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
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There were myriads of reasons for this setback, one of the most noticeable being the speedy adoption of western manufacturing style, by a number of Asian countries, which involved achieving trade surpluses through shrinking the national currency’s value.
The future outlook with an eye on the present
The primary industries of Australia have resulted in good revenue for the nation. However, they are affected by the shift from the labor stage to the production stage that calls for lesser number of employees, resulting in job losses, which is quite prevalent in the automotive manufacturing industry. The industry that the nation will rely on in a decade or two, is indeed a matter of speculation. Given this scenario, it is important to invest in knowledge and skill development of the workers so that global competition can be handled. This might call for government investment along with cultivating a culture of venture capitalism and private investment.
The automotive manufacturing sector, in order to flourish on a long-term basis, should invite concrete steps to usher in innovative research that would lead to the creation of niche products and services, without compromising on the quality.
The same applies to the food manufacturing industry which is a vital part of the Australian economy, making noteworthy contributions to business, employment as

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