The growth of jobs in Australia’s manufacturing industry could signal a rebound for the sector. A report prepared by the Centre for Future Work presents data that productivity in the industry reached near its previous peak in 2008.
In line with this, as shown by trend employment data from the Australian Bureau of Statistics, employment rose by 40,000 jobs in the last 12 months. This indicates the steady recovery of the manufacturing industry.
Several economic indicators point to the eventual recovery of the manufacturing industry. For instance, gross operating profits amounted to almost $8 billion between January and March. This figure suggests that more companies would increase spending for recruitment efforts and resources, ranging from press tool products to steel equipment.
Research and development initiatives will also play an important role within the manufacturing industry, as companies plan to spend more than any other industry in the country, according to the Australian Bureau of Statistics. On the other hand, public perception remains positive towards manufacturing companies.
A Research Now survey showed manufacturing to be a relevant industry in Australia. The respondents provided varying insights on the sector’s importance, with most of the older respondents consider effective government policies and exports to be essential.
Younger respondents, however, believe that the industry has entered a stage of unavoidable downfall which government assistance can no longer shoulder. Mark Goodsell, Australian Industry Group head of the New South Wales branch, said that this perception is the result of the lack of public awareness.
Nevertheless, the survey’s general consensus revealed that government support remains vital for the industry’s success.
Manufacturing will likely continue to be a steady source of jobs for many Australians, despite different views from the public. The continued investments of companies for research and development will help in sustaining not just employment, but also in maintaining the industry’s steady growth.