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Economic Growth Statement

Victoria: Open for Business.

A state of ideas, innovation and ambition

Victoria is the best state to live, work and invest. And what makes us great is our people.

Home to a skilled and talented workforce, dynamic and experienced businesses and industries, a jam-packed calendar of events, plus a strong and growing economy: We are the state of ideas, innovation and ambition.

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Victoria has always been a great place to do business.

Our world leading capabilities, established industries, skilled workforce and outstanding liveability make us one of the best places to live and work.

Already, Victoria leads the nation – number one in real economic growth, jobs growth, and business investment growth over the last decade.

But we can’t rest on our laurels. In a rapidly transforming world, where competition has never been fiercer, standing still is not an option.

We must continue to maintain our comparative and competitive advantages.

It’s why this Economic Growth Statement is aimed squarely at preparing our economy, people and businesses to grab the opportunities of the future – with both hands.

Through our Economic Growth Statement, we’re providing a strong vision for a prosperous Victoria.

Importantly, it’s a vision that’s been delivered in partnership.

This Economic Growth Statement is the result of collaboration across government, business, and industry – setting forth our immediate and practical next steps.

Through the initiatives outlined in this document, we will:

It’s about creating a future where potential is realised, prosperity is amplified, and opportunity is shared by everyone.

I want to thank everyone who has been part of this process to date. Thank you for sharing your ideas and experiences, your support and commitment.

Working with you, we’re changing the way we do business with business.

Hon Jacinta Allan MP

Premier of Victoria

Victoria is a great place to live. A great place to work. A great place to invest.

We’re the sporting capital. The major events capital. The creative and cultural capital.

But our greatest strength is our people: our ability to build and make and innovate.

It’s the reason, despite global economic headwinds, our economy is strong – and growing stronger.

And it’s why over the last decade we have led the nation in economic growth, jobs growth and business investment growth.

But we also need to be honest about the challenges.

That as much as our state has to be proud of, as its government, we cannot be complacent. We must continue to do more and do better.

As we know, here and around the globe, inflation is hurting. Interest rates are high and productivity is slowing.

And in a world where a strong and vibrant business sector is more important than ever – improvement is the only way forward.

This Economic Growth Statement lays out our actions for a stronger economy, and a stronger future.

Centred around four key actions and five key priority sectors, it contains a raft of initiatives to make it easier to start or build a business here in our state.

Most importantly it sends the clearest of messages: Victoria is open for business.

Tim Pallas Treasurer and Minister for Economic Growth

Economic Growth Statement PDF 2.76 MB (opens in a new window)

Victoria: A state of ideas, innovation and ambition

Victoria is the best state to live, work and invest. And what makes us great is our people.

Rising to the challenge

Victoria is part of an interconnected global economy. And like economies across Australia and around the world, we’re experiencing the challenges of slowing productivity, inflation and elevated interest rates.

Every industry, every community in our state

Victoria is home to incredible diversity – both in our communities, and our industries. And it’s a key part of what makes our state so strong.

Priority sectors

As we’ve heard, key to giving industry certainty is giving them clarity about our state’s future direction.

Regional Victoria will drive future growth

Regional Victoria is critical to accelerating the growth of priority sectors.

A new industry policy

Since 2016, the Victorian Government’s relationship with industry has been shaped by the Future Industries Strategy.

Our actions

Action one: Open doors

Backing business to invest, expand and innovate.

Action two: Cut red tape

Making it simpler to do business in Victoria.

Action three: Build new skills

Ensuring a workforce that’s ready to go.

Action four: Reach every community

A strong Victoria underpinned by a strong regional Victoria.

Group of people sitting outside at a busy cafe

Premier’s Business Council

The Victorian Government will keep working with its partners in business and industry. It’s the approach that we took in the development of this Economic Growth Statement – and it’s the approach we’ll take as we deliver on it too.

Updated 10 December 2024

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