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More quality jobs and thriving innovative industries across Victoria
Victoria today
Victoria has a strong economy and low unemployment. In the past five years we have achieved above-average growth in standards of living and employment. There is more diversity in the range and type of jobs available and a more highly skilled workforce. Victoria’s strong recent productivity growth has been a key driver of economic growth.
Challenges ahead
Several of the external factors supporting Victoria’s recent strong economic performance could become less favourable. Increasingly, our future living standards will depend on productivity growth and increased workforce participation. We also have the continuing challenge to ensure regional Victoria shares fully in the benefits of a strong economy.Innovation and creativity are essential in a global economy where knowledge is the key to competitiveness. This applies to both our traditional industry strengths and to new industries. We also need to continue increasing the export orientation of Victorian businesses and minimising the cost of regulation for businesses.As our population ages and our workforce grows more slowly, increased participation in the workforce is a key priority, especially amongst older workers and women. And, while unemployment is low, there is a significant amount of underemployment: people who are employed but would like to work more hours. Meeting these challenges will require, among other things, continuing business investment, improved export competitiveness and an increase in skill levels among both younger and older workers.
Measuring progress
Economic growth is not an end in itself. It is important because it creates good jobs, which in turn enable us to improve our living standards and opportunities. We need to measure economic progress by focusing on the number and quality of jobs and the drivers of a modern and flexible economy: a productive workforce, business investment - particularly research and development - and exports.
- There will be more and better jobs across Victoria
- Victoria’s productivity and competitiveness will increase
- A greater share of national business investment will be in Victoria
- Victoria will increase exports to $30 billion by 2010
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