The Victorian Government is an active and enthusiastic partner with industry, creating pathways for new manufacturers to become established and to thrive.
Ongoing investment facilitation, government grants, programs and investments are matched by policy commitments to support local, low-emissions advanced manufacturing.
The Victorian Government’s collaborative approach with industry ensures the state will continue to be a world leader in advanced manufacturing.
We are well connected to the global economy and sit at the gateway to the Asia-Pacific market. Our global trade and investment connections support advanced manufacturers looking to establish operations in Victoria, and help manufacturers here expand into overseas markets.
The Victorian Government continues to make new investments to boost local manufacturing capability and support the growth of businesses in key sectors like health technology, food and defence.
The 2022/23 State Budget included the establishment of the $120m Victorian Industry Fund to support Victoria’s economic recovery, generate new investments and jobs, and help the advancement of domestic manufacturing. The fund includes:
- A new $40 million Victorian Industry Investment Fund to provide grants to support rapidly growing businesses
- $19.9 million to support manufacturers to build their capability, invest in renewable energy and low-carbon component manufacturing and help workers transition to advanced manufacturing jobs
- $20 million for an equity investment pilot fund to attract young, innovative companies in priority areas
- $40 million in targeted incentives to attract business investment.
The Smart Enough Factory program supports Victoria’s defence industry to modernise design and manufacturing processes.
Working alongside industry
The Victorian Government has a reputation for being collaborative, facilitating industry engagement and driving investment.
We work in partnership with industry, directly supporting advanced manufacturers in a range of areas: business introductions, site selection, permits and regulatory approvals, assistance with exports and supply chain connections.
Through strong policy settings, the Victorian Government is creating certainty to drive investment across the economy.
Since 2014, local content requirements under Local Jobs First have covered over 250 government projects and contracts, with a combined value of more than $117 billion and supporting more than 45,000 jobs. The Victorian Renewable Energy Target has established Victoria’s movement to net zero by 2050 while setting a 50 per cent emissions reduction target by 2030. These legislated targets will create opportunities for advanced manufacturing, research and innovation in the low-emissions space.
Invest Victoria is the Victorian Government’s investment attraction agency, fostering long-term economic prosperity by enabling business opportunities and job creation for the state.
A global outlook
Victoria continues to grow as an international leader in advanced manufacturing.
The state’s $21.4 billion medical technology and pharmaceuticals sector is a global leader in research and manufacturing, and we are a global hub for advanced and sustainable food production, agri-food tech and innovation.
A growing number of leading multinationals have established operations in Victoria, including Moderna, Boeing, Mars Global, Nissan and Hanwha.
Through Global Victoria, we build the skills and knowledge of Victorian businesses to grow on an international stage. Our inbound and outbound trade mission programs, export capability initiatives and extensive international network of trade and investment offices (VGTIs) open the world to Victorian businesses and welcome the business world into Victoria.
Page last updated: 2 September 2022