Manufacturing News

BHP announcement may contain positives: Taskforce member

Professor Roy Green, Dean of the Business School at University of Technology Sydney and a member of the Prime Minister’s Manufacturing Taskforce, has said that the deferral of BHP’s Olympic Dam expansion is not all bad news.

Green's comments, speaking to an industry forum and reported by the ABC, suggested that BHP’s announcement showed that an economy shouldn’t pin all its hopes on one sector, and that diversity was important.

“It does enable us to re-focus on where our capabilities and strengths actually lie and certainly the idea that in the future jobs are going to be created by a successful mining sector is really a delusion now and would be a delusion in the future if we persisted with it,” pointed out Green.

The Non-Government Members of the PM’s Manufacturing Taskforce, of which Green is a member, last month highlighted the need for a diverse economy in their report.

“The report makes the case for a strong manufacturing sector in Australia in the context of a huge but precarious commodity boom, whose terms of trade effects may soon have run their course, only to refocus policy on the need for a balanced and diversified economy with a renewed emphasis on productivity improvement,” Green has written elsewhere.

“Manufacturing is an essential component of such an economy as it drives technological change and innovation and contributes to our external trade position”.

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