Victoria currently represents 23.2% of Australia’s overall output when it comes to the liveability sector. While the sector generates $24.3 billion of output in Victoria (gross value added), this strong domestic performance isn’t fully translating into export activity.
AlphaBeta found that accelerating exports could play a key role in accelerating growth in the liveability sector in Victoria – due to a large and growing export market opportunity in Southeast Asia, China, India and Latin America.
These findings estimate that liveability sector activity will be worth $2.9 trillion in 2035 in these markets, the estimated value of working in 929 cities overseas. Of these cities, 44 offer high potential and 18 show strong near-term opportunity for Victoria.
Two priorities were identified to accelerate growth: focussing on 14 high-potential, tradeable liveable industry sub-segments in Victoria, with capabilities matching demand in target markets and priority cities, and supporting fast-growth small and medium Victorian firms to export.
What does this mean for Victoria’s liveability sector?
There’s an opportunity for Victorian businesses to extend their reach into export markets hungry for liveability expertise. With LVI’s support, more of Victoria’s water, cleantech and urban design sectors will be able to connect with these international markets and grow.
As a result, we hope to see improved public and environmental health across the region, a more diverse and resilient local economy, and greater international recognition of Victoria’s liveability expertise and thriving environmental sectors.
“It’s like you go over [to Victoria] with one idea, but if your eyes are open, you will see many new opportunities that can come about
Page last updated: 04/05/20