Economic

Building
Blocks for
Victoria

Premiers Message

The figures are

clear Victorias
economy is changing.
Its charging ahead.
Weve got the highest rate of job
growth because our innovative
businesses are succeeding at
home and abroad. Weve got
the equal highest rate of wages
growth because our people are
highly skilled and work hard. New
businesses are opening and our
retail trade turnover is the highest
of the mainland states, because
consumer confidence is strong
and trending up. Only last week we
secured the title of the worlds most
liveable city for an unprecedented
sixth year in a row. There is a sense
of optimism in our cities, towns and
regions as we look to a new phase of
prosperity that all Victorians
can share in.

When we came to government, our

economy had slipped behind and we
recognised it would take hard work
and big decisions to get us back in
front. We are doing whatever we can
to keep Victoria Number One. After
years of neglect, were investing in
infrastructure to meet our growth
so that we wont be victim to our
successes, and education that
will build a bold and bright future
for our state, our economy and
our people.
The Premiers Jobs and Investment
Panel (PJIP) complements this work
perfectly. We called on this group
of industry leaders to share their
expertise to cut through the dayto-day and help us pave the path
to prosperity. Im pleased that they
are here with us today to share
their vision on Victorias economic
building blocks.

It will be a critical way of seeing

how the decisions of government
and activity across the economy
can work together to drive
outcomes. But most importantly
theyre a symbol of how
government, businesses and the
community can work together
to achieve change. Together we
can secure the kind of social and
economic well-being we want our
children to enjoy now
and into the future.
The Hon Daniel Andrews MP
Premier of Victoria

Chairs Message

A little over a year ago, the Premier

asked me to chair a Board of a very
talented and passionate group of
people in order to help shape the
next chapter of Victorias jobs and
investment story. On day one I said
to my new colleagues that if we
arent making a difference within
12 months then we can all give
the thing away. At this milestone
Im pleased to report that, like
the Victorian economy, we
are going strong.
This document contains a
summary of our thinking and
while we are proud of what weve
achieved, this is not a stocktake
of wins. When we formed, I put a
challenge to the Panel to come up
with a strategy, a view of what really
matters and not the thousands of
things that occupy our days.

A scan of the world tells us

that successful economies have
focus. They work out what really
matters and they get those things
right. This approach holds true to
all elements of life and society but
for governments it can be hard to
stay the course while facing daily
distractions across the board.
To meet this challenge the
Panel formed five working groups:
Inclusive Growth; Education and
Innovation; Liveability; Precincts
and Business Environment.
These working groups continue
to meet and will further develop the
thinking that were sharing today.
This is by no means the end. This
thinking is by no means complete.
The work of these working groups
will go on. However, there is little
point refining work in the back room
when big challenges and fantastic
opportunities surround us.

I have summarised our work into six

areas that we are calling Economic
Building Blocks for Victoria. These
building blocks do three things:
1. Focus government
2. C
 all for a shift in thinking from
traditional approaches to
economic development
3. P
 rovide a platform from which
to measure how were tracking
I commend to you Economic
Building Blocks for Victoria for
your consideration. I call on all of
you to help us refine this work into
something of great value.
Harold Mitchell AC
Chair
Premiers Jobs and Investment Panel

Introducing the
Economic Building
Blocks for Victoria

Focussing on what matters

Jobs now and in the future

Fairness and equity

A sustainable economy delivers both

a prosperous and inclusive society,
as well as a great place to live.
This reflects what people actually
value, which of course includes
sustained economic performance,
but also the resources, services
and infrastructure that are critical
for a strong society.1 This approach
is backed by leading economic
thinkers, such as Nobel Laureates
Joseph Stiglitz and Amartya
Sen, who say a narrow focus on
economic production misses much
of what really matters, like how
growth is shared and its impact on
the environment and society.2 This
broad approach is at the heart of
the proposed Economic Building
Blocks as leading global institutions
and jurisdictions recognise that
outcomes-based approaches are
the most effective at focussing
government effort on what
matters most.3

Jobs are at the heart of a

strong economy and a fair society.
Secure, meaningful employment is
central to individuals self-worth4
and provides individuals with
the financial security to invest in
lifes essentials like housing and
education.5 Employed people are
more likely to be healthier and less
likely to experience social exclusion.6
Victoria also needs to be at the
forefront of technological change,
which is the main driver of economic
growth and higher living standards.7

