State Introduction
The State of Victoria is Australia’s second-smallest state, covering 87,900 square miles – roughly the size of the British Isles. It is however Australia’s second most populous state, with around 6.6 million people. From an economic perspective, the State represents ~23 % of Australia’s GDP, has experienced strong growth over the last decade and is forecast to grow by 3.25% in 2022-23. Of note for exporters, the State also imports ~27% of the country’s intermediate goods and services.
As a comparison, Victoria is a mid-sized economy that is larger than Singapore, New Zealand and most Southeast Asian nations in terms of nominal GDP. The capital of Victoria is Melbourne, with direct international flights linking across to Los Angeles and San Francisco in the United States. It is a one-hour flight away from Sydney.
Political Update
In November 2022, The Labor government led by Premier Daniel Andrews was re-elected for a record third term providing some certainty, stability and continuity for the State economy.
The Labor government in Victoria characterises itself as ‘progressive’, and this win will likely “clear the way” for spending on road and rail infrastructure through the Victoria Big Build program as well as upgrades to education and health facilities. Alongside infrastructure commitments, the government has also pledged to recruit, hire and train more healthcare and education workers.
Importantly for exporters this renewed commitment to projects presents opportunities to offer products, equipment, technology and services across multiple sectors by way of a local partner, or, in some cases directly to government agencies and private businesses in the region.
Finding Export Opportunities in Victoria
Companies should consider winning business in Victoria as an important part of an export plan for Australia and are encouraged to register on the Buying for Victoria procurement and supplier portal for the Victorian State Government. International companies can browse tenders and procurement opportunities, and bid for state government contracts, using this system.
