Victorian industry performance

Victoria offers a diverse and dynamic economy where industries are not just growing but are shaping the future.

Top 5 industries: 47 percent of Victorian companies; 5.3% industry average GVA 3 eyar CGAR 2021-23; 13.1% industry average revenue CGAR 2021-23

Whether you are exploring opportunities in healthcare, technology, advanced manufacturing or renewable energy, Victoria's key sectors are primed for expansion.

Why invest 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?
Several industries each contribute over 10% to the state's Gross Value Added (GVA), making them the backbone of the economy:
- financial and insurance services
- healthcare
- professional, scientific, and technical services
These sectors have demonstrated resilience, consistently driving growth despite global challenges.
Post-pandemic shifts
Victoria’s economy is bouncing back with key shifts over the past three years reflecting renewed consumer engagement in lifestyle and entertainment and recovery of supply chains.
- 17.9% IGVA - accommodation and food services
- 12.6% IGVA - transport and warehousing
- 12.2% IGVA - arts and recreation
Increased demand for healthcare
Victoria’s healthcare continues to expand, driven by an aging population, a focus on mental health, and lingering effects of the pandemic. Innovations in medical technologies and telehealth are creating significant investment opportunities.
- 6.4% IGVA - professional, scientific, and technical services
- 6.0% 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

Learn more about technology opportunities

Transition to a renewable economy: Challenges and opportunities
Victoria mining and utilities sectors experienced declines, with IGVA of -2.27% and -1.23%, respectively. These downturns are partly due to fluctuating global commodity prices, which directly affect 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.

Industries in Victoria by IGVA % of total 2022-23 and Inustry Gross Value Added Chain volume measures 2021-23