AusBN - The government of Victoria has allocated a fund of AUS$90 million to attract businesses to the state, as growth in car manufacturing and other industries begins to slow.
The fund will be put towards retaining and creating jobs in industries such as aviation and manufacturing, and follows a similar $116 million grant in last year's budget.
Industry Minister Wade Noonan said: "A $90 million funding boost for a programme like this is just so important, ultimately for the Victorian economy and for growing new jobs.
"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 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."
The government made the announcement along with the encouraging news that Japanese utility company Rinnai would add 160 jobs to its operation in Melbourne.