Victorian Economic Development Corporation

Full description

Establishment and Functions

The Victorian Economic Development Corporation (V.E.D.C.) was established by an Act of Parliament proclaimed on 1 July 1981. The Corporation was an amalgamation of the Victoria Promotion Committee (VA 2902) and the Victorian Development Corporation (VA 4924).

The Victorian Economic Development Corporation had responsibility for:

* Assisting in the establishment, continuance and expansion of regional industry, preferred industry, tourist accommodation and other facilities.
*Encouraging and promoting a competitive economy in Victoria through the production of goods and provision of services in Victoria, the promotion of economic activity in development regions and through export sales of Victorian produce, products and services in interstate and overseas markets.
*Increasing the rate of economic development in country Victoria.
*Establishing and operating overseas and interstate offices.
*Providing financial assistance for the development of country industry and tourist facilities.

In July 1984 the Corporation was restructured to become the principal agency for the provision of loan and equity funds to Victorian companies in line with the Government's economic strategy.

In December 1993 the Rural Finance (VEDC Abolition) Act was passed. The Act formalised the arrangements made by the previous Government to transfer the assets, liabilities and responsibilities of the VEDC to Rural Finance Corporation.

The Act abolished the VEDC, and repealed the VEDC Act 1981.


Location of Records

Few records have been transferred to the Public Record Office. Most are assumed to have passed to the Rural Finance Corporation (VA 2985). Some may be located with the Department of Industry, Technology and Resources (VA 2661).