It paints a picture of a divided state where Melbourne booms and the rest of the state slides backwards economically.

Melbourne's economy grew at 4.4 per cent in 2015-16 while by contrast the economy of regional Victoria shrank for the fourth consecutive year, dropping 1 per cent in response to a sharp decline in manufacturing.

Victoria is the only state whose regional economy went backwards. While this decline in manufacturing has been significant for Melbourne over the past decade, in regional Victoria it has collapsed 26 per cent since 2009-10.

The decline of big manufacturers like Ford in Geelong add a big part to these figures, but it also highlights many other traditional industries that have contracted and failed to transition or innovate.

So where does this leave Bendigo? 

This city is much better off than smaller economies around the state that have not reached a critical size or sufficient diversity to withstand major contractions and shutdowns.

For example, think of the dependence on the coal-fired power industry in the Latrobe Valley or the massive shock to Portland in the meltdown of its aluminium smelter. 

In Bendigo’s case there has been sufficient diversification into modern innovative industries and services to almost guarantee long-term growth.

But there is also much more work to be done.  

State forums are capable of producing the big ideas focussed on turning back the great pendulum of centralisation but the actions must follow suit.

Population is at the heart of the issue and with more than 80 percent of Victoria in Melbourne, it will take many steps to turn it around.

Two key magnets are education opportunities for the young and jobs for when they progress into employment. In Bendigo we have the options and the lifestyle, but can we offer the jobs?

This is why actions still speak louder. Major investment in road and rail transport infrastructure is a must, as is fixing the below-par phone and internet services.

Private industry needs to be backed so that companies large and small – attracted by logistical ease and sufficient infrastructure, a skilled workforce and client population – can remain here for the long run.