Thursday, 12 September 2024

Ministers statements: economy

Tim PALLAS (Werribee – Treasurer, Minister for Industrial Relations, Minister for Economic Growth) (14:26): I have got some very exciting news about the ever-improving situation with regard to the state’s exports. These numbers were recently released, last week, by the ABS and show that Victoria has recorded the largest increase in exports across the nation, growing exports by more than $2 billion over the past 12 months and increasing Victoria’s exports by 3.6 per cent. What that means is that in the June quarter we have taken our exports to a record $17.6 billion. Growing export markets right across the economy creates jobs of course, and indeed this government has created more than 860,000 jobs since 2014. That is in a labour market of 3.7 million.

There is one export area, though, that the state is being constrained in, and that is in international education. This is due to the federal government’s recently announced caps on student numbers. International students generated $14.8 billion in export revenue in 2023, and they support 63,000 ‍Victorian local jobs. As a state we want to attract international students to come to study here in this state, especially in in-demand professions like engineers, planners, project managers and even, dare I say it, defamation lawyers. As a state we value our international students not just for the economic benefits that they bring to this state but also because they add colour, culture and vitality to Melbourne and to Victoria. This is under threat due to the federal government’s decision. I will be frank, a decision of this nature will take a long time to turn around.