Melbourne’s CBD is an economic wasteland

Friday 6 February 2026

Melbourne’s status as an economic wasteland continues to grow.

The latest labour force data from the Australian Bureau of Statistics (ABS), presented below by CBA, shows that Victoria has recorded the steepest rise in unemployment in the nation:

Victoria’s trend unemployment rate is also the highest in the nation at 4.7%, sitting well above the national average of 4.2%:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.