Victorians continue to pay the price for Labor’s financial mismanagement as new data confirms Victoria has the highest unemployment rate of any state in the nation.
New data released today by the has confirmed Victoria’s June 2024 seasonally adjusted unemployment rate has risen to 4.5 per cent, greater than New South Wales (3.9 per cent), Queensland (3.9 per cent), Western Australia (3.8 per cent), Tasmania (3.7 per cent) and South Australia (3.9 per cent). Victoria’s unemployment rate is also significantly higher than the national figure (4.1 per cent).
Following a decade of financial mismanagement, the Allan Labor Government was forced to hike WorkCover premiums by 42 per cent and introduce new and increased taxes on jobs and property, making it more costly to hire Victorians and run a business.
Under Labor, Victoria’s net debt is set to reach a record $187.8 billion by 2027-28, with daily interest repayments to reach almost $26 million over this same period.
Shadow Treasurer, Brad Rowswell, said: “Labor must reduce taxes and red tape to make Victoria an attractive place to work and invest.
“While the 2024-2025 Victorian Budget projected an increase in unemployment over the forward estimates, alarmingly Victoria was not meant to reach an unemployment rate of 4.5% until the next financial year (2025-2026).
“Today’s data signals declining confidence from Victorian employers about the economic conditions ahead. With economic growth projected to slow even further, Victorians can expect to see more business closures, reduced staff hours and job losses under Labor.
“Labor cannot manage money, cannot manage our economy and Victorians are paying the price.”
