Victorian regions bound to grow and prosper

Wednesday, 6 October 2011

The answer to balancing the state's future population growth lies within regional Victoria, Deputy Premier and Minister for Regional and Rural Development Peter Ryan said today.

Speaking today at the Property Council Victorian Growth Summit in Melbourne, Mr Ryan said the Victorian Government had undertaken a long-term commitment to accelerate growth in the regions.

"The Victorian Government has a new regional development agenda that builds on positive trends in regional growth and supports locally driven solutions," Mr Ryan said.

"Underpinning this is the Government's $1 billion Regional Growth Fund, which has $500 million allocated before November 2014."

Mr Ryan said regional Victoria now had a more diverse economy thanks to its competitive and productive agriculture, manufacturing, professional and consumer service businesses.

"$71 billion worth of goods and services are produced annually in regional Victoria, which is approximately a quarter of the state's economic output," Mr Ryan said.

"Regional Victoria also accounts for one quarter of the state's population, and one-third of Victoria's exports.

"What this clearly shows is that growth can be effectively realised in regional Victoria and our challenge is to continue to build on this growth.

"This be achieved through a long-term commitment by Government to invest in the competitive advantages of different regional areas, and to help strengthen their links to national and international markets."

Mr Ryan said the Victorian Government was committed to investing in regional Victoria to create new prosperity, more job opportunities, economic and social resilience and better quality of life.

"It is about strengthening the contribution of our regional cities and rural communities to the state's overall growth and prosperity," Mr Ryan said.