Posted on 08. May, 2012 in News

Another 100 financial sector jobs will disappear from Victoria as new figures today reveal business confidence has plummeted across the state, Shadow Minister for Employment Tim Pallas said today.

The Commonwealth Bank has announced it will close its mortgage service site, with 100 workers set to lose their jobs.

This follows today’s NAB Monthly Business Survey which reveals business conditions had ‘deteriorated very heavily’ to be in negative territory and business confidence is now at zero.

While ANZ Research into job advertisements also released today shows Victoria suffered a massive 30.9 per cent drop in the last year – the largest of all the states.

“This is a devastating blow for these workers and their families,” Mr Pallas said.

“It seems not a week goes by without more job losses being announced yet the Baillieu Government failed to use its budget to deliver a plan on how it will grow the economy and create jobs.

“Victoria’s economy is going backwards under Ted Baillieu.

“New figures today show the jobs crisis is continuing while business confidence is plummeting.

“Under Mr Baillieu’s watch, trading conditions are down significantly in transport, manufacturing, retail and employment conditions are weakest in manufacturing, construction and wholesale sectors.”

The Government used its State Budget to cut $12.8 million from the Department of Business and Innovation’s Small Business Assistance programs, including Skills for Growth and Time to Thrive 2.

“The Baillieu Government has also dumped the First Home Owners Bonus, slashed more funding to TAFEs, is cutting thousands of jobs and is failing to provide any significant funding for major infrastructure projects,” Mr Pallas said.


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