Innovation and investment

Victoria is open for business. Our economic growth agenda is guided by the Economic Growth Statement and Victorian Industry Policy that outline our State’s strengths, skills, and priorities for future prosperity. To reduce delays and cut red tape, we have created an ‘Investment Front Door’ to ensure a streamlined, single point of entry for investors through Invest Victoria, the Victorian Government’s dedicated investment promotion agency, and an Investment Coordinator General.

Victoria wants more foreign investment in the State’s economy. We are identifying and facilitating targeted investments that fill supply chain gaps and foster the capabilities required for future economies. The $150 million Victorian Investment Fund (VIF) will provide domestic and international investors support to secure business investment that creates jobs, promotes innovation, and underpins Victoria’s long-term economic growth in priority sectors. The Victorian Government also helps Victorian businesses attract and retain talent from around the world through the Global Talent Attraction Fund.

Investment and innovative solutions from global leaders can accelerate Victoria’s response to pressing challenges. This includes supporting Victoria’s net-zero emissions and clean energy targets, which will require us to rapidly innovate across solar, wind, energy storage, and zero emissions vehicles. Attracting investment and capitalising on these opportunities is critical to achieving our goals. Victoria is also leading on key circular economy initiatives, including standardising household recycling, a cash-for- cans scheme, and banning single-use plastics.

China has world-leading capabilities in green technology innovation and manufacturing, with strengths in batteries, solar, wind turbines, and electric vehicles. China is increasingly investing in clean energy technologies for the green economy to position itself as a global leader in climate response, and there are significant opportunities to deepen cooperation. Prospective foreign investors may need to navigate federal regulatory processes, including Australia’s Foreign Investment Framework. The Victorian Government will help investors engage early with the Commonwealth Government for support through this process.

Victorian companies are already collaborating with Chinese counterparts, including through a recent partnership between Melbourne-based Envirostream Australia and Chinese battery manufacturer Hithium Energy to recycle its lithium ion batteries from Lightsource BP’s Woolooga solar farm. Victoria’s clean energy capabilities are supported by world-leading R&D infrastructure and cutting-edge research, including through Deakin University’s Battery Research Innovation Hub, Institute for Frontier Materials, and Hycel Technology Hub; Swinburne University’s Victoria Hydrogen Hub; the University of Melbourne’s Energy Institute; and the Monash Energy Institute.

Victoria is on track to be one of the world’s leading startup hubs within the next five years, with the 2024 Victorian Startup Growth Report showing that Victoria’s startups are now valued at $132 billion. Victoria offers significant opportunities for investment into an established fintech ecosystem of over 330 fintech start-ups, including unicorns such as Judo Capital, MYOB, and PEXA – as well as global fintech companies such as Worldline, Square, Revolut, Stripe, Transfermate, GoCardless, and TradePlus 24.

Our fintech talent pool outperforms other jurisdictions across the region and is one of the most highly educated in Australia, with over 70 per cent of our tech workers holding a bachelor’s degree or higher. HealthTech startups are also thriving in Victoria, operating in one of the world’s largest biotech clusters alongside global companies like Moderna and BioNTech, and successful homegrown companies, such as CSL, PolyNovo, Mesoblast, Clinuvel, and Telix Pharmaceuticals.

China is the fastest growing and most dynamic global market for emerging digital technologies and innovation. Victoria is well positioned to attract Chinese investment in our digital technologies industry, as our economy benefits from a large and growing workforce of highly skilled digital technology professionals, strong business skills, and exceptional innovative problem solvers.

Case Studies