The world is evolving

Technology, culture and the environment are changing at an unprecedented rate. This brings about new challenges as well as opportunities for Victoria.

Globalisation

Increasing global connections are changing the way businesses trade, how supply chains operate and how services are provided.

Globalisation has provided an opportunity for increased economic development in all corners of the world, including our own. Our international outlook is shifting its focus towards major markets in Asia, such as India and China, who have respective GDP growth projections of 7.5% and 6.3% in 2018.

Victoria’s close proximity and similar time zone to Asia, along with our strong cultural ties to the region, positions us well to attract investment and to enter new overseas markets.

Changing technology

Technology has supercharged globalisation, leading to digital innovations that are rapidly changing the way people communicate, travel and conduct business. For example, access to real-time traffic information on mobile apps now shapes our decision-making when it comes to getting from point A to point B.

Other developments in automation, 3D printing and robotics are leading to entire industries rethinking the way they do things. Global spending on robotics and related services is expected to rise from US$91.5 billion in 2016 to US$188 billion in 2020.

Victoria is supporting its future industries so we can lead new technological developments rather than follow. The government is proactively engaging with industry partners to strengthen our infrastructure resilience and de-risk cyber security. We’re leading the way in autonomous vehicle testing, with trials on EastLink and the Monash-CityLink-Tullamarine freeways.

Changing workforce

Improvements in technology and communications infrastructure has led to a rise of industries of the future, such as technology-driven work in the medical, new energy, defence and construction sectors.

Victoria is prepared for this change. We are supporting the growth of future industries by making sure that our education and training institutions provide today’s students with the skills needed for tomorrow’s jobs. We are also bridging the digital divide, ensuring all Victorians have the digital abilities industries of tomorrow require.

Changing communities

People and communities are also changing. We are more mobile than ever, moving in search of the lifestyle we want and the career paths we desire. Global trends show that people are continuing to move to urban areas, where there are more opportunities. In 1970, there were just two megacities of over 10 million – Tokyo and New York. By 2030, this number is expected to rise to 41, with 23 of these on our doorstep in Asia.

Changing environment

Climate change is increasing the pressure on our natural environment, resulting in more extreme weather events such as floods and bushfires, that can devastate local communities and economies. Engagement with local communities on conservation and to build resilience is critical in helping them prepare and recover from extreme events.

Victoria is playing its part in the fight against climate change. We are working to understand how climate change impacts our infrastructure, so we can plan, prepare and adapt. Our net zero emissions target by 2050 is good for the environment and our economy, as green industries expand to create skilled, high-wage jobs.