A fair and equitable society is

more than just a core governmental
responsibility. OECD research
shows that income inequality slows
economic growth because it can
hinder skills development and
lower social mobility and lifting
the performance of the lowest
income households matters most
for growth.10 Australian studies also
emphasise the long term economic
costs of ignoring vulnerable
groups and places.11

Quality transport

A strong economy requires strong

social foundations, much as a good
society itself needs a firm economic
base.12 Cohesive communities
engender trust, which research
shows helps people to work together
more effectively13 and cuts the costs
of economic transactions.14 Research
also finds that people are more
innovative and work harder where
there is greater social diversity, 15
and that more diverse workforces
financially outperform others.16

Quality transport is central to

the functioning of any economy,
because it allows people to get
where they need to go quickly
and safely.8 Research shows that
developed economies that dont
invest in transport infrastructure to
address bottlenecks will constrain
their economic growth.9

Thriving communities

The six Economic

Building Blocks proposed
by the Premiers Jobs and
Investment Panel

Liveable places
Liveability matters to Victorians
quality of life.17 A place built well is
a place that promotes healthy and
happy people and community
well-being.18 Liveability is one
of Victorias key comparative
advantages over other places.
The OECD finds that knowledgebased economies, like Victoria, need
an attractive environment to entice
highly qualified professions given
the scarcity of their skill sets and
their wide choice of global cities.19
A recent study found the main
driver of global cities that have
turned their economies around
was their ability to attract these
young wealth creators. 20

The worlds leading economic plans look broadly at

the preconditions for growth and how the economy
delivers to improve quality of life.

Jobs Now

PJIP requests the

Victorian Government
focus on these outcomes:

Working to create more

opportunities and more jobs

Creating jobs for all

BUILDING BLOCK 1:

Victorias productive economy is

leading the nation in job creation.
Getting our economic fundamentals
right is critical to continued
jobs growth. Building productive
infrastructure, such as freight
networks and digital connectivity
ensures efficient delivery of goods
and services. Fostering a business
environment that is confident and
competitive encourages innovation
and allows businesses to prosper.
Making stronger connections
between the Victorian economy
and our international partners
opens new markets for our goods
and services and allows Victorian
businesses to compete and win on
the world stage.

Because greater participation in work

allows Victorians to build their sense
of self-worth and independence, while
contributing to and benefitting from a
stronger economy.

Efficient and reliable infrastructure

Because efficient and reliable
infrastructure and networks increase
economic activity, reduce transaction
costs, and minimise stress and lost
leisure time.

Competitive business environment

Because a competitive Victorian
business environment encourages
businesses to seek new and more
productive ways of doing business,
attracts investment and encourages
innovation.

Globally connected economy

Because global connections enable
beneficial flows of knowledge, capital,
technology, goods and services,
help in attracting global talent and
investment, and allow Victorians to
learn from and contribute to worlds
best thinking.

Fiscal sustainability
Because sustainability of Victorias
finances provides capacity to fund
and improve public services and grow
public infrastructure steadily over
time to meet the needs of a growing
population and maximise economic,
social and environmental benefits.

PJIP action in this

area includes:
Planning Reform
PJIP undertook research into how
government can better facilitate
projects of state and regional
significance, which led to a set
of recommendations to improve
Victorias current planning system.
These recommendations included
options to streamline approvals and
better facilitate significant business
investments.

Next steps
Talent attraction: PJIP has
commissioned work to assess
Victorias performance in
talent attraction and identify
opportunities to improve.
Talent attraction was identified
throughout the Future Industries
Sector Strategies as critical for job
creation and investment attraction.
Improving productivity: PJIP will
assess and report to government
on a suite of productivityenhancing reform opportunities.
Productivity is critical to creating
meaningful and well-paid jobs,
yet growth has remained low in
recent years.

Future Jobs

PJIP requests the

Victorian Government
focus on these outcomes:

Working to create more high-skill,

high wage jobs

Skilled and innovative people

Victorias high-skilled population

and fast-growing industries mean
we have an edge in creating
future jobs.

Because Victorias workforce is

essential to generate and deliver
on the new ideas that lead to
new products, processes, and
businesses.

BUILDING BLOCK 2:

The best way forward in a changing

economy is for people, businesses
and research institutions to adopt
new and better ways to do things.
Creative and innovative thinking
is what produces game-changing
technologies, new businesses and
the high-skill, high-wage jobs of
the future.
A culture of innovation will drive
productivity growth, create new
sources of competitive advantage,
raise employment and help solve
critical economic, social and
environmental problems.

