- Date:
- 29 Nov 2024
Key points
Current labour market conditions remain positive in Victoria. Summary of key indicators as at June 2024.
1. Current labour market conditions remain positive
The unemployment rate remains low, with a few industries driving employment growth. The strong labour market is making it easier for more Victorians to get jobs.
2. The demand for workers in Victoria remains elevated
Job vacancies and the job mobility rate have declined, however some indicators suggest it is becoming less difficult to hire workers. Workforce shortages are more pronounced in regional Victoria.
3. Employability skills are in high demand
As technology, preferences and social and economic conditions change over time, workers are required to learn new skills to work productively with new tools.
4. Around 392,000 new workers are expected to enter the Victorian labour market by 2027
Victoria needs new workers to fill newly created jobs and vacancies created by retiring workers. Around 392,000 new workers are expected to join the workforce by 2027 and around 1,421,000 by 2034.
5. The Victorian Government housing and infrastructure agenda will involve significant demand for workers
The Victorian Government’s transformative infrastructure agenda includes the Housing Statement, Big Build and the renewable energy transition.
Appendix A: Employment projections methodology
The Victorian Skills Plan projects employment growth, retirements and new workers expected over the next 10 years using modelling from the Department of Jobs, Skills, Industry and Regions and the VSA.
References
Reference list for State of the Victorian Labour Market Report 2024.
Updated