The Department of Jobs, Skills, Industries, and Regions Annual Report 2024/25, revealed a fall in international investment from government facilitation services after they had significantly lowered their non-financial targets from prior years.
The number of new jobs generated from international investment through government facilitation services fell by 59 per cent from 4550 in the 2024 financial year to just 1874 in the 2025 financial year. Wages generated from international investment from government facilitation services fell 51 per cent to just $230 million from the prior year. And, innovation expenditure generated from international investment from government facilitation services fell 52 per cent to $205 million from the prior year, or a 65 per cent fall from the 2022 financial year.
The Allan Labor Government has failed to provide any explanation as to why they have more than halved key performance indicators for government facilitation of international investment.
This comes after an 18 per cent reduction in outputs and funding for trade and international investment attraction from $198.8 million to $162.8 million in the 2025/26 state budget which exposed changes to Department frontline services and the government cutting the dedicated International Investment Attraction Fund.
Shadow Minister for Trade and Investment, Bridget Vallence, said: "Victoria should be open for business, but under the Allan Labor Government it isn't as a result of high taxes, regulation and policy uncertainty that is stifling international investment.
"After a decade of financial mismanagement under Labor and Victoria's net debt growing by $2 million an hour, attracting international investment to drive economic growth is more important than ever.
"It's disappointing to see the government significantly lowered its expectations around jobs, wages, and innovation expenditure generated from international investment as compared to prior years.
"The Allan Labor Government is sending all the wrong signals to investors by cutting dedicated international investment attraction initiatives and significantly increasing land tax and other investment-destroying taxes.
"It's time for a fresh start - the Victorian Liberals and Nationals will restore sound financial management and lower taxes to ensure Victoria becomes a preferred investment destination once again."
