Source: Unsplash/Science in HD.
Australian manufacturing today is at its lowest point ever. During its 1960s heyday, local manufacturing accounted for over 30% of GDP. Currently, that figure is just 5.6% of GDP. And that is despite a quadrupling of output since the 1950s. But it doesn’t need to be this way.
The Australian government has committed to promoting and expanding domestic manufacturing in recent years. Based on the recent Ai Group’s Performance of Manufacturing Index, it appears that something is making a difference: we’ve seen nine months of consecutive growth since the COVID-induced global disruptions hit last year. It is a promising sign.