Victoria will spend $90 million to attract businesses to the state to boost employment and the economy as car manufacturing and other industries wind down, the State Government has said.
The Government said the money, in next week's budget, would be put towards retaining and creating jobs in industries like aviation and manufacturing, but would not reveal details of how it would be distributed or used.
It follows a similar $116 million investment in last year's budget.
Industry Minister Wade Noonan said the fund would send a message that Victoria "is open for business".
"A $90 million funding boost for a program like this is just so important, ultimately for the Victorian economy and for growing new jobs," he said.
"We do recognise that as a state we need to actively compete in a globally competitive marketplace.
"Over the last 12 months the Victorian Government has assisted over 120 companies either grow or their business or establish their business and that's resulted in the direct employment of about 4,100 full time new employees, and seen $1.5 billion in new capital investment."
Funding 'lacks transparency', Opposition says
Opposition spokesman Ryan Smith said the plan lacked transparency, and he believed previous investments had failed to deliver results.
"There is very little detail about criteria and what sort of industry can apply for these grants," he said.
"Previous grants have not been allocated in a transparent way and [there is] really very little to show Victorians what the money is being spent on."
But Premier Daniel Andrews said the confidential business deals represented good value for money.
"Each of these important arrangements are done on their merits and each represent value for the Victorian taxpayer," he said.
"There are always strings attached. There is always the notion that these are long-term investments, strong, secure investments where we get a good return for Victorian taxpayers."
Government 'must play role' in boosting industry
The Government announced the fund with the __news that Japanese company Rinnai, which makes water and heating systems, would add 160 jobs to its centre in Melbourne's south-east.
More than 2,500 jobs will go when Toyota closes its Altona production plant in October, while 600 were lost in 2016 when Ford shut down its Broadmeadows and Geelong factories.
Hundreds of people lost their jobs last month when the Hazelwood power station was switched off, while 260 others are set to be out of work in Heyfield after Australian Sustainable Hardwood (ASH) said it had no alternative but to close its timber mill.
"No one should be under any doubt about a program like this. Government has to play their role to facilitate opportunities," Mr Noonan said.
"Particularly during a period where car making will come to an end later this year, we've got to look at the new opportunities for Victorians to access paid work and that's why investments like these really do matter.
"The indirect impacts will come by way of jobs in supply chains as well."
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