Business investment in innovation

Because innovative businesses
drive emerging industries, and
create wealth and new high-skill,
high-wage jobs.

Research is shared and

commercialised
Because translating clever
Victorian ideas into new products
and services gives Victoria a
competitive edge and ultimately
leads to higher living standards.

PJIP action in this

area includes:
Precinct activation
PJIP recommended to government
how industry and jobs precincts can
realise their full potential including
how to further advance the Parkville
Biomedical Precinct, and how to
develop the Fishermans Bend into
a hub for advanced manufacturing
and design.

Next steps
A framework for precinct
development: PJIP will establish a
framework to guide the economic
development of Victorias
established and emerging
precincts across both Melbourne
and Victorias regional centres,
to support businesses to grow,
communities to thrive and jobs
to be created.

Quality Transport

PJIP requests the

Victorian Government
focus on these outcomes:

Working to deliver transport that

works for people

A well-designed transport network

BUILDING BLOCK 3:

Victoria is investing heavily to

get people to where they want to
go quickly, safely and reliably. This
is a key investment in our future
liveability and prosperity.
A transport network that works
for people and businesses boosts
productivity by reducing congestion
and travel time.
It also improves social
connectedness, which improves
quality of life and well-being.
Quality transport, whether by road
or rail, cycling or walking, underpins
economic and social interactions
across the state and means a
pleasant journey for residents
and visitors alike.

Because effective transport network

planning reduces costs and travel
times, improves transport reliability,
and supports and drives economic
prosperity and social inclusion.

Transport that meets peoples needs

Because all Victorians must travel
to work or social engagements, and
the quality and lived experience of
those journeys matter.

Safe travel
Because a prerequisite for
having a transport network that people
will use is that they feel safe at any
time of use, day or night.

PJIP action in this

area includes:
Transport as an enabler of
economic growth
PJIP has identified the importance
of strong transport connections
as an enabler to economic growth
and for people to be able to access
jobs, including people from regional
Victoria.
For the Parkville precinct, PJIP
highlighted the importance of the
Melbourne Metro as a catalyst for
continued growth of the precinct.
In Fishermans Bend, PJIP identified
developing public transport linkages
as critical to ensuring the precinct
attracts the high skilled people it
needs. Strong transport connections
was also an important factor
identified in the liveability indicator
work, described later.

Next steps
Work with Infrastructure Victoria:
A focus on quality transport will
continue to be an integrated theme
across PJIPs work, and PJIP will
engage closely with Infrastructure
Victoria on the content of their
30 year plan.

Fairness and Equity

PJIP requests the

Victorian Government
focus on these outcomes:

Working to make sure everyone

shares in Victorias prosperity

Shared economic prosperity

BUILDING BLOCK 4:

Victoria puts people first by

valuing and upholding fairness
and equity above all else. Every
Victorian deserves the opportunity
to flourish regardless of where
they are or what their background
is. As Victorias economy grows, all
Victorians must share in the benefits
and enjoy a high quality of life.
Fairness and equity are essential to
achieving a more cohesive society
and are fundamental must haves
for a strong Victorian economy.
The evidence shows that fairness
and equity matter because income
inequality has reduced economic
growth in OECD countries by 4.7
percentage points in the last two
decades. Income inequality in
Australia could cost 3 per cent of
GDP, over 25 years as well as restrict
peoples education and job choices.

Because the benefits of increased

prosperity should be shared within
and across all communities and
generations.

Equality of opportunity regardless

of place
Because Victorians deserve the
opportunity to thrive regardless of
where they live.

Growing incomes and wealth

Because improved living standards
depend on increased prosperity.

Affordable housing
Because all Victorians should have
access to safe and secure housing that
meets their needs.

PJIP action in this

area includes:
Inclusive growth
PJIP has undertaken work to
better understand the nature of
economic disadvantage in Victoria.
It has consulted with key nongovernmental organisations in
order to better connect their insights
to the development of Victorian
Government policy, and has also
undertaken spatial mapping to
identify hotspots of disadvantage
in Victoria.

Next steps
Identifying the true cost of
unemployment: The Inclusive
Growth Working Group is
commissioning work to quantify
the true cost of unemployment,
including the cost to the
community, individual and
government

Image courtesy John Palermo

BUILDING BLOCK 5:

Thriving
Communities
Working to build vibrant and
diverse communities
Victorias communities are one
of our greatest assets, nurturing
the development of our social
and creative capital. Strong and
empowered communities support
people to participate in study and
work and pursue their aspirations.
Our diverse and vibrant culture
stimulates creativity and attracts
people from all over the world.
Thriving communities are strongly
linked to prosperity and economic
achievement. The evidence shows
that thriving communities matter
because they make significant
positive contributions to the
economy as a result of migration.
Thriving communities stimulate
entrepreneurship, innovation
and creativity.

