But Victorian businesses are less hopeful for the year ahead, with business sentiment for the state economy the lowest it has been in 12 months, according to our latest Survey of Business Trends and Prospects. With sentiment for the national economy also flat, the responses from more than 500 businesses indicate the next quarter will be critical for the Federal Government as it looks to buoy business confidence and stimulate future economic growth after its narrow victory in July.

Given that there are a number of State Government initiatives underway that will spur future growth in Victoria, such as the level crossing removal program and the sale of the Port of Melbourne, we expect that businesses will respond with a brighter outlook for the Victorian economy in the coming year.

We are currently preparing our 2017-18 State Budget Submission, which will call for pro-business policies that encourage economic and jobs growth, on behalf of Victorian businesses.

Meanwhile, the Victorian Chamber last week welcomed the release of Water for Victoria, the Victorian Government’s plan to respond to the water management challenges and opportunities facing the state.

The plan recognises that secure, reliable and high quality water supplies are critical to Victoria’s important food and fibre sector which employs more than 190,000 people and contributes $12.6 billion to the state economy.

The Victorian Chamber will continue to advocate on behalf of members for State and Federal Government policies that boost jobs growth and strengthen Victorian business competitiveness.