Ballarat Economy Snapshot: Key Decisions Ahead

Ballarat's Gross Regional Product reached $7.69 billion in 2022/23, marking a 10.3 per cent increase from the prior year. This figure, paired with 62,005 jobs recorded in the same period, supplies the baseline for decisions on how the city maintains momentum in its largest employment sectors.

Why the Figures Matter Now

The 2022/23 results arrive alongside a residential population of 118,137 in 2023. That count reflected a net gain of 10,529 residents from 2018 to 2023. Leaders must weigh how this population shift intersects with the existing 62,005 jobs when planning services and infrastructure that match workforce size and visitor flows.

Sectors That Shape Local Activity

Healthcare and Social Assistance accounted for 21.9 per cent of the workforce in 2022/23. Manufacturing stood as the region's largest export earner at $3.3 billion, while the services economy drew on Health Care, Education, Retail, Construction and Manufacturing. These established strengths determine which areas receive priority attention in the period ahead.

Visitor Contribution and Supporting Data

More than four million visitors travelled to the midwest Victoria region including Ballarat in the year to June 2024, producing $1.1 billion in spend. This tourism result adds a further variable for decisions on how Ballarat balances its export manufacturing base with service-sector growth that already employs the largest share of local workers.

Choices That Follow

Officials and organisations now face questions on aligning future investment with the 3.5 per cent jobs growth recorded in 2022/23 and the 10.3 per cent GRP rise. Options centre on reinforcing Healthcare and Social Assistance, protecting manufacturing exports and managing visitor-related activity so that the documented population and employment levels continue to correspond with available work and services.