Victorian Chamber calls for Future Industry Deals to turbocharge Regional Victoria's economic potential
The Victorian Chamber of Commerce and Industry
The Victorian Chamber of Commerce and Industry has unveiled an ambitious vision to position Regional Victoria as an economic powerhouse, in a landmark new report released today. Seizing the Opportunity: The Unlimited Potential of Victoria’s Regions identifies seven industries that Regional Victoria is well-positioned to leverage, and that can be turbocharged through Future Industry Deals which bring together stakeholders and all levels of government.
Seizing the Opportunity asserts that Victoria’s regions are uniquely positioned to benefit from seismic shifts in the global economy, including: the rise of the Asian middle class, the clean energy transition and the reconfiguration of global supply chains. These trends are creating outsized demand for the very things Regional Victoria excels at – including quality produce and food products, critical minerals and advanced manufacturing.
Despite these strengths, Victoria risks falling behind. Productivity is flatlining, business investment is softening, and infrastructure gaps are widening. The Report warns that a strategic pivot is required for Victoria and its industries to access billions in future economic output.
From advanced manufacturing and critical minerals and sands to clean energy innovation and investment and booming agribusiness exports, Seizing the Opportunity makes the case for urgent, sustained and targeted action to seize Victoria’s regional advantages. Our preliminary analysis shows that turbocharging these high-growth industries could boost Victoria's annual economic output by $90 to $120 billion by 2050.
The creation of Future Industry Deals, modelled in part on the federal ‘City Deals’ will provide a comprehensive policy framework to align investment, education and infrastructure across government, industry and local regional communities. Most importantly, it will provide a clear vehicle for Regional Victoria to achieve three “future leaps” essential to seizing these opportunities:
- Future Industries: Targeting seven key sectors – agriculture; critical minerals; advanced manufacturing; defence, aerospace and space; tourism; freight and logistics; and energy. These sectors leverage Regional Victoria’s extant advantages, as well as governments’ strategic priorities, to meet significant and emerging domestic and global challenges with significant growth potential.
- Future Skills: Reforming education and training, boosting completion rates across school, vocational training and relevant tertiary sectors, and equipping the qualified workers required to meet industry demand and sectoral growth.
- Future Communities: Ensuring that growth in the regions translates into tangible social and economic outcomes by delivering uplifts in high-quality housing, healthcare and education, comparable to metropolitan residents and attracting the talent required to continue to unlock regional opportunities.
By establishing a clear, stable and coordinated pathway for regional growth, Future Industry Deals can ensure that economic success translates into stronger economic growth and more resilient communities.
For a full copy of the report, email [email protected].
To be attributed to Victorian Chamber of Commerce and Industry Executive Director Commercial Services, Antoinette Truda:
“We cannot afford to let Victoria’s regional potential sit idle while global competitors surge ahead. This is our moment to take the future leaps required to catapult the prosperity of our regions.
“In addition to our world class agriculture, our regions are also home to world-leading manufacturers, renewable energy hubs, globally significant reserves of critical minerals and thriving communities. But we need bold investment, smart policy and coordinated leadership to unlock their full potential.
“‘Seizing the Opportunity’ is a call to action. If we get this right, we can build a stronger, fairer, more prosperous Victoria - and lead the nation from the regions out.”
To be attributed to Brendan Britten, VCCI Regional Taskforce Co-Chair:
“Regional Victoria has limitless potential. Bringing government, industry and communities together will ensure that our regions get a better deal and make more jobs and better opportunities a reality.”
To be attributed to Clare McCartin, VCCI Regional Taskforce Co-Chair:
“Our Future Industry Deals framework provides an opportunity for policymakers to turbocharge Victoria’s economic growth and ensure Victorians are well trained and well equipped for the industries of today and into the future.”
Background:
- Seizing the Opportunity has been informed by the Victorian Chamber’s Regional Taskforce comprising representatives from across regional and metropolitan universities, banking and finance, resources and energy, and industry groups representing Victorian farmers, grain producers and the Victorian minerals sector.
- The VCCI Regional Taskforce was chaired by VCCI Board Members, Brendan Britten, Managing Partner at Pitcher Partners Melbourne, and Clare McCartin, National Managing Partner of the Davidson Search & Advisory team.
Contact details:
Mikkayla Mossop - 0412 464 897