The Andrews Labor Government’s Future Industries Fund will invest in six key sectors set to drive Victoria’s future economic growth.
The 2015-16 Victorian Budget includes $200 million for the Fund which will play an active role in working with business experts and workers to grow our traditional industries and invest in emerging sectors.
The six high-growth sectors include:
- Medical technology and pharmaceuticals
- New energy technology
- Food and fibre
- Transport, defence and construction technology
- International education
- Professional services
The Future Industries Fund will also include a $20 million New Energy Fund which will change Victoria’s energy mix and ensure we are investing in jobs for the future.
The Labor Government will help to create sustainable economic growth and dignified work, restoring pride to Victorian industry and manufacturing. Working with industry leaders and workers, we will identify opportunities for cooperation and co-investment.
The Labor Government will take advice from a Ministerial Advisory Council led by former Premier of Tasmania, David Bartlett, who brings a wealth of experience across a range of industries including technology, innovation, digital and creative industries.
The Ministerial Advisory Council will also include Professor Linda Kristjanson, Vice Chancellor Swinburne University of Technology, Gabrielle Coyne, CEO Penguin Random House, Nixon Apple, Alternate Director, Australian Super and Dr Leonie Walsh, Lead Scientist Victorian Government.
The Labor Government is also assisting local economies to transition as a result of a decrease in manufacturing activities through a $10.5 million Innovation and Investment Fund for Melbourne’s North and the $7.5 million Geelong Regional Innovation and Investment Fund.
The Labor Government is also ensuring workers in the clothing industry get a fair go and have safe and healthy work conditions by providing Ethical Clothing Australia with $2 million to ensure homeworkers in the clothing industry get the support they deserve.
Quotes attributable to Minister for Industry, Lily D’Ambrosio
“The Future Industries Fund will help support those thousands of Victorians who have dedicated their professional lives to putting Australian cars on Australian roads, and we’ll boost our whole economy in the process.”
“We will support the transition of the Victorian economy through targeted sector strategies, helping businesses find ways to use their skills to create new products and reach new markets. This will help secure today’s jobs and create the jobs of tomorrow.”
“We will grow clean energy jobs and business opportunities through our $20 million New Energy Fund and through our renewable energy action plan.”
Reviewed 19 August 2020