Treasurer Tim Pallas today visited one of Australia’s best known brands, Bulla, to talk about the Government’s $200 million Future Industries Fund.
Visiting the Bulla Food Company in Colac, the Treasurer toured the company’s Innovation Centre, a facility that provides Bulla with a new pilot plant and micro lab for efficient product trials and testing. The overall goal of the facility is to improve research, technical, sensory and pilot plant capabilities.
The dairy industry plays a very significant role in the Colac region, with Bulla an important part of the regional economy. Bulla is Colac’s biggest employer, and employs more than 500 people across Victoria.
With about 79,000 new jobs created since the Andrews Labor Government was elected, the reported unemployment rate in the Colac region has more than halved in that time, and is currently well below the state average.
In 2014-15, Victorian dairy exports were valued at $2 billion, accounting for 83 per cent of the value of Australia’s dairy exports.
With companies like Bulla looking to increase dairy exports to the burgeoning Asian market over the next few years, the Government has set up the $200 million Future Industries Fund.
The Fund supports high growth, high value industries that are critical to securing Victoria’s future as a competitive, innovative and outward looking economy.
The Government has identified six priority sectors that have potential for strong economic growth and the capacity to create high-skill, high-wage jobs.
The sectors includes medical technologies and pharmaceuticals, new energy technologies, transport, defence and construction technologies, international education, professional services, and food and fibre.
The Fund support companies in these six high growth sectors to compete in the global marketplace through three separate grant programs.
Quotes attributable to Treasurer Tim Pallas
“Jobs are central to the prosperity of Victoria’s regions, and Bulla – Colac’s biggest employer – is a great example of a business that is leading the charge.”
“Bulla, complete with its new forward thinking Innovation Centre, is well placed to continue expanding its exports in to the growing Asian markets and with it, create more local jobs.”
“That’s why the Andrews Labor Government has set up the $200 million Future Industries Fund, to support sectors like food and fibre increase their reach into the global marketplace and further boost Victoria’s economy.”
Reviewed 19 August 2020