Post-COVID could spark Aussie manufacturing revival
Michael is joined by Dr. Jim Stanford, Economist and Director of the Centre for Future Work based at the Australia Institute, regarding his research that reveals Australia ranks last among all OECD countries for manufacturing self-sufficiency.
While this indicator confirms the dramatic decline of domestic manufacturing in recent years, it also reveals the enormous potential benefits that would be generated by rebuilding manufacturing back to a size proportional to our national needs: including $180 billion in new sales, $50 billion in additional GDP, and over 400,000 new jobs.
“As Australian governments and business leaders realise the importance of manufacturing in rebuilding the national economy after COVID, this research shows that Australia now has the smallest manufacturing industry relative to domestic purchases of any OECD country,” says Dr. Stanford who authored the report.
“These findings confirm the enormous task ahead of the country in rebuilding our domestic manufacturing capacity. However, it also highlights the enormous economic benefits that would be generated by getting manufacturing back to a proportional size: including $180 billion in new sales, $50 billion in new GDP, and over 400,000 new direct jobs.
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