Economic growth is built on consultation and developing long-term policies, State Opposition Leader, the Hon. Daniel Andrews has told a CEDA audience in Melbourne.
"Victorian growth as we all know is built on sound planning, consultation with leaders in industry, focusing on the long term and making sure we use the best of independent advice," he said.
"Our economic leaders must have a say in our future."
Speaking on the need for Australia based offices to compete globally for funds, Mr Andrews said Victoria must innovate and create an environment that sets global companies up to grow, not fail.
"Our innovation, our ingenuity, that's always what set us apart and is driving change," he said.
Mr Andrews said the recently announced Premier's Jobs and Investment Panel is a unique model that can change the face of the economy.
"This is a new accord in finding new industries and creating new industries," he said.
The focus will be on creating high skilled, high wage jobs in areas of competitive advantage, where there can't be replication in the low cost economies Victoria is competing against, he said.
Victoria's competitive advantage is in sectors including the new energy sector, food and fibre, transport defence and construction, technology, international education and professional services, he said.
Mr Andrews said these sectors will benefit from the future industries fund which will provide grants of up to $100 million to firms and companies in these sectors if Labor wins the November election.
On the topic of employment, Mr Andrews said Victoria currently has the highest rate of unemployment on the mainland but not that long ago it was leading the country on job creation.
Despite the unemployment figures, Mr Andrews said he is optimistic about the State's economic future.
"I am hopeful about our state's future, I am hopeful that there are many areas where rather than competing with the low cost location…we again refine, reinvest where we have a natural competitive advantage," he said.
"The smarts that have always defined Victoria, our people, that's the way forward, that's the economic development that I want to champion."
Also speaking on the future of Victoria, MacroPlan Dimasi Executive Chairman, Brian Haratsis discussed the economic and population growth Australia is currently experiencing.
"Here we are today on the cusp of one of the fastest growth periods in my life time in number terms," he said.
"Today there is around 12 million people in the three capitals (Sydney, Melbourne, Brisbane) and by 2061 there will be 22 million people in that same Eastern seaboard megalopolis."
Mr Haratsis said increased population will help drive growth and lead to more airports, increased housing density.