many ways uniquely different, their shared characteristics give them great strength, resilience and potential: They all possess well developed workforces and close links to world-class education and training systems. Community connections are strong and growing. Small businesses are a vibrant and vital part of local economies and communities. Our regions are rich in natural and capital resources and have access to important markets at home and abroad. The take up and application of new technologies is strong and growing. VECCI recognises that the policies of successive governments have played an important part in securing regional prosperity with well defined, solidly funded strategies designed to better integrate our regions and foster investment in local competitive advantages. However, equally important have been the efforts of communities and their businesses to skillfully blend energy, leadership, experience and resources to forge a more modern, dynamic and confident regional Victoria. In our view, the challenge is to build on these attributes over the remainder of this decade and into the next. Success will not happen by chance. There are new challenges at home and abroad and the key drivers of regional prosperity are not what they used to be: Energy prices are no longer low, eroding a previous competitive advantage for business, especially those in trade exposed, energy intensive industries. Skilled labour and managerial talent have become increasingly footloose in the modern global marketplace. Until recently, the high Australian dollar has been working against many of our regional exporters. Consumer sentiment is soft and likely to remain so over the near term, impacting on key regional industries like manufacturing,retail trade, tourism and business services. Restructuring in some of our major industry sectors has accelerated, affecting a number of regional industries and their wider communities. Having regard for challenges, our capacity to foster continuing regional growth and job creation will depend on a mix of strategic policies and programs, as well as effective service delivery mechanisms. Best practice policy directions to foster regional growth and job creation VECCI welcomes the Victorian Government's commitment to invest in and grow regional Victoria to create new prosperity, more opportunities and a better quality of life. In our view, best practice policy directions to foster further regional growth and prosperity should be guided by the following principles and supporting actions:
many ways uniquely different, their shared characteristics give them great strength, resilience and potential: They all possess well developed workforces and close links to world-class education and training systems. Community connections are strong and growing. Small businesses are a vibrant and vital part of local economies and communities. Our regions are rich in natural and capital resources and have access to important markets at home and abroad. The take up and application of new technologies is strong and growing. VECCI recognises that the policies of successive governments have played an important part in securing regional prosperity with well defined, solidly funded strategies designed to better integrate our regions and foster investment in local competitive advantages. However, equally important have been the efforts of communities and their businesses to skillfully blend energy, leadership, experience and resources to forge a more modern, dynamic and confident regional Victoria. In our view, the challenge is to build on these attributes over the remainder of this decade and into the next. Success will not happen by chance. There are new challenges at home and abroad and the key drivers of regional prosperity are not what they used to be: Energy prices are no longer low, eroding a previous competitive advantage for business, especially those in trade exposed, energy intensive industries. Skilled labour and managerial talent have become increasingly footloose in the modern global marketplace. Until recently, the high Australian dollar has been working against many of our regional exporters. Consumer sentiment is soft and likely to remain so over the near term, impacting on key regional industries like manufacturing,retail trade, tourism and business services. Restructuring in some of our major industry sectors has accelerated, affecting a number of regional industries and their wider communities. Having regard for challenges, our capacity to foster continuing regional growth and job creation will depend on a mix of strategic policies and programs, as well as effective service delivery mechanisms. Best practice policy directions to foster regional growth and job creation VECCI welcomes the Victorian Government's commitment to invest in and grow regional Victoria to create new prosperity, more opportunities and a better quality of life. In our view, best practice policy directions to foster further regional growth and prosperity should be guided by the following principles and supporting actions: