Victorian manufacturing continues to grow – supporting jobs, exports and economic growth across the state.
The Australian Industry Group’s monthly Performance of Manufacturing Index, released today, shows that Victoria’s manufacturing index has grown for a 14th consecutive month – the longest run of expansion since 2003.
This growth builds on the latest Australian Bureau of Statistics figures on business investment which show Victorian manufacturers are investing more in capital equipment than at any time since 2011, reflecting the confidence of the local industry.
The strong performance is driven by the Andrews Labor Government’s massive investment in manufacturing through programs like the Future Industries Manufacturing Program.
The Labor Government has committed over $110 million in manufacturing support, creating more than 4,000 jobs and driving more than $1.4 billion in private investment.
Victoria’s manufacturing industry contributes $27.7 billion to the Victorian economy, is made up of more than 13,000 businesses and employs more than 286,000 people.
Manufacturing is Victoria’s fourth largest employer and is responsible for $17.9 billion worth of goods exports.
Quotes attributable to Acting Minister for Industry and Employment Tim Pallas
“Victorian manufacturing is going from strength to strength – backed by the Labor Government’s record pipeline of infrastructure projects.”
“A strong manufacturing sector means jobs for Victorians, and more opportunities for Victorian businesses.”
“Victoria’s economy is the envy of the nation with more than 307,000 jobs created since November 2014 and a solid infrastructure pipeline including the Metro Tunnel, the West Gate Tunnel and level crossing removals.”