symes added.
As the state moves forward, the ongoing focus on infrastructure and job creation is expected to sustain this momentum, providing further opportunities for its residents and enhancing Victoria’s status as a leader in employment growth in Australia.
