REGIONAL Victoria’s unemployment rate has hit an all-time low.

Last Thursday, the Australian Bureau of Statistics (ABS) released their monthly data on the labour market, which showed that unemployment rates in Regional Victoria had fallen to record lows.

The Victorian Government said the data underscored the breadth and depth of economic recovery experienced across the state.

Acting treasurer, Danny Pearson said the government’s recovery was adding jobs across the state in record numbers as business get back to business and consumer confidence grew.

“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,” he said.

According to ABS figures, unemployment has fallen in every region in Victoria since 2014 with the state currently experiencing record low rate of 4.1 percent unemployed.

In Warrnambool and the south-west, the rate fell from 4.7 per cent in December 2021 to 2.2 per cent in January this year.

The number of people in jobs in regional areas has risen by more than 88,000, or 13.4 per cent, since 2014, and the regional unemployment rate has more than halved.

Western Victoria MP, Jaala Pulford said the dramatic fall in regional unemployment in that period was the greatest in the nation.

“The nation-leading low unemployment rate in Regional Victoria including here in the Warrnambool and South West region, is fantastic news for local families.

“Some 5000 more people found work in Regional Victoria in the three months to January – contributing to more than 530,000 jobs created across Victoria since November 2014 – the highest increase of all the states.

“On the back of the Andrews Labor Government’s over $30 billion investment in regional Victoria, this shows that regional Victoria is one of Australia’s best places to live and to work.”

However, the underemployment rate has increased by 0.1 points to 6.7 per cent in January 2022, a key indicator for measuring spare capacity in the labour market. The Reserve Bank of Australia states that there is growing evidence that the underemployment rate – the share of workers in the economy who want and are available to work additional hours.

The ABS reported underutilisation rate increased by 0.1 pts to 10.9 per cent. This rate provides more comprehensive information on the state of the labour market, and the extent to which all available labour force resources are not being fully used in the economy, including the number of marginally attached discouraged jobseekers.

The Australia and New Zealand Banking Group Limited (ANZ) Stateometer report released last week noted that during the last quarter of 2021, Victorian businesses had the most positive outlook for future conditions, as well as the strongest employment and profitability expectations.

ANZ further noted that during the December quarter retail sales increased by 10.5 per cent in Victoria.

Regional development minister, Mary-Anne Thomas said Regional Victoria was ready to welcome Melburnians, as well as those visiting from further afield.

“Regional businesses are putting on workers as economic activity shifts up a gear – Victorians are travelling and spending more and visitors from interstate and overseas are contributing to the revival,” she said.

The government’s new $30 million round of the Victorian Travel Voucher Scheme announced last week, is the latest initiative announced as part of a $200 million stimulus package to help businesses accelerate out of the Omicron period and provide confidence to consumers.

The stimulus measures also build on $13 billion in support allocated to Victorian businesses by the government during the pandemic.