Australia’s Manufacturing Downturn
Australia’s manufacturing sector is going through tough economic times, however new research has narrowed the downturn in overall productivity to just three key areas. A staff working paper by the Productivity Commission found that while investment in manufacturing has risen over the long term, hours worked and employment in the sector have declined. The report found no “overarching systemic reason” for the decline in manufacturing’s rate of multi-factor productivity growth. One influence has been from the appreciation of the Australian dollar and changing competitive conditions. It also noted that there has been a lag between new capital investment in these sub-sectors and the output from that investment Changes in consumer preferences have also had an impact on productivity, such as significant growth in smaller-scale bakeries that use more labour-intensive processes.
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