Victoria’s unemployment rate

Today’s release of January’s labour force figures by the Australian Bureau of Statistics shows Victoria’s unemployment rate rose to 4.5%, and is well above the 3.9% rate of New South Wales.

While the New South Wales economy continues to stride ahead, Victoria remains well behind, having been weighed down by Daniel Andrews’ 12 new taxes, over $24 billion in budget blowouts and Labor’s commitment to double state debt.

The higher unemployment rate reflects an additional 14,372 unemployed Victorians in the month of January bringing the number of unemployed Victorians to 160,279 in total.

Tim Pallas has been spinning recent figures as good news for Victoria.

But today’s numbers show that the New South Wales economy continues to outperform Victoria’s economy.

Instead of trying to spin numbers, Tim Pallas should be helping unemployed Victorians find work.

The youth unemployment rate at 11.1% remains higher than the New South Wales rate of 10.2%.

Getting a foothold on that first rung on the workforce ladder is so important for lifetime earnings and all the important milestones in life, such as home ownership.

It is clear that the Andrews Labor Government is failing to match New South Wales in creating the right environment and opportunities for young people to get work.

Business confidence in Victoria is at its lowest in recent history and as a result, it’s unsurprising that businesses are unable to support new jobs.

Record taxation levels, the highest in Australia, and a commitment to double state debt tells businesses and investors that Victoria is closed for business, sending precious jobs to other states.

Louise Staley MP

Shadow Treasurer

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