Discussion papers on how to maximise the potential of two of Victoria’s key industry sectors, professional services and construction technologies, are now open for comment.
The Andrews Labor Government is seeking input on the barriers these industries face along with opportunities to ensure continued success and growth.
The professional services sector, which includes financial, business advisory and engineering design services, is the largest and fastest growing sector in the Victorian economy. Professional services accounts for $63 billion or 18 per cent of Victorian Gross State Product. The 344,700 workers in this sector are highly skilled and well paid, earning 30 per cent above the national average wage. This sector is becoming increasingly important as the State moves towards a more specialised, knowledge-driven economy.
The construction sector accounts for almost 240,000 jobs or 8.2 per cent of the workforce, placing it as Victoria’s fifth largest industry sector, contributing $21.6 billion annually to the Victorian economy.
These two discussion papers will inform the $200 million Future Industries Fund, which has been established to invest in six key sectors set to drive Victoria’s future economic growth.
The Labor Government will consult with relevant industry groups and professionals, businesses, other levels of government and the community, through targeted roundtables and forums.
A Future Industries Ministerial Advisory Council chaired by former Tasmanian Premier, David Bartlett, is providing strategic guidance to the Future Industries initiative.
Informed by the consultation, the Government will develop sector strategies for release later this year.
The Professional Services and Construction Technologies discussion papers are open for comment until Monday 21 September 2015 at
Quotes attributable to Minister for Industry Lily D’Ambrosio
“The $200 million Future Industries Fund will support industry sectors with extraordinary potential for growth.”
“Government and industry need to work together to capture the opportunities to expand these industries, attract new investment, create new jobs and build the Victorian economy. The identified priority sectors could drive up to $70 billion in additional economic output and 400,000 new jobs by 2025.”
“The professional services sector plays an essential role in driving economic growth in Victoria and is recognised as a critical enabler of innovation, productivity and competitiveness across all sectors of the economy.”
“Construction materials and technologies industries are one of a number of sectors strategically important for the State. Firms in these industries provide inputs into the construction sector which is both an important enabler in the Victorian economy and a significant sector in its own right.”
Reviewed 19 August 2020