Victorian industry boost of $245 million
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19 November 2008
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Victorian industries will be given the tools they need to prepare for the future and create new jobs and more exports as part of a $245 million strategy unveiled today by Premier John Brumby.
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Launching Building Our Industries for the Future at Thales Air Systems in Melbourne with Acting Industry and Trade Minister John Lenders, Mr Brumby said the strategy was about strengthening industries critical to Victoria’s economic prosperity and creating new business opportunities.
“The Victorian Government is taking action to ensure industry and manufacturing can turn the rapidly changing global economic conditions into opportunities to build future growth, secure and create new jobs and develop more innovative industries,” Mr Brumby said.
“We recognise how vital our industries are to Victoria: the $15 billion automotive industry is the largest in the country, employing 35,000 people; the food industry is worth $21 billion, employing 110,000 people; and ICT and telecommunications employs nearly 85,000 and worth $24 billion.
“Through Building Our Industries for the Future we are backing Victorian industry with increased Government procurement and supporting companies to move into new and emerging industries through programs such as the $50 million Industry Transition Fund.”
Building Our Industries for the Future delivers action plans to boost manufacturing, service industries and exports, a plan to ensure Victoria benefits from major national programs and an increased commitment by the Victorian Government to buy local content.
Building Our Industries for the Future includes:
· A $122.7 million Manufacturing Action Plan to support the Victorian sector including a $50 million Industry Transition Fund to assist firms move into emerging markets by investing in new technologies, developing skills and creating sustainability; and $7 million to develop an Advanced Manufacturing Precinct at RMIT University;
· A $97.2 million Services Action Plan to position the services sector to develop new global opportunities and keep adding value to the industry and manufacturing sectors;
· A $24.8 million Global Markets Action Plan to help Victorian firms develop and expand export markets and integrate into global supply chains through information and market intelligence, overseas project opportunities and export clusters; and
· A Government target to cut regulatory burdens on business by 25 per cent by July 2011.
Mr Brumby said the tough global economic climate had brought about unprecedented new challenges for Victorian industry and manufacturing.
Mr Lenders said Thales Australia, which supplied air traffic management (ATM) systems worth over $500 million around the world, was an ideal place to launch the strategy.
“Thales is a great example of the high value-added export-focused company that Building Our Industries for the Future is focused on developing for Victoria. Earlier this year it announced a new contract to supply a $275 million system for Singapore, creating 150 highly skilled new Victorian jobs,” he said.
The Victorian Government strategy is the latest part of an overarching economic development plan that included Innovation: Victoria’s Future and Securing Jobs for Your Future, both released in August this year.
Mr Lenders said the $245 million investment announced today was part of the Brumby Labor Government’s long-term economic plan for the future of all Victorians including:
· The $316 million skills statement to create over 170,000 new training places, upgrade TAFE facilities, deliver more flexibility for individuals, employers and training providers;
· The $300 million Innovation: Victoria’s Future initiative to help business create the jobs of the future;
· A further $1.43 billion cut to taxes and business costs in the 2008-09 State Budget to encourage jobs growth across the state and a $3.2 billion capital works program;
· Investing in key economic infrastructure to help Victorian businesses get their goods to market including the Channel Deepening project, the EastLink project and the Monash-CityLink-Westgate upgrade; and
· Facilitating investment of $24.3 billion since October 1999 leading to the creation of almost 60,000 jobs.
Mr Lenders said Building Our Industries was about making innovative new products with smaller environmental footprints, delivering better services for international markets and providing more value for global supply chains.
“By doing this we will create more high-skilled jobs for generations of Victorians and a stronger, more prosperous and sustainable state,” he said.
Building Our Industries for the Future is available online at: www.business.vic.gov.au.
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