With Geelong the main stage for regional economic growth, this year’s State Budget misses its cue to invest when the spotlight is on and the region is ready to lead.
The budget delivers a cautious path to recovery but lacks the one thing regional Victoria, and Geelong in particular, needs most: big bold investment in business growth.
While a forecasted $1.5 billion surplus signals fiscal discipline, the budget takes a restrained approach to growth; however ongoing restraint won’t deliver the bold economic momentum that regional businesses and investors deserve.
Funding for our region’s schools, hospitals, and skills development is welcome but let’s be clear; these are baseline commitments, not game-changing investments.
Major regional economic drivers such as the Avalon Airport freight and innovation precinct, or big growth driving initiatives are missing in action.
Small businesses, the heart of our regional economy, need more than light-touch regulatory reform. They need strategic investment into capability building, innovation, infrastructure, and targeted support to scale. Right now, they’re being asked to do more with less, in a budget that talks of growth but delivers minimal new funding to fuel it.
So where is the light in this darkened fiscal tunnel?
The Geelong Chamber welcomes the inclusion of the Economic Growth Statement, with $240 million allocated to support mostly private-sector-led development. The $50 million regional stream of the new Victorian Investment Fund is a signal that the government sees value in backing fast-growing businesses across the state. Whether that amount stretches far enough when widely applied remains to be seen but it is, at the very least, a step forward.
We’re also pleased to see $400,000 committed to pilot new Regional Launch Pads. These are shared spaces to enable regional businesses, entrepreneurs, and investors to meet, collaborate, and grow. These are the kinds of innovative platforms that help build ecosystems, not just enterprises. And we should know… we are helping to design it.
The Geelong Chamber is working actively with government to bring forward one of these transformative, investment-led pilot initiatives for our region. This partnership model unites government, business, and education to accelerate innovation, capability and commercialisation. It’s still in early development, but there’s genuine commitment and co-design outcomes from all sides; a promising sign of what could become a new benchmark in commercially sustainable regional economic development infrastructure.
This Government chose budget caution this time, but the 2026 election only gets closer at some point, they need to be bolder. Being bold isn’t being reckless, it’s about being brave. Right now, Geelong Chamber is advocating for a shift in mindset. To an investment-led mindset. One that backs business, believes in regional leadership, and invests in the future with courage and conviction. Because in the end, only investment turns potential into progress.
Yours sincerely,
Jeremy Crawford
CEO
Geelong Chamber of Commerce
