Victoria's northeastern region leads a remarkable AUD 2 billion industrial growth that brings new manufacturing opportunities and boosts the economy. The Victorian Government has helped secure AUD 24.5 billion worth of investments since December 2014. These investments will create more than 52,000 new full-time jobs across the state. Northeast Victoria stands to gain the most from this industrial expansion.
The plans for the next decade include delivering over 6,000 hectares of industrial land. Several emerging industries in our local economy drive this growth. Northeast Victoria is ready to take a crucial role in developing the hydrogen industry. The region excels in advanced manufacturing and critical minerals processing. Victoria owns 39% of Australia's zircon reserves and 51% of the nation's rutile. These numbers show our region's importance in providing essential materials that high-tech industries need.
Victoria Unlocks $3B in Industrial Land for Regional Growth
The Victorian Government launched a bold plan to open up industrial land in regional areas, with Northeast Victoria at its centre. The government is currently investing millions in strong infrastructure—water supply, sewerage, roads, and electricity—to speed up industrial development in regional communities. This funding will create more industrial land for businesses that want to set up or grow their operations. Local councils and industry will co-invest in ready-to-go projects, which gives businesses the confidence to make smart investment decisions.
The Portland North Employment Precinct and Ballarat West Employment Zone serve as successful examples that created thousands of jobs and brought new businesses. This initiative is part of Victoria's Economic Growth Statement, which outlines more than 40 initiatives under four key actions: open doors, cut red tape, build new skills, and reach every community.
Victoria's 10-year Plan for Industrial Land will open up over 6,000 hectares of development-ready land—as big as 3,000 MCGs. This land could support up to AUD $14.53 billion in industrial activity once fully developed.
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The government has already started taking action by:
- Planning the Merrifield North precinct ahead of schedule. This area has more than 900 hectares and could create up to 4,700 jobs by the end of 2028
- Looking at rezoning up to 3,300 hectares of industrial land at Altona North and Hastings, which is currently under Special Use Zoning
- Creating a dedicated greenfield land service to help councils and industry overcome development hurdles
An Investment Coordinator-General will start in 2025 to oversee major project approvals and ensure agencies meet deadlines. Environmental approval reforms will reduce assessment periods for Environmental Effects Statements from 34 months to 18 months. Advanced manufacturing, circular economy technologies, health technology, and agribusiness will receive additional backing in government support.
Northeast Victoria Attracts High-growth Industries
Northeast Victoria's varied economy is changing faster than ever, as several industries boost growth throughout the region, including new leading tech innovations and the rising industry of Australian online businesses. Other industries include eco-tech and green renewable energy infrastructure. The area generates about AUD 4.95 billion each year for Victoria's economic wealth, making it an economic powerhouse for the state.
Manufacturing remains the foundation of Northeast Victoria's economy and maintains its specialty status despite economic changes over time. Healthcare and social assistance have become major growth drivers, too. The North Eastern Melbourne Employment Region saw healthcare jobs jump by 23.5% in just one year to 106,900 positions. This sector shows the strongest growth, with a 33.6% increase over five years and an impressive 71.6% rise in the last decade.
Agriculture thrives as the region's foundation. Dairy, beef, lamb, wool, cropping, and horticulture support rural communities. The food and fibre processing sectors have grown to support primary production.
The circular economy offers another exciting chance for growth as regional Victoria serves as the heart of the state's circular economy future. Northeast Victoria benefits from world-class wind generation, reliable transmission infrastructure, skilled workers, and research institutes.
Furthermore, the critical minerals sector shows great promise. Victoria's critical minerals are worth approximately AUD 305.80 billion and could create up to 7,000 jobs. Australia's only antimony mine operates in Victoria. This critical mineral plays a vital role in defence and battery technology. The state also possesses some of the world's largest known deposits of rare earths-rich mineral sands in the Murray Basin.
How Government Reforms Accelerate Industrial Development
The Victorian government has introduced sweeping reforms that cut bureaucracy and speed up development in Northeast Victoria. These reforms will drive the state's ambitious industrial growth plans. Victoria aims to become the state with the lowest number of business regulators in Australia. The government will reduce business regulators from 37 to at least 18 by 2030. This simplified process and other reforms will help businesses save AUD 764.50 million over five years.
The government has made major improvements to environmental approval processes. The Environmental Effects Statement (EES) assessment will now take a maximum of 18 months. This is a big deal as it means that most current assessments take longer than this timeframe.
The Australian Government additionally shows its steadfast dedication to regional growth with an AUD 339.89 million allocation to Regional Jobs and Investment Packages. These packages help broaden regional economies and stimulate long-term growth. Victorian programmes like the Regional Economic Development and Community Investment Programme offer funding between AUD 382,247 and AUD 7.64 million for economic development initiatives.
Northeast Victoria reaps substantial benefits from these reforms through the state's Future Industries Strategy. The initiatives support the region's key sectors, including manufacturing. NE Victoria stands without doubt at the brink of an extraordinary economic transformation.
