Victoria’s open and globally connected economy is boosting local jobs, wages and the state’s economy, a new report released today by the Andrews Labor Government shows.
The Australian Trade and Investment Liberalisation report finds trade and investment liberalisation has boosted Victoria’s gross state product and wages by more than 9 per cent and created more than 180,000 jobs since 1986.
“While some countries and states are closing their doors, Victoria’s remain open because we know it will deliver a stronger economy and more jobs for locals. This report details the real benefits that Victoria has experienced because of being an open and globally connected society and economy. We know how important it is to adapt to a fast-changing global environment and that’s why we’re delivering on our trade statement to grow exports, attract investment and create jobs.”
Minister for Trade and Investment Philip Dalidakis
The lowering of tariffs and other trade and investment barriers has turbocharged Victoria’s fast-growing services industry and boosted the number of international students and tourists.
Victoria is Australia’s most globally connected state and the report – prepared by the Centre for International Economics – details for the first time how Victoria has benefited more than other states from these connections.
The report backs the Labor Government’s agenda to drive more trade and investment by advocating for economic reform, investing in our global network of Victorian Trade and Investment Offices and helping local businesses get export-ready.
The Labor Government is also diversifying into growth markets including China, South-East Asia and Latin America, releasing strategies to capitalise on new trade opportunities.
On top of these strategies, the Labor Government has also released a trade statement titled Globally Connected, a blueprint for the future of trade in Victoria designed to tackle barriers, encourage exports and attract investment.
Since the Labor Government was elected in 2014, 370,000 jobs have been created in Victoria, with 234,300 of them full time – more than six times the amount created under the previous Liberal and National Government.
To access the full report visit trade.vic.gov.au/cie