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Transcript: Launch of Future Industries Fund Discussion Papers

Find out about the Future Industries Fund.

[Title:  Victoria’s Future Industries]

Lily D’Ambrosio - Minister for Industry

Victoria’s economy is a changing landscape.  Our economy has underperformed in recent years with weak growth, flat business investment and high unemployment, particularly amongst the young and the disadvantaged.  We’ve seen our traditional manufacturing bases such as the automotive industry decline, and new industry sectors related to advanced technology and innovation emerge.  It’s important we have a plan to capture the potential of these high growth, high value industry sectors that are capable of driving significant jobs growth and attracting new investment right across Victoria.  The Victorian Government’s $200m Future Industries Fund does exactly this.  We have identified six priority sectors that we may add to over time, that have the potential for extraordinary economic growth.

[Vision:  Slide listing different sectors - Victoria’s Future Industries]

These sectors include medical technologies and pharmaceuticals; new energy technologies; food and fibre; transport, defence and construction technologies; international education; and professional services. 

[Lily D’Ambrosio speaking]

From July discussion papers will be progressively released for individual sectors for industry and public comments.  Intensive consultation with businesses, industry groups, unions, other levels of Government and educational institutions will ensure that expertise and insights on these priority sectors is taken on board.  I’ve also appointed a Ministerial Advisory Committee, Chaired by the former Premier of Tasmania David Bartlett, to oversee and provide guidance to the Future Industries Initiative.  Following consultation and expert advice, sector strategies for each of the future industries priority sectors will be finalised, identifying how Government can best support and partner with industry to maximise growth.  I encourage you to take a look and contribute your ideas.  The discussion papers can be viewed online at

[Vision:  Slide - Victoria’s Future Industries -]

[Victoria’s Future Industries.]

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