PJIP requests the

Victorian Government
focus on these outcomes:
Socially engaged communities
Because when people feel engaged
and supported they are empowered
to take action to improve their
communities and participate more
broadly in society.

Open and welcoming society

Because a diverse society positions
Victoria internationally as a leading
cosmopolitan society that welcomes
people from all backgrounds
resulting in diversity that stimulates
innovative and creative thinking.

Vibrant culture and creative

communities
Because a vibrant and creative culture
is a key part of our unique identity and
a core economic strength driving
growth in creative industries, major
events and the visitor economy.

PJIP action in this

area includes:
Recent migrants, persons
from culturally and linguistically
diverse backgrounds, Indigenous
persons and young people in low
socioeconomic areas in particular
are more likely to experience
disadvantage.
PJIP has been active in considering
these issues alongside the problem
of place-based disadvantage.

Next steps
Future opportunities:
PJIP will identify opportunities
to collaborate with the Office
of Multicultural Affairs and
Citizenship and the Aboriginal
Economic Board, and will also
undertake further precinct work
in Dandenong, Geelong and
Bendigo.

BUILDING BLOCK 6:

Liveable
Places
Working to improve liveability
across the state
Victorias liveability is worldrenowned. Were home to the worlds
most liveable city and the worlds
most liveable town. Liveability
means our communities remain
places where people want to visit
and to live, and that our natural
environment is healthy, accessible
and well-managed for current
and future generations. Liveability
is critical to all Victorians wellbeing and a major comparative
advantage over other States and
places around the world.
The evidence shows that liveable
places matter as being liveable
provides a competitive edge to the
economy, attracts foreign investors
to set up business and keeps talent
rooted in Victoria.

PJIP requests the

Victorian Government
focus on these outcomes:
Well-designed places
Because successful places enhance
the local economy, connects people
physically and socially, and creates
opportunities.

A healthy and accessible natural

environment
Because the natural environment
provides economic, environmental,
cultural and recreational value for
Victorians.

Sustainably used resources

Because sustainable use of our natural
resources ensures they will support
liveability and economic growth for
both current and future generations.

PJIP action in this

area includes:
Understanding liveability
PJIP has considered the many
dimensions of liveability and
identified economic-focused
outcomes that highlight Victorias
performance, based on work
commissioned through the
Melbourne Institute.
This work was central to our finding
that liveability, equality, community
and prosperity are central to the
performance of a modern economy.

Next steps
Assessing outcomes performance:
The Liveability Working Group
will assess Victorias performance
against each of the outcomes
in our Building Blocks to identify
opportunities to focus government
effort.
Applying the building blocks:
PJIP will identify further
opportunities for government and
the Victorian Public Service to
apply our Building Blocks.

11

PJIP recognises the significant contribution

of the Victorian Government to the Victorian economy
The PJIP commends the Government for its significant and focused efforts towards ensuring Victoria is a first
class, modern economy. The PJIP recognises that to create a more prosperous economy and liveable society, the
Government must work to create jobs now and into the future, deliver quality transport, promote fairness and
equity, ensure that communities are vibrant and diverse and improve liveability across the State. The PJIP has
greatly appreciated the opportunity to provide the Government with advice on many of its recent initiatives.

Jobs Now

Future Jobs

Quality Transport

The Panel welcomes recent payroll

tax cuts to provide relief to Victorian
businesses and reforms to streamline
the planning system to promote
investment and jobs. Infrastructure
Victoria is another vital development
to provide transparent and expert
advice on Victorias infrastructure
needs and increase certainty for
private sector investment. The
panel commends the governments
commitment to promoting local
content and creating local jobs
through major infrastructure projects
and rolling stock procurement.

The Governments Education State

initiatives and LaunchVic will ensure
that our students and entrepreneurs
have the skills and support they need
to succeed in the economy of the
future, including in the growing STEM
fields. The Future Industries Fund,
Sector Strategies and China Strategy
will assist local firms to create jobs in
high growth industry sectors and key
export markets. PJIP welcomes the
Governments priority sectors of food,
med-tech, education, manufacturing
technologies, professional services, new
energy, creative industries and tourism.

