Victoria’s future in focus

Prime Minister Julia Gillard and Victorian Treasurer Kim Wells will be keynote speakers at a two-day conference this week, charged with helping forge a new economic vision for Victoria and its capital.
Organised by Victoria University in partnership with The Age and the Committee for Melbourne, the symposium Victoria at the Crossroads? will bring together leading commentators, academics, politicians and industry chiefs to share ideas on the state's economic future and how it can realise its fullest potential.
George Pappas, Chancellor of Victoria University told Neos Kosmos that the symposium comes at a crucial time.
"We have conflicting signals about our economic direction: on the one hand there are positive things linked to the impact of the resources boom, and on the other, negative signals, in terms of the slowdown of business investment."
Mr Pappas, who is also Chair of the influential Committee for Melbourne said the conference's agenda reflected many aspects of the Committee for Melbourne's recent deliberations, particularly on the need for new productivity-improving infrastructure.
"Economic prosperity is something that is extremely important to Melbourne's livability as a city, and our position on the international stage," said Mr Pappas, the day after Victoria's capital regained top-spot as the world's most liveable city.
"We have to look for creative ways to finance new and necessary infrastructure, and you're talking about private public partnerships, local, state and federal government, and for instance, the superannuation industry."
"When we're competing internationally, that's the sort of armoury we need to bring to bear in large global markets. These things need to be put on the table and examined."
How Victoria can leverage greater economic interaction with the growing markets to Australia's north as the 'Asian century' unfolds, is key says the former corporate advisor.
Chancellor of Victoria University for two years, George Pappas has brought to the post a razor-sharp business focus, following a successful career as a corporate adviser in the United States and Japan as well as Australia.
His international credentials have made him a perfect fit, alongside executive Vice Chancellor Professor Peter Dawkins, to position the university as an influential forum on big-picture issues.
"The university wants to see issues that are important to our economy discussed, it's a contribution to community discussion and scholarly debate," said Mr Pappas.
In preparation for the conference, the chancellor's recent opinion piece in The Age laid out his views, that uncertainty and apprehension concerning Victoria's future economic prospects required urgent attention.
Mr Pappas took the opportunity to point out, that despite Victoria's Gross State Product growing on average by three per cent annulally, business investment in Victoria had been flat for the last three years, after almost doubling between 2001-02 and 2007-08.
"Throw in concerns about the global economy, the slowdown in consumer spending and its impact on the retail sector, and it's not hard to see why enthusiasm for new investment is difficult to generate."
"Do these concerns reflect a confluence of short-term factors, or are deep underlying and long-term issues involved?" asked Mr Pappas, who believes the health of Victoria's economy is dependent on creating the conditions for taking the right road ahead.
"If business investment remains stagnant, and productivity-enhancing infrastructure is not forthcoming, one path may lead to slow growth as intense competition for the emerging markets to the north, leaves us behind.
"The other path requires focused investment in those areas where we have real competitive advantage; a further restructure of our economy to continue our growth and prosperity."
Victoria at the Crossroads? takes place on 23 and 24 August at the Melbourne Convention and Exhibition Centre.