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Economic development general essay
Economic development general essay
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The Long-Standing Viability of the Australian Manufacturing Industry
Talking about Australia’s manufacturing industry in February, 2014, Mike Smith, ANZ chief, describes it as ‘alive and kicking’, adding that Australia is quite competitive in a lot of things. These include products such as high-end vehicle components and processed milk powder, which are of good standard and can be sold across the globe. This projection comes at a point when the Australian economy is undergoing a transformation, with the vehicle maker trio, Holden, Ford and Toyota about to quit Australia, forecasting a closure of the vehicle manufacturing industry in the continent by 2017.
However, according to Mr. Smith, this transformation in the economical situation can be handled with meticulous social management that will gradually drive the continent towards a global market, drawing great advantages from its proximity with Asia.
A look into the history
The manufacturing industry has always been a significant contributor triggering the development of the Australian economy. With the establishment of the boundary free national market, the regional small scale manufacturing segment experienced a boom, gradually cultivating a rich industrial tradition within the continent.
Significant landmarks include the stronghold of the steel industry in 1915 through the establishment of the Newcastle Steelworks, the creation of Holden Motor Body Builders and the Ordnance Factory in 1924 along with the establishment of the Commonwealth Aircraft Corporation, amongst others. These events reaped immense benefits acting as a significant part of the country’s defense system during the war season, following which new industries boomed when peace reigned. The end of 1950s saw a c...
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...e and Skills Connect are a few to mention.
On the whole, in order to ensure the long-term viability of the manufacturing industry, the government aims to provide funds for research and development to make the industry more proactive and competitive. The funds would be channelized towards
• Making the business model or business output of component manufacturers operating in South Australia and Victoria more productive.
• Offering grants to businesses which intend to expand or establish manufacturing operations in Victoria or South Australia
• Giving grants that would aid the commercialization of R&D.
With a futuristic outlook it can be said that the manufacturing industry can indeed head towards betterment, if measures to boost its competitiveness are taken, thereby rendering the appropriate infrastructure for encouraging productivity and accelerating innovation.
BlueScope Steel Australia and New Zealand (BANZ) is a manufacturing company that produces a range of flat steel products for the Australian and New Zealand domestic market. BANZ was formed in July of 2011 which saw the amalgamation of company sections; Australia and New Zealand Steel Making Business (ANZSMB), LYSAGHT and Distribution Business. This amalgamation was followed by a major organisational restructure which ultimately led to the closing down of Number 6 Blast Furnace and resulted in around 800 job losses at the Port Kembla works and 200 job losses at the Western Port works in Victoria. The aim of this project is to outline the rationale for the restructure and to provide a strategic analysis of the impact of the restructure on BANZ’s current market position. This will be achieved by first analysing the economic climate pre-restructure and evaluating the managerial decisions that led to the restructure. It will then explore the current economic climate in relation to BANZ to determine whether these strategic managerial decisions were sound. Finally the report will outline BANZ future developments and determine if the company will continue to be competitive in the future.
In conclusion, policy makers and practitioners often try to assist in the formation of new firms but do not always succeed. Many firms fail despite all the assistance however the important factor is that the government continues to promote their creation so that new jobs and industries can be created. (Storey 1994) Both policy makers and practitioners need to ensure a level playing field so that the economy can grow, develop and compete with other economies around the world.
Stanley, George E. "The Rise Of Manufacturing." The Era of Reconstruction and Expansion (1865-1900. N.p.: World Almanac Library, 2005. 20-21. Google Books. World Almanac Library. Web. 29 Sept. 2013.
"Australia." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption. N.p., n.d. Web. 2 Dec. 2013. .
