Economic Growth Statement outlines investment priorities

Announced after the 2024-25 State Budget, Victorian Chamber Chief Executive Paul Guerra, led an advisory committee that contributed to the Statement, ensuring the voice of business was heard in shaping the State Government’s economic priorities.

The Statement identifies five priority sectors in which to drive further growth and investment in our state. These are:

• Advanced manufacturing and defence
• Health technologies and medical research
• Circular economy
• Digital technologies
• Agribusiness.

These sectors have been chosen to align with the Statement’s four key actions: open doors, cut red tape, build new skills and reach every community.

Key initiatives from the Economic Statement include the Industry Development Fund, Boosting Business Skills Mentoring Program, Yes to International Students Fund, boosting exports by Victorian SMEs package, driving growth in Victorian clinical trial activity, confirming Victoria’s status as the Venture Capital capital, slashing regulatory burdens on business, Digital Jobs Program, boosting destination marketing, fast tracking gas projects and enabling faster approvals for renewable energy projects.

The $20 million Victorian Industry Development Fund will encourage investment from industry by delivering matched funding through grants and providing loans to innovative Victorian start-ups and scale-ups.

The Boosting Business Skills Mentoring Program will also be established, providing up to 1,000 small businesses across the Government’s five priority sectors with free mentoring sessions from an experienced professional.

A new industry policy is to be released in early 2025 outlining how the Victorian Government can boost productivity, competitiveness and growth.

Premier Allan also announced the establishment of the new Premier’s Business Council – providing a direct line of engagement between business and government, with new Forums for business and industry to be led by industry associations and unions to provide a platform for direct feedback on how government can continue to create a stronger Victorian economy.

Premier Jacinta Allan said: “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.

“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.”

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

The Victorian Chamber of Commerce and Industry welcomed the Victorian Government’s Economic Growth Statement, which reflects the Victorian Chamber’s work and advocacy from our Victoria Summit 2021, Cost and Ease of Doing Business in Victoria report and Securing our Energy Future policy paper.

The Victorian Government has signalled its clear intent to work alongside business to drive growth. This collaborative approach, coupled with the measures outlined in the statement, will provide the foundations for a stronger, more resilient Victorian economy.

Mr Guerra said: “The Economic Growth Statement is a significant step towards driving further growth and investment in our state, providing clarity on the Victorian Government’s priority areas and how our business community can engage. Victoria must be both open for business and open to business.

“The Treasurer announced the process at our State Budget event this year, and the engagement with business was a commitment he made and has kept. It has been a worthwhile exchange of ideas between business and Government and has the potential to ensure ongoing engagement through the Premier’s Business Forums.

“Ultimately it will be the private sector that will need to do the heavy lifting to drive growth and the Economic Growth Statement provides the framework of renewed engagement with the State. By better leveraging Victoria’s assets, we can establish a stronger future for business in Victoria.

“Re-energising initiatives like market led proposals, upskilling business to export and mentoring for businesses and new co-funded programs targeting destination marketing and venture capital funds are clear opportunities for business to turbocharge engagement.”

The full details can be read via the Economic Growth Statement.