 Federal government policy changes on tariff protection led to the closure of many Geelong industrial businesses from the 1970s.The woollen mills closed in 1974 and hectares of warehouse space in the city centre were left empty after wool-handling practices changed.The Target head office opened in North Geelong, Deakin University was established at Waurn Ponds in 1974, and the Geelong Performing Arts Centre opened in 1981.