There are many investment options in our diverse economy
While Victoria accounts for only 3 per cent of Australia’s land mass, it drives approximately 23 per cent of Australia’s economic activity. Our strength is sustained by a diverse economy and a history of prosperity and growth across many industries.
This diversity is one reason why Australia was able to weather the 2009 global financial crisis and achieve its status as the 14th largest economy in the world, helping drive an Australian nominal GDP that is set to become A$2.4 trillion in 2023, according to the International Monetary Fund.
Victorian service sectors have grown strongly over the last five years
Victorian industries such as healthcare, information technology, financial services and construction have a compound annual growth rate greater than average. There are substantial investment opportunities to be found in these high growth service industries.
Read more: Sizable and growing market
Read more: International market connectivity
Victoria punches above its weight
The Victorian economy, as a state economy, is larger than most South-East Asian nations. Outstripping national economies such as Singapore, Philippines and New Zealand, in 2020-21 our state economy generated A$474 billion Gross State Product (GSP).
Source: Department of Treasury and Finance, Economic Policy Group Report (September 2022)
A low risk and stable business environment
Reflecting a stable business environment, Australia and Victoria both have one of the highest credit ratings in the world. Maintained for over ten years, the Australia credit rating is AAA, according to Standard & Poor's agency. This rating is bolstered by Victoria's consistently strong economic performance, good financial management and a supportive national and institutional framework.
Australia's sound legal and governance frameworks, combined with our political stability, provides a secure investment and business environment. Australia ranks in the top 10 countries for rule of law and in the top five countries for the quality of our regulatory environment according to the World Bank's Worldwide Governance Indicators. We also rank highly for fair administration of justice and protection of property rights.
Melbourne is projected to have low economic exposure risk compared to other major and regional financial cities according to Lloyd's City Index which measures 18 economic exposure threats including market crash, cyber-attack, flood, human pandemic, solar storms, wind storms, power outages, plant epidemic, sovereign default, heat waves, terrorism, earthquakes, droughts, oil price shocks, volcanoes, tsunamis and nuclear accident.
Source: Lloyd's City Risk Index 2015-2025
Read more: One of the world's most liveable cities
Australia #1 in the Asia Pacific for women's economic opportunity1
Female entrepreneurs and businesswomen in Australia are empowered by supportive national policies, scoring highly on a World Bank Index that measures mobility, pay and parenthood. Our economic and legal environment provides a platform for women to succeed in business here in Melbourne.
Source: World Bank Women, Business and the Law 2020 | Map: Visual Capitalist
Read more: Highly skilled talent