The Governments investment in

major public transport projects,
building new trams and trains and
removing level crossings will create
jobs and apprenticeships and assist
our construction and steel industries.

Fairness and Equity

Thriving Communities

Liveable Places

The Panel is supportive of the

Governments work to ensure that
every Victorian has the opportunity to
fully participate in the economy and
their communities, such as through
the Jobs Victoria and Back to Work
initiatives to improve job prospects
for disadvantaged job seekers. The
Governments immediate response to
the Family Violence Royal Commission
will go a long way to support victims
to access safe housing, counselling
and other services, improving their
wellbeing and participation in
economic and social opportunities.

The Regional Jobs and Infrastructure

Fund, including the Stronger Regional
Communities Plan, builds capacity in
our local communities and ensures
that our regions are fundamental
to Victorias economic and social
development. The Governments
Creative State initiatives will create
new employment opportunities in
our growing cultural economy, and
contribute to improving the liveability
across the State.

Plan Melbourne will reinforce

Melbourne as a global city of
opportunity and make it a more
liveable city. The Panel recognises
the significant commitment made by
the Victorian Government to achieve
net zero emissions by 2050 and 40%
renewable energy by 2025 to ensure
our environment and economy is
sustainable.

Most importantly, these investments

will better connect Victorians to jobs
and social activities, improving their
livelihoods.

Next Steps

The Premier asked the Jobs and Investment

Panel to consider and advise him on whats
needed to ensure Victoria remains a modern,
first-class and globally competitive economy.
In an increasingly complex modern economy,
it is critical that efforts are framed and
coordinated around the outcomes that matter
to people. Doing so helps governments focus on
what matters most when planning and delivering
for the future.
The Economic Building Blocks outlined in
this document provide the basis for broad and
inclusive economic planning. They step out the key
dimensions of a modern economy: jobs now and
in the future, fairness and equity, liveable places,
thriving communities and quality transport. These
are the economic issues that matter and make
an impact on Victorians each and every day.

THATS WHY PJIP CALLS UPON THE

VICTORIAN GOVERNMENT TO AGREE THAT:
1. These six Building Blocks are central to a
modern economy and will be used in its
future economic planning.
2. Improving the outcomes weve identified
should be among those at the heart
of government efforts to improve the
economy, and will be used to help guide the
Governments investment decisions and
strengthen accountability.
3. The Victorian Public Service should
report to the Government and PJIP on
performance against these outcomes.
13

Premiers Jobs and

Investment Panel

More information

PJIP consists of:

The Panel provides strategic

advice to the Premier on driving
economic growth and creating
high-skill, high-wage jobs in
Victoria.

Mr Harold Mitchell AC (Chair)

Founder, Mitchell & Partners

Established in 2015, PJIP is

supported by the Premiers Jobs
and Investment Fund.
It is chaired by Harold Mitchell AC,
and consists of Australias brightest
business minds, including CEOs
and other senior business and
industry organisation leaders.
Members of the Panel represent a
broad range of perspectives which
are critical to ensuring Victorias
ongoing prosperity, including
tertiary education, the community
sector, regional Victoria, advanced
manufacturing and small to
medium enterprises.
Since its establishment, the Panel
has been focussing its efforts on
issues that promote prosperity
and harness liveability in Victoria
PJIP has delivered strategic
advice on key issues including
Victorian precincts, improvements
to the planning system and the
development of STEM skills
in Victoria.

Ms Amanda Banfield
Managing Director, Mondelez
International (Australia and
New Zealand)
Professor Glyn Davis AC
Vice Chancellor, The University
of Melbourne
Dr Megan Clark AC
Director, Rio Tinto Limited
Ms Tracey Fellows
CEO, REA Group
Ms Belinda Duarte
CEO, Culture is Life
Ms Jill Walsh
Partner, Actco-Pickering Metal
Industries
Ms Margot Spalding
Co-founder, Jimmy Possum
Mr Luke Hilakari
Secretary, Victorian Trades Hall
Council
Mr Tim Piper
Director, Australian Industry
Group (Victorian Branch)
Mr Mark Stone
CEO, Victorian Chamber of
Commerce and Industry
Mr Graeme Ford
CEO, Victorian Farmers Federation

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15

Accessibility
If you would like to receive this publication in an accessible
format, please contact the Economic Strategy Branch on telephone:
03 9651 5119. This document is also available in Word format at
http://www.dpc.vic.gov.au/economicbuildingblocks
State of Victoria 2016