A snapshot of Victoria’s labour market showcases a thriving economy despite a challenging global environment with the latest job numbers having reached a record high, with Victoria’s strong economy enabling state businesses to continue to create more new jobs.

graphic depiction of humans, employment and the economy

Australian Bureau of Statistics (ABS) data shows an additional 5,800 Victorians found jobs in March, propelling the total working population to more than 3.7 million.

A near record workforce participation rate of 67.3% – above the national average – further demonstrates the strength of Victoria’s labour market.

Victoria continues to lead the nation in jobs growth since the September 2020 pandemic peak, with more than 560,000 new jobs created across the state.

Since 2014, the Victorian Government has overseen the creation of more than 785,000 new jobs in Victoria – and the state’s unemployment rate remains low at 4.1%.

Regional employment is at a record high 822,000, and the 3.5% regional unemployment rate is the lowest of all states and territories.

ABS results also show Victoria had more new homes approved than any other state during the past five years. Approvals for the past year make up over 30% of national approvals. Additionally, the ABS last week revealed more new homes were built in Victoria than in any other state or territory over the past year.

ABS national accounts data shows Victoria had the largest business investment increase of all the states in 2023 – up by more than 13% – building on strong growth of almost 8% in the previous year.

This investment growth reflects a steady stream of major projects bolstering employment opportunities.

Victoria’s strong economic prospects and employment growth has been forecast to outpace all other states over the next five years by independent analyst Deloitte Access Economics.

Read more about Victoria's growing, low risk, transparent economy