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Focus of DIIRD

Comprehensive report on DIIRD activities in Victoria focusing on investment attraction, innovation, regional development, and economic growth achievements.

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Focus of DIIRD

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  1. Public Accounts & Estimates CommitteeMinister for State and Regional Development Minister for InnovationJune 2006

  2. Focus of DIIRD • Challenges ahead require a sustained commitment: • High Australian dollar, mining boom • High energy prices – positioning for carbon constrained future • Demographics • Highly competitive market for - • Skills • Footloose investment • Development of the whole State • DIIRD continues to focus on actions to build the economy as reflected in the Department’s output groups: • Investment Attraction • Trade Development • Developing Innovative Industries • Regional Development • Marketing Victoria

  3. Key Achievements in Investment Attraction • Increasing competition especially for large manufacturing investment. • New investment facilitated in 2005/06 of $1,431.2 million (to May 2006). • New investments include: • Fonterra Cooperative Group ($15 million – 150 jobs) • Ford Motor Company upgrade of operations ($1.8 billion – 273 jobs) • SalesForce Australia ($4 million – 230 jobs) • Aerospace Technologies of Australia ($16.2 million – 250 jobs) • Hawker de Havilland Ltd ($175 million – 200 jobs) • Australian Paper/PaperlinX – Maryville ($300 million – 180 jobs) • Launch of International Business Centre • Joint project with VECCI and City of Melbourne • Over 35 Chinese companies already utilising facilities • Signing of second Interstate Investment Cooperative Agreement • Further 5 year agreement to prevent costly bidding wars

  4. Key Achievements in Innovation • International linkages • VISTECH (Victoria-Israel fund) • Monash – UC-SD Agreement on Stem Cells • Synchrotron – • 8 partners contributing $40 million to beamlines • STI Initiative - significant net positive contribution to the State. • To June 2006 over $1,071 million of new investments facilitated in 62 strategic science and technology projects • Second round cumulative economic impact analysis forecast 2000-2014: • Real Gross State Product will be $3.9 billion higher • Real investment in Victoria will be $1.2 billion higher • Real private consumption in Victoria will be $1.2 billion higher • An overall increase in employment of about 1700 jobs.

  5. Healthy Futures: Life Sciences Statement • Healthy Futures builds on Victoria’s medical research and biotechnology strengths, boosting research infrastructure and outcomes for patients • Our $230 million investment will leverage projects valued at $713 million • Third party funds already leveraged – $30 million from Atlantic Philanthropies and $120 million from the Commonwealth – all major projects fully funded • This investment will accelerate and expand research into cancer, mental illness, Parkinson’s Disease, stroke, infectious diseases - to name a few • Ultimately this means new medicines, treatments and products so that Australians lead healthier longer lives and can make full contributions to our economy and community

  6. Regional Development Achievement • Moving Forward: Provincial Victoria Statement • Government’s policy statement Moving Forward will support regional councils, businesses and community organisations to meet new challenges such as: • Managing population growth • Adapting to changing industries • Environmental challenges • Demographic shifts • $502 million of new actions building on the past 6 years of strong growth in provincial Victoria Twin Funds for Growth • An entirely new $100 million – Provincial Victoria Growth Fund will drive economic and population growth. • $200 million extension of the Regional Infrastructure Development Fund will continue to deliver high quality infrastructure.

  7. Regional Victoria (RHS) People are coming to Victoria Source: Australian Bureau of Statistics

  8. Regional jobs • Since 1999, there have been more than 90,000 new regional jobs, more than double the amount of the previous Government ‘000 persons Extra 90,000 jobs Extra 40,000 jobs Source: ABS Source: Australian Bureau of Statistics

  9. Regional Investment Facilitated 1995/96 to 2005/06 Projected * * Recent Ford investment not included Source: DIIRD

  10. Regional Infrastructure Development Fund ProjectsAs at June 2006 the RIDF has contributed over $318 million to 111 projects.The total value of these projects is estimated to be more than $852 million. Mildura Marina Wetlands $5.3m Cohuna Industrial Estate $1m Supply of Natural Gas to the Macedon Ranges Bendigo Bank Civic Space $9m LaTrobe University Shepparton $6m Wodonga Freight Distribution Hub $16.2m Falls Creek All Seasons Gateway $3.5m Plumpton Road Industrial Estate $1.4m Lakes Entrance Vessel Service Point $2.8m Brambuk National Park & Cultural Centre $2.7m Sovereign Hill Tourism Infrastructure $3.8m Supply of Natural Gas to Paynesville Class A Water Treatment Plant $2m Gippsland Water Factory $140m Portland Multi Purpose Shiploader $15 m Supply of Natural Gas to Port Fairy Skilled Stadium Redevelopment $26m Supply of Natural Gas to South Gippsland

  11. Growing Regional Building ApprovalsJanuary 1999 to January 2006 Source: Building Commission

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