The Australian manufacturing industry is one of Australia’s highest revenue generating sectors, contributing roughly $100 billion gross value in the Australian economy each year.
The sector employs over 902,000 people across the country, which represents 7.6% of the Australian workforce.
Dr Jens Goennemann, Managing Director, from the Advanced Manufacturing Growth Centre (AMGC) said the recovery in employment coupled with strong revenue indicates a positive sentiment toward investing in Australian manufacturing.
He said this was further evidenced by the Performance of Manufacturing Index (Australian PMI) increasing by 1.2 points to 55.4 in December as stated by the Ai Group.
“There’s a lot to cheer about as we head into Australia Day celebrations, and our manufacturing strength should be one of those Aussie successes we raise a glass to and toast,” Mr Goennemann added.
The AMGC recently released its Sector Competitiveness Plan which details how Australian manufacturing and supported industries can maximise their potential to add an additional $36 billion to the economy over the next ten years.
The Plan recommends manufacturers offer a differentiated source of value as a way to set them apart from global competition, with technical leadership and bundling value-added services highlighted as two essential competitiveness levers that manufacturers should pursue.
“We know that manufacturing matters, and now with this Plan, we have the blueprint to increase our global competitiveness,” Mr Goennemann concluded.
To access the 2017 Sector Competitiveness Plan, go to: www.amgc.org.au.
The AMGC is a not-for-profit company established through the Australian Government’s Industry Growth Centres initiative. The organisation aims to develop an internationally competitive, dynamic and thriving Australian advanced manufacturing sector that is critical to the long-term health of the economy and the nation.