Manufacturing number one priority for Victorian growth

Advanced manufacturing and defence have been labelled Victoria’s number one priority in the state’s new Economic Growth Statement.

The Allan Labor Government announced the Economic Growth Statement as part of the state’s plan to boost industry, increase jobs, and expand its economic opportunities. It also announced the establishment of a business council to provide better communication between government and industry.

Victorian Premier Jacinta Allan said, “this Economic Growth Statement is aimed squarely at preparing our economy, people and businesses to grab the opportunities of the future – with both hands.”

“Through our Economic Growth Statement, we’re providing a strong vision for a prosperous Victoria.”

It listed five key sectors to prioritise in order: advanced manufacturing and defence; health technologies and medical research; the circular economy and low carbon technologies; digital technologies; and agribusiness

“These five priority sectors are the backbone of our current economy – and they’ll be the engines of our future growth, creating jobs and opportunity for businesses and workers,” Allan said.

“Through the Premier’s Business Council, I’ll hear directly from some of Victoria’s best business minds – ensuring government and business are working together for the benefit of our whole state.”

Manufacturing is already worth about $39.2 billion to the state and supports more than 275,000 jobs.

Manufacturing is a cornerstone of Victoria’s economy – and key to sharpening our state’s competitive advantage, the Economic Growth Statement said.

As part of the initiative, the state government outlined four key actions; creating a single point of entry for all investment-related engagements with the state government; cutting red tape to simplify business by halving the number of regulators from 37 to 18 and accelerating review processes; building skills and capabilities in Victoria; and investing in regional areas.

This includes launching a $20 million Victorian Industry Development fund for businesses within the priority sectors. This fund will encourage investment from industry by delivering matched funding through grants and providing loans to innovative Victorian start-ups and scale-ups.

Minister for Jobs and Industry Natalie Hutchins said, “This new industry fund will drive investment and development right across the state, meaning more jobs for Victorians.”

Underpinning this is greater access to cheaper energy for industry, protecting gas supplies for businesses and industries that need it.

Additionally, the state is also establishing new business forums to provide a platform for feedback on government policy.

“We’re creating a real partnership with business and industry – making sure we grow the economy and create more well paying jobs for Victorians,” state Minister for Economic Growth Tim Pallas said.