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Unemployment is low

The unemployment rate has increased slightly since the start of 2024 but remains low by historical standards, with the current rate of 4.5 per cent well below the 2010-19 average of 5.6 per cent.

The share of Victorians either working or actively looking for work (measured by the labour force participation rate) is at a record high.

Figure 1.1

State of the Victorian Labour Market 2024 - Figure 1.1: The Victorian labour market is strong
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Since early 2023, most of the growth in employment has been in part-time jobs, resulting in a decline in average hours worked. In turn, there has been a pickup in the share of people who have jobs but would like to work more hours (measured by the underemployment rate), though this remains below historical averages. The female underemployment rate in Victoria (at 8.3 per cent) has increased since early 2023 but remains below the average over the prior decade, and remains higher than the male underemployment rate (5.3 per cent).

Figure 1.2

State of the Victorian Labour Market 2024 - Figure 1.2: The share of Victorians working part time has increased, coinciding with a rise in the underemployment rate
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