Victorian budget to add to industry investment fund

The Victorian Budget 2022/23 to be delivered today includes a number of industry initiatives, including $40 million over two years to help fast-growing companies expand further through the Victorian Industry Investment Fund.

The fund supports companies in health, food production, technology, advanced manufacturing and business services to develop more products, create jobs and boost sales, according to industry and trade minister Martin Pakula.

“This will build on recent successes such as securing Hanwha’s defence manufacturing facility in Avalon, Worldline’s payment technology centre in Docklands and the expansion of Nissan Casting’s electric vehicle components plant in Dandenong South.”

The budget will invest a total $78.3 million to boost manufacturing including $20 million to invest in renewable energy and low‑carbon component manufacturing, as well as to help their workers transition into highly skilled, digital jobs.

This includes workers in the defence industry, who will benefit from specialised professional development, internships and funding for research led by the Defence Science Institute.

Pakula said: “From food production to health and financial services, we’ll back companies that invest in technology and their workers – it’s good business for Victoria and it’s great for Victorian jobs.

“Every Victorian deserves the security of a good, stable job with a decent wage – that’s why we’re investing in sectors like advanced manufacturing, fintech, medical research and renewable energy.”

The budget also earmarks $14.8 to support trade programmes, including establishing a new Victorian Government Trade and Investment (VGTI) Office in Paris, France, to strengthen engagement with members of the European Union (EU), one of the world’s largest trading blocs.

The VGTI network is the largest overseas office network of any Australian state or territory, helping connect Victorian businesses with key international markets.

The redevelopment of the industrial suburb of Fishermans Bend will also receive $750,000 funding for further planning work to facilitate new investment.

Picture: Association for Manufacturing Excellence/Nissan Casting

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