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Victoria's stand at the Paris Exhibition Universal of 1867, showing bales of wool

During 2003–04, the gross value of Victorian agricultural production increased by 17% to $8.7 billion. This represented 24% of national agricultural production total gross value. As of 2004, an estimated 32,463 farms occupied around 136,000 square kilometres (52,500 sq mi) of Victorian land. This comprises more than 60% of the state's total land surface. Victorian farms range from small horticultural outfits to large-scale livestock and grain productions. A quarter of farmland is used to grow consumable crops.

More than 26,000 square kilometres (10,000 sq mi) of Victorian farmland are sown for grain, mostly in the state's west. More than 50% of this area is sown for wheat, 33% for barley and 7% for oats. A further 6,000 square kilometres (2,300 sq mi) is sown for hay. In 2003–04, Victorian farmers produced more than 3 million tonnes of wheat and 2 million tonnes of barley. Victorian farms produce nearly 90% of Australian pears and third of apples. It is also a leader in stone fruit production. The main vegetable crops include asparagus, broccoli, carrots, potatoes and tomatoes.

Finance and insurance is Victoria's largest income producing sector, while the health care and social assistance sector is the state's biggest employer. The shift towards service industries in the preceding decades has seen manufacturing lose its mantle as Victoria's largest employer and income producer.

During 2003–04, the gross value of Victorian agricultural production increased by 17% to $8.7 billion. This represented 24% of national agricultural production total gross value. As of 2004, an estimated 32,463 farms occupied around 136,000 square kilometres (52,500 sq mi) of Victorian land. This comprises more than 60% of the state's total land surface. Victorian farms range from small horticultural outfits to large-scale livestock and grain productions. A quarter of farmland is used to grow consumable crops.

More than 26,000 square kilometres (10,000 sq mi) of Victorian farmland are sown for grain, mostly in the state's west. More than 50% of this area is sown for wheat, 33% for barley and 7% for oats. A further 6,000 square kilometres (2,300 sq mi) is sown for hay. In 2003–04, Victorian farmers produced more than 3 million tonnes of wheat and 2 million tonnes of barley. Victorian farms produce nearly 90% of Australian pears and third of apples. It is also a leader in stone fruit production. The main vegetable crops include asparagus, broccoli, carrots, potatoes and tomatoes. Last year, 121,200 tonnes of pears and 270,000 tonnes of tomatoes were produced.

More than 14 million sheep and 5 million lambs graze over 10% of Victorian farms, mostly in the state's north and west. In 2004, nearly 10 million lambs and sheep were slaughtered for local consumption and export. Victoria also exports live sheep to the Middle East for meat and to the rest of the world for breeding. More than 108,000 tonnes of wool clip was also produced—one-fifth of the Australian total.

Victoria is the centre of dairy farming in Australia. It is home to 60% of Australia's 3 million dairy cattle and produces nearly two-thirds of the nation's milk, almost 6.4 billion litres. The state also has 2.4 million beef cattle, with more than 2.2 million cattle and calves slaughtered each year. In 2003–04, Victorian commercial fishing crews and aquaculture industry produced 11,634 tonnes of seafood valued at nearly A$109 million. Blacklipped abalone is the mainstay of the catch, bringing in A$46 million, followed by southern rock lobster worth A$13.7 million. Most abalone and rock lobster is exported to Asia.

Manufacturing

Victoria has a diverse range of manufacturing enterprises and Melbourne is considered Australia's most important industrial city. The post-World War II manufacturing boom w

More than 26,000 square kilometres (10,000 sq mi) of Victorian farmland are sown for grain, mostly in the state's west. More than 50% of this area is sown for wheat, 33% for barley and 7% for oats. A further 6,000 square kilometres (2,300 sq mi) is sown for hay. In 2003–04, Victorian farmers produced more than 3 million tonnes of wheat and 2 million tonnes of barley. Victorian farms produce nearly 90% of Australian pears and third of apples. It is also a leader in stone fruit production. The main vegetable crops include asparagus, broccoli, carrots, potatoes and tomatoes. Last year, 121,200 tonnes of pears and 270,000 tonnes of tomatoes were produced.

More than 14 million sheep and 5 million lambs graze over 10% of Victorian farms, mostly in the state's north and west. In 2004, nearly 10 million lambs and sheep were slaughtered for local consumption and export. Victoria also exports live sheep to the Middle East for meat and to the rest of the world for breeding. More than 108,000 tonnes of wool clip was also produced—one-fifth of the Australian total.

Victoria is the centre of dairy farming in Australia. It is home to 60% of Australia's 3 million dairy cattle and produces nearly two-thirds of the nation's milk, almost 6.4 billion litres. The state also has 2.4 million beef cattle, with more than 2.2 million cattle and calves slaughtered each year. In 2003–04, Victorian commercial fishing crews and aquaculture industry produced 11,634 tonnes of seafood valued at nearly A$109 million. Blacklipped abalone is the mainstay of the catch, bringing in A$46 million, followed by southern rock lobster worth A$13.7 million. Most abalone and rock lobster is exported to Asia.

