Manufacturing is a significant economic driver in Australia. The country’s manufacturing sector encompasses various industries, from mining equipment to pharmaceuticals to textiles, adding to 6.9% of Australia’s GDP and supporting 862,200 positions that employ millions of Australians.
“The importance of manufacturing in Australia is reflected in the amount of revenue it generates for the country, but also in its contribution to employment and the overall economy.” says business and finance expert consultant Shane Perry from MaxFunding.
If you’re not sure just how much manufacturing contributes to the Australian economy, here are five reasons why it’s so important.
1. Manufacturing Provides Employment for Individuals
The manufacturing industry employs more than 1 million Australians. In addition to these direct employees, it also indirectly employs many more people in other sectors such as transportation and construction.
Furthermore, manufacturing creates employment for those who have lost work in different sectors of the economy, like mining or agriculture, and individuals who have been left behind due to various reasons like age, educational attainment, and lack of skillset.
2. Manufacturing Boost Other Sectors
Manufacturing helps boost other sectors of the economy by providing them with raw materials and supplies. This means that an increase in manufacturing activity can lead to increases in other industries, like agriculture or mining.
Also, it creates employment in other sectors, including retail, construction, and health care.
You support every industry in Australia when you purchase an Australian-made product.
3. Manufacturing Is an Engine of Growth For Economy
Manufacturing is one of the backbones of the Australian economy. It’s an engine of growth that helps keep the economy strong and is crucial for future prosperity. The sector accounts for 6.9% of GDP, which means it has become an increasingly important contributor to overall economic growth in Australia over time.
4. Manufacturing Supports Research and Innovation
Whether creating new products and services or improving existing ones, manufacturers constantly look for ways to innovate. They must continuously develop new technologies and techniques, which is where research and development come in.
Additionally, consumers can enjoy new and efficient products surpassing past innovations!
5. Manufacturing Improves Everyday Life
Manufacturing drives everyday life in Australia. Manufacturers are responsible for many daily goods, including food, clothing, electronics, and even vehicles.
Without manufacturers, the population wouldn’t have access to many products that make everyday life convenient and efficient.
Manufacturing Supports the Economy and Improves Individual Australian Lives
The manufacturing industry in Australia has grown significantly over the past few years, and it is expected to continue growing at an even faster rate in the future.
This growth has led to increased employment opportunities, which has helped people all over Australia find sustainable employment and improve their standard of living.
If you want to support Australian manufacturing, ABECK Group offers contract ‘Build to Print’ manufacturing services in full, on time and on budget!
Contact us today, and let’s discuss innovative solutions for your manufacturing needs!
1800 236 337