MORE than 11,000 Victorian jobs could be lost in the next six months, but it may lead to an interest rate cut.
Figures released yesterday showed job vacancies in Australia hit an 18-month low in November.
Economists warned Victoria's unemployment rate - already above the national average - could rise from 5.4 per cent to 5.75 per cent by mid-year.
Victoria has been one of the hardest hit states in the past 12 months as manufacturing and retail felt the squeeze of a high dollar.
Jobs in retail, hospitality, recreation and manufacturing are most at risk as employers put off hiring amid fears the global economy will continue to weaken.
Employment groups said further interest rate cuts would be a welcome relief to businesses hit by the harsh economic climate.
"Fewer people in work will mean fewer consumers, which is bad for business," said Victorian Employers' Chamber of Commerce and Industry chief Mark Stone.
"Businesses are struggling. It's hoped recent and possibly future interest rate cuts will help counteract this."
Job vacancies in Australia fell 3.3 per cent in the three months to November, the latest figures from the Australian Bureau of Statistics show, prompting fears that more than 54,000 jobs could go nationally by mid-year.
Shadow Minister for Employment Tim Pallas said the figures were a damning indictment of the Baillieu Government's economic management and "do-nothing" approach to industry investment and job creation.
100,000 jobs were created under Labor in 2010 when Victoria had been the job creation capital of Australia.
"The Baillieu Government has trashed Victorian Labor's job legacy and is now overseeing a stalled economy with investments fleeing to other states, such as NSW," he said.
"How many Victorian workers will need to lose their jobs before the Baillieu Government wakes up from the slothful slumber of incumbency and starts working to support investment and job creation in Victoria?"