Unemployment rate plummets

By Darren Linton

Feb 27, 2022

Falling figures: Shepparton’s unemployment rate dropped to 2.8 per cent in January.

Shepparton’s unemployment rate was just 2.8 per cent in January with many businesses reporting difficulty finding workers.

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The regional Victoria unemployment rate hit a record low of 3.1 per cent according to data released by the Australian Bureau of Statistics.

The national regional unemployment rate was 4 per cent.

Another 5000 people found work in regional Victoria in the three months to January — contributing to more than 530,000 jobs the Victorian Government said have been created since 2014.

Victoria’s statewide unemployment is also at a record low of 4.1 per cent.

Shepparton’s rate of 2.8 per cent was only bettered by Geelong on 2.3 per cent and Ballarat, 2.7 per cent, while Bendigo was slightly higher at 3 per cent.

The ANZ Stateometer report said during the final quarter of 2021, Victorian businesses had the most positive outlook for future conditions, as well as the strongest employment and profitability expectations.

December quarter retail sales increased by 10.5 per cent in Victoria and the ABS reported that private investment in Victoria increased by 13 per cent in 2021.

The government is backing continued recovery in regional Victoria through initiatives such as a new $30 million round of the Victorian Travel Voucher Scheme announced last week as part of a $200 million stimulus package to help businesses accelerate out of the Omicron period and provide confidence to consumers.

“The recovery is adding jobs across the state in record numbers as businesses get back to doing what they do best and consumer confidence builds,” acting Treasurer Danny Pearson said.

“More jobs is a great reward for Victorians who have contributed so much to the fight against the virus and now are looking to the future with confidence.”