Protecting Victorian Jobs and Investment in an Uncertain Future
As the digital economy flourishes, various industries face major disruptions to employment and manufacturing caused by new technologies.
Australian cities face an equally serious challenge of luring foreign investment and maintaining economic growth as the trade war between US and China sends waves across global markets.
In response to the transforming business landscape, Victorian Premier Daniel Andrews has created a $150 million Victorian Jobs and Investment Fund, officially announced with the release of the 2019-2020 Budget papers.
The Fund has been allocated funding for two years and is an interesting development for the future implementation of Victoria’s economic strategy.
Acting as a ‘whole-of-government’ mechanism to streamline Victoria’s economic development focus and decision making framework, it will operate across multiple Departments including the Department of Jobs, Precincts and Regions, the Department of Premier and Cabinet, and the Department of Treasury and Finance.
The Fund will encompass three priorities: jobs growth, attracting long-term strategic investment, and encouraging innovation and investments that will help Victoria transition to high-growth sectors.
What New Opportunities Does the Fund Provide?
The Government is yet to outline how the Victorian Jobs and Investment Fund will work, such as whether funds will be allocated through a formal grant application process or at the Government’s discretion. So far, however, the Budget papers have indicated certain areas of focus with a list of 2019-2020 targets:
- Attract $150 million in new investment via government assistance and facilitation services
- Create 2,500 jobs
- Support at least 70 companies or new entrants in Victoria through $10 million in funding for the LaunchVic initiative which supports local start-ups and businesses, and is dedicated to developing a globally connected start-up ecosystem in Victoria
The Fund will also contribute to targets set by Invest Victoria, an initiative focusing on investments that strengthen private sector innovation and productivity:
- Create 5,200 jobs
- Win at least 12 new Australian or international regional headquarters of firms and/or research development centres in Victoria
- Attract $2.3 billion in new investment
How The Civic Group can Help
Businesses should keep tabs on developments as a new wave of funding is imminent. However, capitalising on these opportunities requires strategic and timely advocacy.
The Civic Group can help your business keep engaged with what industry leaders are saying, and effectively advocate your interests to stakeholders who are ready to embark on new initiatives in this area. For more information, call us on +61 03 9620 9300 or email us at email@example.com.