Deloitte report into Victorian economy

The Deloitte report reinforces what we already know about our state’s growing economy – that we are in a strong position to recover from the global pandemic.

Our job creation initiatives such as Working for Victoria and Jobs Victoria have helped thousands of people get work, while our major infrastructure projects continue to be a huge driver of economic growth.

We have provided more than $11 billion in direct economic support for businesses throughout the pandemic to help them get back on their feet.

These results show that Victoria’s economy is resilient despite the effects of the pandemic and we’re set for a robust recovery.

Victoria is well on the way to smashing its target of creating 400,000 jobs by 2025, with 288,000 finding work since September 2020, according to data released by the Australian Bureau of Statistics.

Victoria’s unemployment rate fell to a staggeringly low 4.1 per cent, the lowest unemployment rate in Victoria since records began in 1978. This is easily the lowest of any State, and well below the national average of 4.5 per cent.

Victoria’s participation rate has also reached a new record level – rising to 66.9 per cent in August – with both male and female participation rates increasing.