Obviously there are many metrics but the unemployment rates in May 2021:
Vic: 4.8%
NSW: 5.0%
Yes, and labour market participation slightly higher in Vic @ 66.6% vs 66% but on the flipside, "Underemployment" higher in Vic (7.7% vs 7.3%), It seems there isn't huge differences between states, but obviously some sectors (relying on international tourism and students) harder hit than others.
Google mobility data also gives a good guide to economic activity. There's an automatic assumption that lockdown = catastrophic economic effect, no lockdown = business as usual, but its more complicated than that. For example "retail and recreation" activity in City of Sydney last weekend was down 38% on the weekend before and in City of Waverley down 60%, whilst Penrith was up 6%. Surprisingly perhaps Northern Beaches also down 25%, maybe a reaction to what they went through at Christmas time, or was it just the weather being particularly bad?
I suspect in the hotspot suburbs the effect is akin to a lockdown, whilst in broader Sydney, it preserves overall economic activity much better.