Modern Manufacturing Strategy to Boost Jobs, Economy
If you’re buying or selling a manufacturing business, you need to be across the Australian Government’s new Modern Manufacturing Strategy.
Recognising that manufacturing is critical to our economy–it is a key part of almost every supply chain, Government included the $1.5 billion Strategy in its 2020/21 Budget.
The Strategy will help Australian manufacturers to improve competitiveness, scale-up, and build more resilient supply chains.
Sadly, Australian manufacturing has stagnated in recent years, with other countries cashing in on our inability to produce the goods we need.
The Strategy is led by industry, for industry. The Australian Government will be a strategic investor in this, in order to drive productivity and create jobs for Australians, both now and for generations to come.
The Government says that manufacturing is critical to national resilience and a vital part of our response during times of crisis. Agile manufacturing capability helps to secure essential items quickly. Manufacturing has been a key part of our nation’s COVID-19 response -from ensuring we have essential medical supplies through to producing enough food and groceries to keep supermarkets stocked.
It says the Strategy can position manufacturing as a big income earner for the nation, harnessing our talent to support high value-add activities across a range of areas. It will create well-paying jobs and help restart the economy.
Favourable Trade Arrangements
“For any business to succeed the underlying economic conditions need to be right. They need access to skilled and productive labour; low energy costs; a fair industrial relations framework; a competitive taxation system; efficient regulatory mechanisms; and favourable trade arrangements.
“To drive growth and grasp new opportunities, businesses must also work on the business not just in the business. Focusing on the here and now prevents them from investing in new ideas that are seen to take too long —an issue exacerbated in the COVID-19 environment.
”Many businesses struggle to access the same economies of scale as global competitors given Australia’s big distances both in terms of remoteness from global markets, and large distances between urban centres.
The goal is for a partnership between Government, industry and the science and research community to develop manufacturing to deliver positive economic outcomes and create jobs.