This is reflected in our most recent Business Voice survey which showed that 58 per cent of businesses are not planning on making any capital investments in the next two months and only 46 per cent expect their revenue to grow over the next 12 months. 

 The mooted and confirmed hikes in the cost of doing business in the context of a State debt that even Superman would struggle to leap over, has created the very antithesis of business growth: uncertainty.

The cancellation of the Commonwealth Games and realisation that there are challenges around our future energy sources have exacerbated the sense of trepidation among the business community and that's not good for any of us. 

If Victoria is to thrive once again, we all need to change gears and get back on a positive trajectory before it's too late. 

It's interesting that the significant signing of the Hanwha defense contract has gone largely unheralded considering it's a brilliant start to a brave new opportunity for our State. 

For Victoria to progress, we need to play where we can win. And I'm convinced that defence/aerospace, advanced manufacturing, renewable energy, agribusiness and innovation are the sectors we need to own. We can also continue to drive our existing industries and sectors that have been the bedrock of our economy for decades. 
There is an old saying that "you don't lose your ability, just at times you lose your belief in it". Confidence matters - now more than ever.

The private sector is the engine room of our economy, and we stand ready to help Government to help Victoria get back on track. We need to engage the small, medium, family and large businesses that make up the sector. Frankly, we can't afford not to. There is no problem that can be fixed without the private sector involvement. Collaboration will be key.

Imagine what innovation borne of collaboration could be realised if our governments, our educational institutions and private business all worked together on common goals. With degrees and apprenticeships. From boardrooms to the factory floor and retail shopfront. From the kitchen table innovators to the high-tech labs. From tradies to the Ministerial Cabinet Room. 

We need a focus on growth. Let's enable the engagement to enable systems and sectors to connect, build and grow. 

The words of the great coach John Kennedy are even more relevant today; "Do Something"! 

This article was originally published on Friday 11 August 2023 in the Herald Sun.