AMCL welcomes the announcement of the Government’s Modern Manufacturing Strategy, which aims to make Australian manufacturers more competitive, resilient and able to scale-up to take on the world.
The intended $1.5 billion in new funding across six priority sectors (Resources technology and critical minerals processing, food and beverage, medical products, recycling and clean energy, defence and space), is a significant step forward to strengthening Australia’s local manufacturing capabilities, creating jobs and ultimately shifting the country’s overreliance on imported products.
“A thriving manufacturing sector is critical to Australia’s economic future and prosperity, so it’s encouraging to see this renewed support for Australian manufacturers,” said Australian Made Chief Executive, Ben Lazzaro. “It’s anticipated that such a significant investment will yield benefits beyond just the six priority sectors, as there is great potential for the initiative to create positive impacts throughout entire manufacturing supply chains.”
Australian manufacturers have already demonstrated their capacity to adapt and innovate during these challenging times, with many re-tooling to produce much-needed medical supplies and equipment. “It’s important that we don’t neglect this enormously effective resource,” said Mr Lazzaro. “Australian manufacturers produce products made to some of the highest quality and safety standards in the world, while at the same time creating local economic activity and employment opportunities.”
The initiative also aligns with consumer expectations around local production. Recent consumer research from Roy Morgan found that nine in ten (89%) Australians believe Australia should be producing more products locally following the COVID-19 pandemic. “Australia’s over-reliance on imported products has been highlighted during the COVID-19 pandemic,” said Mr Lazzaro. “Australians are placing priority on manufacturing self-sufficiency and job creation along with a renewed appetite to address the imbalance between locally made and imported products, to ensure Australia’s long-term prosperity.”
This sentiment appears to have been heard by Government and we will watch with interest as this initiative is rolled out.”
More information on the Modern Manufacturing Strategy initiative is available here