Sydney's labour force has previously been on a blistering run, with total employment across the state growing by a walloping 4.4 per cent in trend terms over the calendar year 2015.
This was not sustainable, and employment growth has now slowed to a crawl.
Victoria (and particularly Melbourne) has now taken up the mantle, with employment growth peaking at 3.8 per cent in trend terms in October 2016.
In truth, there's not been too much happening elsewhere...
When looking at the actual number of net new jobs created we see that Melbourne and Victoria have created...well, nearly all of the net growth in employment over the past year.
There is a veritable slew of new data out today, so there's plenty to look at, including among other things new figures on migration and regional population growth for 2016.
I expect to see regional population growth having slowed further, with capital cities accounting for a near-record share of population growth.
Moreover, we can expect to see the strength in Victoria's labour market sucking more people in to Greater Melbourne.