Victoria’s diverse and dynamic industries are shaping the future
Victoria offers a diverse and dynamic economy where industries are not just growing, they're shaping the future.
Top 5 industries
44%
of Victoria's economy
2.5%
3-year CGAR Industry Gross Value Added 2022-24
3%
Industry revenue 3-year CGAR Industry Revenue 2022-24
Whether you're exploring opportunities in healthcare, technology, advanced manufacturing or renewable energy, Victoria's key sectors are primed for expansion.
What's happening in Victoria?
Our state is home to industries that showcase resilience, innovation and sustainability, ensuring long-term opportunities for businesses and investors alike. Here are some key insights:
Economic resilience – what's driving Victoria?
- In FY24, the top 3 industries contributing to the state's Gross Value Added (GVA) were
- financial and insurance services
- healthcare
- professional, scientific and technical service
- These sectors have demonstrated resilience, consistently driving growth despite global challenges.
Key shifts reflect renewed consumer engagement in lifestyle and entertainment
Over the past 3 years, key shifts reflect the recovery of supply chains after the pandemic.
- 11.2% IGVA – agriculture, forestry and fishing
- 11.0% IGVA – accommodation and food services
- 8.1% IGVA – arts and recreation.
Increased demand for healthcare
Victoria’s healthcare continues to expand, driven by an ageing population, a focus on mental health and lingering effects of the pandemic. Innovations in medical technologies and telehealth are creating significant investment opportunities.
- 6.5% IGVA – healthcare and social assistance.
Technology – fuelling the future
Emerging technologies such as artificial intelligence (AI), machine learning and robotics are reshaping industries, particularly in the professional, scientific and technical services sector. With growing demand for engineering and technical expertise, Victoria is becoming a hotspot for innovation in areas like automation, healthcare and financial services.
- In FY22, the Victorian ICT sector contributed A$33.7 billion to the economy, accounting for 5% of Victorian value added.
- In FY23, the revenue of 25,000 Victorian digital technology businesses was nearly A$129 billion.
Transition to a renewable economy – challenges and opportunities
Over the past three years, the Victorian mining sector experienced declines, with IGVA of -13.7%. This downturn was partly due to fluctuating global commodity prices, which directly affected mining revenues. However, they also signal a broader shift. Victoria's Renewable Energy Action Plan and the national Electricity and Energy Sector Plan are driving a shift towards sustainable energy. This presents a unique opportunity for businesses to engage with sectors undergoing transformation and align with the state’s sustainability goals. Learn more about energy opportunities
Industry performance data
The data provided below offers a snapshot of the key economic indicators driving Victoria’s industries.
This information is designed to give you an understanding of the state's industry dynamics, highlighting both current performance and future potential.
By presenting these metrics, we aim to provide a comprehensive view of the sectors contributing to Victoria's economic landscape, helping guide informed decisions for those looking to engage with the market.
Note: All IVGA (Industry Gross Value Added) are derived from 3-year Average Compound Annual Growth Rate from 2021-23.
FAQs
Victoria’s largest industry contributors to Gross Value Added (GVA) include financial and insurance services, healthcare and social assistance, and professional, scientific and technical services. These sectors consistently drive economic activity and demonstrate strong resilience in the state’s economy.
Industry performance metrics such as GVA growth, revenue trends and employment data provide a snapshot of market demand and sector momentum. By comparing industry growth rates and scale, investors can better understand where Victoria’s economy is expanding and where new opportunities may be emerging.
Recent trends highlight growth in sectors such as healthcare, agriculture, hospitality and the creative economy, reflecting shifting consumer demand and post-pandemic recovery. At the same time, Victoria’s technology sector continues to expand, with digital technology businesses generating significant revenue and supporting innovation across industries.
