Thursday, 5 February 2026

 Jaclyn SYMES (Northern Victoria – Treasurer, Minister for Industrial Relations, Minister for Regional Development) (12:15): I wish to use my ministers statement today to update the house about how Victoria of course is a great place to find a job or open a business.

Members interjecting.

Jaclyn SYMES: Listen to the stats, if you want to listen. Over the last year 59,000 jobs were created in Victoria, with over 3.8 million Victorians now in employment. The January figures confirmed a near historically high participation rate of 67.7 per cent. That is almost 13 times more than New South Wales, who only created 4500 jobs, with a participation rate of 65.5 per cent. Statistically, if Victoria had the same participation rate as New South Wales, our unemployment rate would be around 1 per cent. Wages are growing too. Over the past year Victorian wages grew by 3.3 per cent, well above the average over the decade. Why is the labour market so strong? It is because businesses recognise that Victoria is a wonderful place to invest and grow. It is certainly not just me saying this; it is the numbers. If you just listen to what people say, then you might have a false view of what is actually going on. But if you look at the stats, the business investment in the September quarter was up 3.6 per cent, the fastest quarterly growth in over two years. Victorian business investment has risen 39 per cent since 2020, compared to 30 per cent for the rest of Australia. In that time we have also created more than 123,000 new businesses in net terms, an increase of over 20 per cent and the most of any state or territory. No wonder the NAB has named us Australia’s most entrepreneurial neighbourhood, with six of the top 10 fastest growing postcodes for new businesses located in Melbourne and a 12 per cent increase in the number of business accounts opening. Businesses are flocking to Victoria because the fundamentals for business are strong here. We have a thriving economy, lower land prices and cheaper electricity than other states and our competitors.