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Regional Victoria shows strong employment growth

On Jan 23 2014
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Employment figures for Victoria have proved to be the best in Australia, according to Treasurer ...

Employment figures for Victoria have proved to be the best in Australia, according to Treasurer Michael O'Brien in a January 23 statement.

The positive statistics may be a good prospect for Victorian commercial real estate, as the favourable conditions may encourage further investment by businesses.

Best in Australia

Victoria's regional employment shot up by 19,200 people, or 2.6 per cent in 2013. This places it as the top-performing state in Australia, stated Mr O'Brien.

According to Australian Bureau of Statistics (ABS) figures, regional Victorian employment growth in the three months to December 2013 was 0.9 per cent compared to the previous quarter. This means that the number of people in employment increased by 6,700.

Life in Loddon Mallee

The strongest growth in employment figures between the September and December quarters came from the Loddon Mallee District.

This area makes up over 25 per cent of Victoria and is well-known for its heritage towns, wineries, restaurants and forests, according to Regional Development Victoria (RDV).

Tourism, equine, viticulture and horticulture industries are growing in the area, alongside manufacturing and wool production, according to RDV.

Furthermore, it's also a major area for its service sector. Health, education, professional services, IT and business are also industries that have seen growth in employment figures.

Loddon Mallee has dedicated food production and its strength in dry land farming is economically favourable for those with rural property.

The agriculture, fishing and forestry industry employed 37.3 per cent of workers in this local government area in 2011 census figures released by the ABS, making it the largest-serving industry in the area.

The bigger picture

The overall unemployment rate for regional Victoria was an average of 5.3 per cent in 2013's fourth quarter, according to the January 23 statement released by the Premier of Victoria.

The regional rate is the lowest nationwide, while Australia's regional average rate of unemployment is 5.7 per cent.

Employment in regional Victoria has soared by 46,200 people since the end of 2010.

Mr O'Brien put this down to "strong economic management" as well as dedicated support toward "investment in projects to further secure the regional economy".

The recently announced refurbishment project of Ballarat's Station Precinct, the $1 billion Regional Growth Fund and a new Bendigo Hospital totalling $630 million were cited by Mr O'Brien as examples of projects that illustrate this dedication to securing Victoria's prosperous economy.

Those interested in securing their residential or commercial interests in the state of Victoria may want to consider contacting an experienced agent for professional advice.

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