On the Victorian Job Growth as Victorian Economy Recovers

Events of last year changed our lives drastically and we had to adjust to new a normal way of living. Jobs have been lost – some had to find more Fortunately, it didn’t exactly take too long to start anew, highlighting the resiliency of the economy as the nation recovers from the long-lasting effects of the Delta variant outbreak.

Recent research gathered by the Australian Bureau of Statistics labour force released data that reveals more Victorians can find a job in November more than any other month in the history of the state of Victoria. 141,000 more Victorians were recorded to have found work making a record-breaking employment growth. Currently, Victoria has 525,000 more jobs created than in 2014.

Last month, the unemployment rate fell by 0.9 percentage points to 4.7 percent in the month of November. It’s recorded as the largest decrease among the states in November.

During the start of the pandemic, there was uncertainty whether workers and business owners would be able to jump right back into the market. The Labor Government pledged to backup families, workers, and businesses and we’re currently starting to see the effects of that. 260,000 businesses were allotted than $13 billion of financial support which provided a platform for these businesses to start with their long-term plans and a bigger vision for the future. This gives confidence to those who are wanting to make new investments or start a business.

The latest budget update reveals that ABS figures reinforce that economic activity would return to the growth path forecast in the Victorian Budget 2021/2022 by mid-2022. The forecast also reveals that the economic growth will rise to 4.5 percent in the next financial year – a huge increase from the 3.25 percent forecast in this year’s budget.

Treasurer Tim Pallas adds that the creation of 141,000 Victorians last month is great news to those who are earning for their families, at the same time, it’s definitely going to help boost the state’s economy. This proves that the recovery from the Delta outbreak will remain swift and strong. The investments made centered around the health, wellbeing, and prosperity of all Victorians. It’s important that as we move forward, initiatives and programs are laid out for the new year.

Creating jobs for more people should always be a top priority especially now that we are slowly transitioning into a much better situation. These initiatives and programs will really help Victorians and will ensure a better future for them and their families.