The Victorian economy is forging ahead after the global financial crisis, with unemployment said to have reached its peak.
Unemployment in Victoria has "virtually peaked" as the state economy recovers, it has been reported.
Currently at 5.4 per cent, the state treasury expects the unemployment rate to peak at 5.5 per cent over the next financial year, the Age said.
This is down on the unemployment rate of 7.75 which was feared at the height of the global financial downturn.
If the level has neared its peak, some 60,000 people who had been expected to lose their jobs over the coming year will stay in work and continue paying Australian income tax.
According to the newspaper, which was commenting on the state budget, economic growth of 2.25 per cent for 2009-10 is predicted - up from the 0.25 per cent forecast this time last year.
Around 100,000 jobs were created in Victoria over the past year, with 92 per cent of the country's new full-time jobs located in the state.
Treasurer John Lenders explained that the government is working to inject record amounts of funding into job-creating infrastructure.
Posted by Steve Douglas
Unemployment in Victoria has "virtually peaked" as the state economy recovers, it has been reported.
Currently at 5.4 per cent, the state treasury expects the unemployment rate to peak at 5.5 per cent over the next financial year, the Age said.
This is down on the unemployment rate of 7.75 which was feared at the height of the global financial downturn.
If the level has neared its peak, some 60,000 people who had been expected to lose their jobs over the coming year will stay in work and continue paying Australian income tax.
According to the newspaper, which was commenting on the state budget, economic growth of 2.25 per cent for 2009-10 is predicted - up from the 0.25 per cent forecast this time last year.
Around 100,000 jobs were created in Victoria over the past year, with 92 per cent of the country's new full-time jobs located in the state.
Treasurer John Lenders explained that the government is working to inject record amounts of funding into job-creating infrastructure.
Posted by Steve Douglas