Victoria has a diverse range of manufacturing enterprises and Melbourne is considered Australia's most important industrial city. The post-World War II manufacturing boom was fuelled by international investment; attracted to the state by the availability of cheap land close to the city and inexpensive energy from the Latrobe Valley. Victoria produced 26.4% of total manufacturing output in Australia in 2015–16, behind New South Wales at 32.4%.

Machinery and equipment manufacturing is the state's most valuable manufacturing activity, followed by food and beverage products, petrochemicals and chemicals. Prominent manufacturing plants in the state include the Portland and Portland and Point Henry aluminium smelters, owned by Alcoa; oil refineries at Geelong and Altona; a major petrochemical facility at Laverton; and Victorian-based CSL, a global biotechnology company that produces vaccines and plasma products, among others. Victoria also plays an important role in providing goods for the defence industry.

Victoria proportionally relies on manufacturing more than any other state in Australia, constituting 8.6% of total state product; slightly higher than South Australia at 8.0%. However, this proportion has been declining for three decades; in 1990 at the time of the early 1990s recession manufacturing constituted 20.3% of total state output. Manufacturing output peaked in absolute terms in 2008, reaching $28.8 billion and has slowly fallen over the decade to $26.8 billion in 2016 (−0.77% per annum). Since 1990, manufacturing employment has also fallen in both aggregate (367,700 to 274,400 workers) and proportional (17.8% to 9.0%) terms. The strong Australian dollar as a result of the 2000s mining boom, small population and isolation, high wage base and the general shift of manufacturing production towards developing countries have been cited as some of the reasons for this decline.

Historically, Victoria has been a hub for the manufacturing plants of the major car brands Ford, Toyota and Holden; however, closure announcements by all three companies in the 2010s has meant Australia will completely lose their car manufacturing industry by the end of 2017. Holden's announcement occurred in May 2013 following Ford's decision in December the previous year (Ford's Victorian plants, in Broadmeadows and Geelong, closed in October 2016).[64][65] Toyota followed suit in February 2014 with an expected announcement as without Holden or Ford, local supply chains would struggle to create the economics of scale required to supply one manufacturer.[66]

Victoria adopted the Torrens system of land registration with the Real Property Act 1862.[67] The Torrens system did not replace the common law system but applied only to new land grants and to land that has been voluntarily registered under the Act, and its successors. The common law system continues to apply to all other private landholdings. Crown land held in Victoria is managed under the Crown Land (Reserves) Act 1978 and the Land Act 1958.

Mining

Mining in Victoria contributes around A$6 billion to the gross state product (~2%) but employs less than 1% of workers. The Victorian mining industry is concentrated on energy producing minerals, with brown coal, petroleum and gas accounting for nearly 90% of local production. The oil and gas industries are centred off the coast of Gippsland in the state's east, while brown coal mining and power generation is based in the Latrobe Valley.

In the 2005–06 fiscal year, the average gas production was over 700 million cubic feet (20,000,000 m3) per day (M cuft/d) and represented 18% of the total national gas sales, with demand growing at 2% per year.[68]

In 1985, oil production from the offshore Gippsland Basin peaked to an annual average of 450,000 barrels (72,000 m3) per day. In 2005–2006, the average daily oil production has declined to 83,000 bbl (13,200 m3)/d, but despite the decline Victoria still produces almost 19.5% of crude oil in Australia.[68]

Brown coal is Victoria's leading mineral, with 66 million tonnes mined each year for electricity generation in the Latrobe Valley, Gippsland.[69] The region is home to the world's largest known reserves of brown coal.

Despite being the historic centre of Australia's gold rush, Victoria today contributes a mere 1% of national gold production. Victoria also produces limited amounts of gypsum and [68]

In 1985, oil production from the offshore Gippsland Basin peaked to an annual average of 450,000 barrels (72,000 m3) per day. In 2005–2006, the average daily oil production has declined to 83,000 bbl (13,200 m3)/d, but despite the decline Victoria still produces almost 19.5% of crude oil in Australia.[68]

Brown coal is Victoria's leading mineral, with 66 million tonnes mined each year for electricity generation in the Latrobe Valley, Gippsland.[69] The region is home to the world's largest known reserves of brown coal.

Despite being the historic centre of Australia's gold rush, Victoria today contributes a mere 1% of national gold production. Victoria also produces limited amounts of gypsum and kaolin.

The service industries sector is the fastest growing component of the Victorian economy. It includes the wide range of activities generally classified as financial and professional services; health care and social assistance, education, transportation, IT and communication services, government services and wholesale and retail trade. Most service industries are located in Melbourne and the state's larger regional centres.

As of 2015–16, service industries employed over three-quarters of Victorian workers and more than three-quarters of the state's GSP. Finance and insurance as a group provide more value-add to the economy than any other economic activity in Victoria while health care and social assistance employ the most workers.

As of 2015–16, service industries employed over three-quarters of Victorian workers and more than three-quarters of the state's GSP. Finance and insurance as a group provide more value-add to the economy than any other economic activity in Victoria while health care and social assistance employ the most workers.

Some major tourist destinations in Victoria are: