14,200 new jobs created in Victoria in October

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MELBOURNE, Nov 7: Treasurer Michael O’Brien has welcomed labour force figures, which show that Victoria delivered the largest employment increase of any state in the nation.

The Australian Bureau of Statistics (ABS) figures for October have shown that Victorian employment grew by 14,200 persons (0.5 per cent). This was drive

n by increases in both full-time and part-time employment, which rose by 8,000 and 6,200 persons respectively.

“There are now 73,100 more people employed in Victoria than when Labor left office in 2010,” Mr O’Brien said.

“Victoria’s additional 14,200 jobs is the highest of all the states in absolute terms. By comparison, on a nationwide basis, the number of jobs increased by only 1,100.

“This demonstrates that there is softness in the national economy, and the Coalition Government’s economic strategy is continuing to support growth right across Victoria.

“To put the creation of an additional 14,200 jobs in one month into perspective, it is equivalent to the population of the Rural City of Benalla,” Mr O’Brien said.

Despite the strong increase in employment over the month, the rise in the participation rate by 0.3 per cent led to a slight rise in the unemployment rate. Victoria’s unemployment rate increased by 0.1 per cent to 5.9 per cent.

“Victoria has the equal second lowest unemployment rate among the states, with only resource-rich Western Australia recording a lower rate,” Mr O’Brien said.

While the ABS unemployment figures reflect some degree of volatility in the data, over the year Victorian employment grew by 25,600 persons (0.9 per cent).

“Victoria’s record $6.1 billion infrastructure program, announced in the
2013-14 State Budget will continue to drive economic growth and boost productivity in the short to medium term,” Mr O’Brien said.

“Major infrastructure projects such as the East West Link will only further support job creation and productivity in our growing and diversified economy.”