The Victorian Government has released its Economic Growth Statement, outlining a bold vision to drive economic growth, increase investment and foster innovation, and ensure a prosperous future for all Victorians.
The Economic Growth Statement underscores the government’s commitment to strengthening Victoria’s position as a global investment destination by cutting red tape, enhancing workforce skills, and expanding opportunities across key industries.
To support this, the Victorian Government is creating an environment where businesses can invest, expand and innovate. This includes reducing regulatory barriers by halving the number of business regulators, streamlining processes to lower costs and complexities, and equipping Victorians with essential skills for evolving industries through tailored initiatives; while positioning the state as a global leader in five priority sectors pivotal to Victoria’s economic future - advanced manufacturing and defence, health technologies and medical research, circular economy, digital technologies, and agribusiness.
These priority sectors will be further strengthened with the Victorian Government’s new industry policy, to be released in early 2025 – boosting productivity, competitiveness and growth.
Victoria’s open-for-business approach emphasises collaboration between government, industry, and local communities, offering enhanced investment opportunities through programs that attract and support international businesses while ensuring equitable community engagement through strategic investments in both regional and metropolitan areas, enabling all Victorians to benefit from economic growth.
With a strong focus on inclusive growth, the statement introduces targeted initiatives to ensure businesses and communities across Victoria are well-positioned to seize future opportunities.
The Economic Growth Statement reinforces Victoria’s leadership in consumer-driven markets. Investments in advanced industries and renewable energy not only strengthen economic resilience but also deliver tangible benefits to households and businesses, such as more affordable energy and access to innovative products and services.
Invest Victoria plays a key role in connecting businesses with the resources and support they need to succeed. By fostering partnerships and providing tailored guidance, Invest Victoria helps businesses navigate the Victorian market and maximise their growth potential.
Read the Economic Growth Statement here.
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