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Manufacturing industry: why the sector has never been better placed for growth

Manufacturing industry: why the sector has never been better placed for growth

COVID-19 has highlighted Australia’s over-reliance on global supply chains, which we know can be fragile and make us vulnerable. It’s resulted in our local manufacturers pivoting quickly to pick up the slack. There’s also been a positive shift in sentiment, both from government, businesses and consumers about supporting Australian-made.

The Government has been canvassing the sector to see how Australia might be able to become more self-sufficient in the long run. The Budget has provided further detail around what the future of manufacturing in Australia will look like.

In this webinar Grant Thornton and Senator for South Australia, Rex Patrick, explore these industry opportunities, special insights into what lies ahead, and how business can capitalise on the changing landscape.

While setting the right political framework will encourage investment, we need to go further in influencing the right generational investment and public permission COVID has provided – let’s not miss the opportunity.

Looking back to look forward

Australia ranks last on the OECD rankings for manufacturing self-sufficiency – making us the most underdeveloped manufacturing sector of any industrial country in the world. Excitingly, one of the largest investments in the Federal Budget is the $1.5b manufacturing strategy. However, what does this look like in action? The Government is the largest procurer in the Australian marketplace, and there is a real opportunity to drive investment in the sector simply by placing their dollar locally.

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