Victoria creates 20,000 full-time jobs

Victoria creates 20,000 full-time jobs

Victoria is gunning ahead in the population stakes, which is great news for those who own investment property in the state.

According to the Australian Bureau of Statistics, the national unemployment rate remained steady in trend terms during June. In seasonally adjusted terms, the rate increased slightly by 0.1 percentage points to 6 per cent.

Across Australia, the aggregate monthly hours worked lifted by 0.9 per cent in seasonally adjusted terms to 1,629.1 million hours.

In Victoria, state-specific figures were welcomed by Treasurer Michael O'Brien.

Strong full-time job growth in the state may encourage people to expand their property portfolio. Good employment prospects are just one factor that investors should take into account when considering where to buy, while cheap home loans are a further incentive to continue climbing up the property ladder.

In the 12 months to June, Victoria created close to 20,000 full-time jobs, according to a July 10 statement from Mr O'Brien.

"Victoria's full time employment rose over the month and led the nation in growth over the past year," Mr O'Brien stated.

"Monthly figures show a degree of volatility and while the total number employed has declined over the past month, there have been 6,000 additional net jobs created over the past two months."

Victoria holds the top participation rate among Australia's non-mining states, with a figure of 64.1 per cent.
The state isn't just an attractive prospect for tenants looking for work, employers are also better off, according to Mr O'Brien.

"This month sees a further boost for job creation with the start of our payroll tax cuts, saving around 39,000 employers more than $234 million over four years," Mr O'Brien announced.

WorkCover premium rates are set to drop, with over 115,000 businesses across the state paying lower premiums.

With supportive employment infrastructure evident, taking out a variable home loan to invest in Victoria could be a sound move.

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