Victoria is open for business: Unlocking growth opportunity
Regional Victoria is poised for a new era of growth, according to the Victorian Government, as it unveiled its ‘comprehensive’ plan to foster industrial development, create jobs, and strengthen local economies.
The Victorian Economic Growth Statement, Victoria Open for Business, outlines a range of promises, funding commitments, and program opportunities designed to support;
- Diversified economic opportunities for regional communities.
- Create sustainable, high-paying jobs.
- Enhance resilience through technology adoption and innovation.
Here’s a breakdown of some of the key aspects, separating them into funding allocations, program expenditures, and areas of strategic focus where specifics remain to be clarified.
At the heart of the Government’s regional strategy is a $10 million investment in trunk infrastructure—covering water, sewerage, roads, and electricity—to open up more industrial land for development. This funding will be delivered through competitive rounds, prioritising ready-to-go projects co-funded by local councils and businesses.
The Government is also piloting Regional Launching Pads—shared collaboration spaces designed to connect local businesses, entrepreneurs, and investors. These hubs promise to;
- Facilitate networking and innovation.
- Provide access to resources and tools for growth.
- Strengthen regional businesses through partnerships and collaboration.
While funding details for the launching pads are not yet specific, they align with broader commitments to fostering business growth in regional areas.
Regional Victoria will benefit directly from the $20 million Victorian Industry Development Fund, which will focus on growing high-potential sectors, including;
- Agribusiness: Support for innovations like RNA technology in agriculture, with additional funding for research and manufacturing.
- Circular Economy: Programs to enhance sustainability in regional industries.
- Health Technology: Investments in regional healthcare innovation and medical research capabilities.
- Advanced manufacturing: Investments in regional manufacturing clusters and defence supply chain industries.
- Digital technologies: supporting emerging technologies and digital infrastructure
These investments are geared toward boosting regional employment, fostering innovation, and ensuring businesses in regional areas have the confidence to expand.
Small and medium businesses in regional Victoria will gain from a $10.9 million export package aimed at helping them enter global markets. This includes;
- Support for identifying new markets.
- Assistance in diversifying customer bases.
The Government has pledged to cut regulations and streamline processes, making it easier for regional businesses to navigate permits, approvals, and compliance requirements. Specific efforts include;
- Reducing unnecessary permits.
- Streamlining liquor and planning approvals for hospitality businesses.
- Enhancing digitisation to improve government efficiency for businesses.
Regional businesses and councils ready to take advantage of these initiatives are encouraged to contact Regional Development Victoria or contact us at Grantus to unlock the potential of regional Victoria.
Regional businesses and councils ready to take advantage of these initiatives are encouraged to contact Regional Development Victoria or contact us at Grantus to unlock the potential of regional Victoria.
Simon Coutts
Simon is the CEO and Founder of Grantus, a trusted advisor in strategic funding, complex problem solving, and stakeholder management, driving growth and public benefit for organisations dedicated to making a lasting impact. Book a ‘Borrow My Brain‘ session with Simon.
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