00:00 The 2022 Gross Regional Product for Ballarat is an almost $1 billion increase from 2021.
00:06 Neighbouring areas like Bendigo have reported similar increases.
00:09 Victoria's largest regional city, Geelong, had an increase of $1.6 billion.
00:15 So what is a Gross Regional Product, or GRP, and why is it important?
00:19 A GRP is the output of a regional economy, and it reflects a town's growth.
00:25 In 12 months, Ballarat has seen 500 new businesses and 10,000 new jobs.
00:30 The population is expected to grow by 30,000 by 2036.
00:35 Corporate Services Director for City of Ballarat, John Horslar, said a billion dollar increase was a phenomenal effort
00:42 and a reflection of Ballarat's growth, driven by jobs and industry.
00:46 As more people move to Ballarat, we can expect to see Ballarat and regional Victoria bringing more to the Australian economy.
00:53 (upbeat music)
00:55 [BLANK_AUDIO]
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