Comments on Project Funding. Provide further explanation of the sources of confirmed or unconfirmed project funding. (Maximum of 500 characters including spaces)
BHP Billiton is the most successful company throughout the world by using unchanged strategies in their business. They have a strategy to operate large, low cost, expandable, and upstream commodities by using raw materials, geography, different assets and market, which give them a superior marginal costs throughout economic and commodity cycles for several years. They put the security of their workers first and supporting them by providing various facilities (see appendix 1). Their diversification makes the easy cash flow system by reducing the exposure to any one commodity and give for more identifiable and great financial performances. To become more successful BHP have heaps of human resources or workforce which reflect their values and communities. They have aim to recruit and attract other people who make their organization successful and thrive on working in teams and going to their extra miles to give their best. Moreover, they are committed to meet the changing needs of their customers. They have world class portfolio of growth option that will make them able to plan for a short term and long term goals and continuing them to create value for their shareholders which BHP more powerful (BHP Billiton, 2014). By using these all measures BHP Billiton kept its solid position in the nine month period till the end of March 2014 with the record of production attained for four items and at 10 operations. In aggregate, processing expanded by 10% for throughout the period what's more is required to develop by 16% over the two years to the end of the 2015 fiscal year. For further development BHP having a plan to start new projects where they pursuing a higher rate of returns on incremental investment and increasing inter...
Birthplace of Industry from the free library by Farlex, from freelibrary.com the article was about the beginning of the Industrial Revolution, using the new product coke to smelt iron. The Darby family demonstrated the uses of iron by building the first iron bridge. The article showed the inventiveness of people and how they contributed to advancements in technology. Written well and organized conceptually showing the importance of smelting iron with new technology of coke a product of coal.
In a world of fast-challenging technology, we can only remain competitive by continuously refining and expanding our technical capability.
In conclusion, the idea of globalisation, the process where companies develop themselves internationally is one of the current issues of our generation. Globalisation has been caused because of many factors, such as reduced protection, the reduction of tariffs and quotas and new developments in information and transportation technology. Consequently these factors that cause the globalisation of Australian businesses also result in many costs and benefits. The key costs and benefits are free trade, the result of removing trade barriers and the environmental costs that are caused by pollution from factories. Overall, a positive outcome will arise if the globalisation of Australian business continues.
Australia has had one of the most outstanding economies of the world in recent years - competitive, open and vibrant. The nation’s high economic performance stems from effective economic management and ongoing structural reform. Australia has a competitive and dynamic private sector and a skilled, flexible workforce. It also has a comprehensive economic policy framework in place. The economy is globally competitive and remains an attractive destination for investment. Australia has a sound, stable and modern institutional structure that provides certainty to businesses. For long time, Australia is a stable democratic country with strong growth, low inflation and low interest rate.(Ning)
Teece, D.J. (2010) ‘Business Models, Business Strategy and Innovation’, Long Range Planning, vol.43, issue 2-3, pp.172-194 [Online]. Available at: http://www.sciencedirect.com/science/article/pii/S002463010900051X [Accessed 24th November 2013]
During the 1800’s Great Britain’s empire stretched around the world, and with raw materials easily available to them this way, they inevitably began refining and manufacturing all stages of many new machines and other goods, distributing locally and globally. However, despite being the central ‘workshop of the world,’ Britain was not producing the highest quality of merchandise. When comparing factory-made products made in England to surrounding countries, most notably France, those products could not compare as far as craftsmanship and sometimes, simply innovation. It was suggested by Prince Albert that England host a sort of free-for-all technological exposition to bring in outside crafts into the country and also show their national pride.
Potential new entrants: With positive economic outlook, fine business environment, and increasing number of population growth rate, it is expected that there will be more companies coming in the industry;
Due to increasing demand for natural resources such as coal and iron ore (Anthony, 2016) the mining sector of Australia boomed as it exported to countries such as China (Heath & Petrie, 2016). Thus, affecting the Australian Gross domestic product (GDP). GDP is “the market value of all final goods and services produced within a nation 's geographic borders during a period of time, usually a quarter or a year” (Layton, Robinson, & Tucker, 2016, p. 257) and helps to measure economic growth. The components of GDP are derived from the formula GDP = C + I + G + (X - M). That is, gross domestic product = consumption + investment + government spending + (exports - imports).
Australian Arts Council, 2004, Who and Why We Are: Corporate Plan 2001-05, http://www.ozco.gov.au/the_council/about_us/who_and_why_we_are/corporate_plan/, date accessed: 17/9/2004