Attracting Investment For Victoria’s Recovery, And Building It Here
Attracting international investment will be critical to creating and protecting more Victorian jobs. The Victorian Budget 2020/21 invests more than $300 million to help draw more overseas investment, support local industries and create jobs here in Victoria.
The Andrews Labor Government’s International Investment Strategy is Victoria’s blueprint to draw on the strengths that secured our spot as the strongest economy in the nation.
To support this strategy, this year’s Budget includes $80 million over the next three years for targeted financial incentives to secure international investment, create jobs, foster innovation and make our state more productive.
Victoria is proudly home to the best and brightest research and development firms, making breakthroughs that changes lives and create jobs. The Budget helps these organisations grow, with up to $50 million for research and development cash-flow loans – providing low-interest loans so they can continue their vital work.
We willestablish a $20 million Australian MedTech Manufacturing Centre in Melbourne – a new hub that will put Victoria at the forefront of medical technology, innovation and design. The hub will champion, develop and identify new opportunities for Victoria’s MedTech manufacturing and innovation sector.
Victoria has a proud history when it comes to manufacturing and the Labor Government will ensure it has a proud future, with $60 million to create a new Manufacturing and Industry Development Fund.
The fund will focus on backing the businesses that make medical products, medicines and other key industries like food manufacturing – cementing and strengthening Victoria’s status as the manufacturing capital of Australia.
In addition, a new $40 million Industry Recovery and Growth Fund will help attract more investment and create more jobs in key areas like manufacturing, clean energy, digital technology, regional tourism and many others.
The Budget also dedicates $6 million to help businesses attract new defence manufacturing and industry contracts and the high-skilled jobs they support. A further $9.6 million will boost employment through government procurement and through the operations of the Office of the Local Jobs First Commissioner.
In September, the Labor Government announced a $15.7 million support package to help Victorian exporters deal with the effects of the pandemic with a focus on logistics and supply chains, establishing new trade channels through virtual trade missions, adapting strategies to protect relationships and finding new avenues for trade.
The Government is building on that investment with a further $16 million to ensure Victoria remains globally competitive, strengthens its international networks and positions itself as the leading Australian state for international engagement.
The international education sector will benefit from more than $33.4 million to support the sector’s recovery, including continued support for international students, confirming Victoria as a top study destination and Melbourne as Australia’s number one student city.
The package will drive demand in key international markets including India and south-east Asia, expand Victoria’s presence in high growth markets like Latin America and support new opportunities in offshore delivery.
It will also support the return of international students to Victoria in 2021 with new initiatives to support student welfare and employability.
Funding also supports new international research partnerships and sets the groundwork for a new International Education Sector Strategy, planned for 2021.
This complements the Labor Government’s significant support for international students throughout the pandemic, including the $45 million International Student Emergency Relief Fund.
Quotes attributable to Minister for Economic Development and Industrial Relations Tim Pallas
“Now more than ever, we need to play to our strengths and attract businesses from all over the world to set up shop here in Victoria – because it means jobs, jobs and more jobs for Victorians.”
“Victoria is the engine room of the national economy, and these investments will help our economy roar once again.”
Quotes attributable to Minister for Industry Support and Recovery Martin Pakula
“By further investing in local manufacturing and local industry development, we’re playing to our strengths and getting more Victorians back in work.”
“Our state is a powerhouse of trade and education. With this Budget we’re helping these industries reset, restart and build new markets and opportunities around the world.”