Victoria is the second largest employing state, with the majority of jobs located in Melbourne. Over the past five years, Victoria had the strongest employment growth in Australia (up by 15.9%). Over this period, significant numbers of jobs were created in
- Health Care and Social Assistance (up by 82,300)
- Construction (70,400).
Around 69% of Victorian workers have post school qualifications, with a relatively large share holding a bachelor degree or higher. Workers in Melbourne are more likely to hold a bachelor degree or higher qualification, but less likely to have a certificate III or higher vocational qualification, than those in regional Victoria.
Victorian workers are more likely to be self-employed than those in any other state or territory (18% of the state workforce).
Current conditions (to January 2019)
Labour market conditions have strengthened in Victoria over the year, with employment increasing by 114,200 (or 3.5%). Full-time employment has risen strongly, up by 98,500 (or 4.5%) over the year, while part-time employment has also increased, up by 15,800 (or 1.5%).
The state’s unemployment rate decreased by 1.0 percentage point over the year to 4.5% in January 2019, below the national rate of 5.0%. The participation rate rose by 0.1 percentage points over the year to 66.0%, above the national rate of 65.7%.
Conditions for youth in Victoria have improved over the year, with youth employment rising by 14,900 (or 3.1%). The youth unemployment rate has fallen by 2.0 percentage points over the year to 11.2% in January 2019, the lowest rate recorded since October 2009 and below the national rate (of 11.5%).
The short-term outlook for the Victorian economy is positive. The Victorian Department of Treasury and Finance has forecast employment growth of 2.0% in 2019-20, while the unemployment rate is expected to average 5.0% over the period. Over the five years to May 2023, employment in Victoria is projected to increase by 8.3% (well above national projected growth of 7.1%).
Sources: ABS, Labour Force (trend and annual averages of original data); ABS, Education and Work; Department of Jobs and Small Business, Employment Projections; Department of Treasury and Finance, Victoria
For more information see lmip.gov.au