The Long-Standing Viability of the Australian Manufacturing Industry

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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.

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