This website is best viewed with JavaScript enabled, interactive content that requires JavaScript will not be available. Victorian stage 4 coronavirus restrictions could grow unemployment rate to 11 per cent. ... "With this level of unemployment, the economy takes years to recover back to where it was," he said. two points in time. Regional Victoria, meanwhile, grew by fewer than 20,000 people.The report has been released just as Melbourne is tipped to become a city of 5 million, prompting serious debate about how to encourage Victorians to move to the regions.Opposition leader Matthew Guy has spoken regularly of wanting to decentralise the Victorian economy by promoting jobs growth in the regions.The Andrews government has also renewed its emphasis on regional development, most recently announcing that its solar panel agency will be based in Morwell.Twenty years ago manufacturing accounted for 16 per cent of Melbourne’s gross domestic product, but by last year its share had shrunk to just six per cent.Meanwhile in regional Victoria, it has declined from 13 per cent of GDP in 1997 to 10 per cent.But the regions struggled to provide white-collar professional employment.“Currently, the regions are heavily dependent on agriculture which can be subject to unpredictable weather and commodities price cycles.”Financial services has become the biggest component of Melbourne's economy, having grown from 9 per cent of output in 1997 to 12 per cent, while contributing only 2 per cent of regional Victoria’s economy over the same time.Agriculture has overtaken manufacturing as the biggest part of regional Victoria’s economy, accounting for 13 per cent of output, while mining, which includes gas production, has fallen from 10 per cent to just 2 per cent.The SGS report ranks Australia’s cities and regions by how much wealth they generate for each hour that is worked, using economic data from the Australian Bureau of Statistics.It found the economies of Melbourne and Perth both generate $81 per capita for every hour worked, behind Sydney, which generates $93.Regional Western Australia is most productive at all, with the average worker generating $164 an hour of output thanks to mining.But regional Victoria was the least productive of all state and territory regions, generating $67 per hour of work performed.The best way to improve the fortunes of Victorian rural areas was to improve the rail networks and invest in faster trains between Melbourne and the big regional towns, says SGS partner Terry Rawnsley. australian economy New Victorian lockdowns to cost country $9 billion New harsh lockdowns announced in Victoria this week will cost the nation up to $9 billion, the Prime Minister has revealed. The Department is responsible for advising the Victorian Government on its finances. An infographic, updated monthly, summarising the composition of the Australian economy. JavaScript is currently disabled. An interactive tool enabling Victoria’s building industry is among the strongest in the nation, with the Andrews Labor Government’s sound financial management creating jobs and ensuring the state’s economy continues to grow. He joined The Age in 2007 and has previously covered state politics, transport, general news, the arts and food. Regional Victoria is the economic laggard of Australia, contributing less per hour of labour to the nation’s wealth than any other part of the country.A decline in the competitiveness of manufacturing and in offshore gas production in Bass Strait is responsible for the low output, a study has found.The study by economic consultants SGS has exposed the economic divide that exists between Melbourne and the rest of the state, with Melbourne’s economy ranked second only to Sydney among major cities for how much wealth is generated for each hour worked.The study, which analysed changes in Australia’s gross domestic product over the past two decades, reveals how the decline in the manufacturing sector has had less economic impact in Melbourne than in regional Victoria.In greater Melbourne, manufacturing’s share of the city’s economy has fallen away heavily since the late 1990s, but has been replaced by strong growth in financial and professional services and in construction.But regional Victoria has been deprived of its share in the growth of the services economy, and remains heavily reliant on agriculture and manufacturing.Melbourne’s strong economy has made it a magnet for new arrivals, attracting 125,000 residents last year at an extraordinary growth rate of 2.7 per cent. “In regional Victoria, creating a European-style settlement pattern with fast rail transport between regional centres and Melbourne will provide some of the benefits of big city agglomeration to places like Geelong, Bendigo and Ballarat,” Mr Rawnsley said.However, new figures from the Australian Bureau of Statistics released last week show regional Victoria’s employment rate is healthy, despite its low economic output.Victoria’s regional unemployment rate fell to 4.7 per cent in July, its lowest since 2011.Treasurer Tim Pallas said last week the figures showed the Andrews government’s halving of regional payroll tax and boosts in regional investment was growing local economies and creating jobs.Adam Carey is Education Editor. Data released today by the Australian Bureau of Statistics shows the value of Victorian building appr
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