New figures released today confirm that the number of employed Victorians has fallen by 13,190 people in December 2022.
Despite today’s release of ABS Labour Force data showing a slight fall in Victoria’s unemployment rate to 3.5 per cent in December, it is underpinned by a significant 0.5 per cent drop in Victoria’s participation rate to 66.6 per cent, revealing Victorians are dropping out of the jobs market.
Overall, there were 20,603 less Victorians in the labour force than in November.
The Victorian labour market faces challenges as increasing interest rates, continuing supply chain and logistical issues and inflationary pressures place a heavier burden on Victorian families and small businesses.
Shadow Minister for Employment and Industrial Relations, Bridget Vallence, said the Victorian labour force is in a precarious position and economic headwinds are exacerbating the challenges.
“The Andrews Government must now closely monitor the growing challenges and economic headwinds facing the Victorian economy and the impact on Victorians’ jobs, and ensure it doesn’t add to inflationary pressures.”
