Victoria today

We need to ensure we capitalise on our state's solid foundations as we plan for the decades ahead and prepare to build Victoria's future.

Over the last 200 years, we have built a strong and prosperous society. Twenty-three years of consecutive economic growth, including through the global financial crisis of 2008/9, has placed Victoria in a strong position to tackle the challenges of coming decades.

A strong economy

  • annual GSP rate of 3.3%, second largest in Australia
  • Victoria’s contributes 22.5% to Australia’s GDP, with only 3% of the land mass
  • maintained a triple-A credit rating since 1998
  • six of Australia’s top 10 Australian companies are headquartered in Melbourne
  • a larger economy than Singapore, Hong Kong or New Zealand.

A diverse economy

  • education has generated $5.8 billion in export revenue
  • our professional services sector is valued at $63 billion
  • $23 billion in gross value added generated from our creative industries
  • our food and fibre exports are valued at $11.9 billion
  • $8 billion per year generated by our defence sector
  • our medical and technologies sector is valued at $12.7 billion per year.

A skilled and agile workforce

  • over half of Victorians aged 15-64 hold a post-secondary qualification and over a quarter have a university degree
  • 61% of our population is of working age
  • 40% of those employed hold a managerial or professional position
  • Victoria has 10 world-class universities, with two among the top 100 institutions in the world.

A vibrant and inclusive community

  • Melbourne is the most liveable city in the world, 6 years running
  • one of the highest life expectancies in the world
  • Victoria is the cultural and sporting capital of Australia
  • more than 230 languages and dialects spoken.

Thriving regions

  • Regional Victoria contributes $66.9 billion to the state economy
  • over 650,000 regional Victorians employed
  • our regions contribute about one third of Victoria’s $36 billion export trade
  • 25% of Australia’s agricultural production comes from our regions
  • our regional unemployment rate is 5.7%, well below the nation’s regional unemployment rate of 6%.

Well-maintained natural resources

  • a legislated emissions reduction target of net zero by 2050
  • 40% of our electricity to be generated from renewable energy by 2025
  • implemented the Biodiversity 2037 Plan to protect Victoria’s environment
  • $1.4 billion generated each year from nature-based tourism.