A productive manufacturing sector is critical for a thriving economy, and in a post-pandemic state, this has never been truer. The manufacturing sector contributes to six percent of Australia’s GDP, supporting over 850,000 jobs, and since the mid-1950s, national output has more than quadrupled. Despite this, manufacturing in Australia has been consistently declining as a proportion of our economy over the last three decades, due to a number of factors including growth in services, import competition and outsourcing.
In an effort to revolutionise industry operations in Australia, there are a number of funding opportunities that encourage applicants to adapt to innovative technology, adopt more sustainable practices and advocate for a strengthened manufacturing industry on domestic shores.
Even prior to COVID-19, Australia’s investment in manufacturing was on the increase. However since the onset of the pandemic, countries with robust manufacturing capabilities who are able to secure essential items quickly for domestic consumers are at a significant advantage. Australia’s desire for shortened supply chains and boosted local production was, and remains a top priority for the government. As the world begins to open up for business once again, securing economic sovereignty for Australia’s local manufacturers will better equip the nation for future global challenges.