Thursday, 3 April 2025

Industry policy

Jess WILSON (Kew) (17:22): (1115) My adjournment is for the Minister for Industry and Advanced Manufacturing, and the action I am seeking is for the minister to release Labor’s promised new industry policy. As part of the government’s Economic Growth Statement it was announced that a new industry policy would be released in early 2025. Well, we are now in April, and still no policy has been released. According to the government’s website, this policy is aimed at shifting the dial on productivity, competitiveness and sustainability. This should be a priority for the government, yet we are still waiting. After 10 years of Labor neglect, industry need support. Whether it be Labor’s crime crisis, spiking electricity prices or tax hikes, industry simply cannot afford this Labor government. Labor’s crime crisis is hurting industry. A combination of Labor’s weakening of bail laws, cuts to policing and the cost-of-living crisis has led to retail theft skyrocketing by 37 per cent in the last year, an almost 100 per cent increase since 2022. According to the Australian Retailers Association’s Chief Industry Affairs Officer:

A 2-to-3 per cent loss of merchandise can amount to 25 per cent loss in profit …

Industry simply cannot afford more of the same, yet we are still waiting for Labor’s industry policy. Rising electricity costs are hurting industry. Energy bills have risen, with prices predicted to increase by up to $68 this year, following a 25 per cent rise in 2023–24. Energy is the foundation of our economy, and when power prices go up, industry suffers. Labor promised the SEC would lower power bills, but after 2½ years prices have only risen. The only thing the SEC has delivered is $380,000 worth of branded tote bags, notebooks, pens and yo-yos, and yet we still wait for Labor’s industry policy. Tax increases are killing industry. Since coming to government Labor has implemented at least 60 new or increased taxes, fees and charges, and industry has been hit time and time again. Whether through increased WorkCover premiums or higher payroll taxes, Labor has made it impossible for industry in this state. Because of Labor’s eagerness to introduce new taxes, of course we are actually still waiting for Labor’s new industry policy.

The slogan of Labor’s economic growth statement is ‘Victoria: open for business’. But Victorians can see through the spin, and industry knows it is anything but this. In fact industry believes that Victoria is the worst place in the country to do business. Between 1 July 2024 and 16 February 2025 Victoria’s insolvencies hit 2500, a 63 per cent increase on the same period a year ago. Labor has abandoned industry for the past decade and yet we still wait for this policy. I call on the minister to deliver this policy.