Australian manufacturing delivers over $100 billion and adds more jobs to Australian economy
The Australian manufacturing industry contributed $101.7 billion gross value added in 2015-16 making it one of the highest revenue generating sectors in the Australian economy.
In addition, manufacturing is growing. It now employs over 902,000 people across the country representing 7.6 per cent of the Australian workforce.
Dr Jens Goennemann, Managing Director, from the Advanced Manufacturing Growth Centre (AMGC) states, ‘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.’
The recovery in employment coupled with strong revenue indicates a positive sentiment toward investing in Australian manufacturing. This is further evidenced by the Performance of Manufacturing Index (Australian PMI) increasing by 1.2 points to 55.4 in December as stated by the Australian Industry Group.
The AMGC recently released its Sector Competitiveness Plan and shows that Australian manufacturing and supported industries has the potential to add an additional $36 billion to the economy over the next ten years. As Dr Goennemann points out, ‘we know that manufacturing matters, and now with this Plan, we have the blueprint to increase our global competitiveness.’
The Sector Competitiveness Plan recommends manufacturers offer a differentiated source of value as a way to set them apart from global competition. Technical leadership and bundling value-added services are two essential competitiveness levers that manufacturers can pursue.