Not through any expansion of the public sector, it seems, with the fallout already being felt from the Ted Baillieu-led government’s decision to slash thousands of departmental jobs in a effort to reduce costs.

According to the Bureau of Statistics, job vacancies fell 6.3 per cent in 2011, the biggest annual fall since 2002.

And the outlook for a rise in Victorian unemployment to 5.75 per cent from 5.4 per cent will create furrowed brows in many quarters.

It’s not just the pure numbers that will have our political and civic leaders concerned, moreso it should be the potential for detrimental economic flows from a weaker global market and the continuing cloud over retail and manufacturing industries.

That said, Ballarat’s outlook, after considerable rocky periods in regard to job losses, is much brighter than it was in the depths of the first global financial crisis.

Population growth is healthy and major infrastructure and housing projects are under way or in the pipeline, factors which will help improve job security and confidence.

Still, there needs to be continued impetus in pushing Ballarat’s cause as a centre of economic and social prosperity. Ballarat City Council must pick itself up from the Civic Hall redevelopment disaster and not become gun-shy in an election year.

The Baillieu Government must be held accountable for the promises it made, which will help secure the city’s future.

Both these tiers of government have an important role to play in Ballarat’s future but it will be the innovation of local business and the loyalty of local consumers that will continue to underpin the opportunities we often take for granted.

Given the views of experts that tougher times are ahead, it remains vitally important for Victoria and Ballarat to continue to explore growth rather than just bracing for difficulties.

Further interest rate cuts early this year might just provide the impetus for such positive action and ensure that job losses do not occur at the levels the experts predict.