A new industry-led report into Australia’s manufacturing sector has highlighted the opportunity for all firms to move towards advanced manufacturing by adopting more sophisticated business models and production techniques, according to a media release by the Department of Industry, Innovation and Science.
Citing the report Advanced manufacturing: a new definition for a new era, released by the Advanced Manufacturing Growth Centre, Acting Minister for Industry, Innovation and Science, Senator the Hon Michaelia Cash said, “Manufacturing has played a major role in contributing to Australia’s stellar economic performance over the past 25 years.”
“However in order for Australian manufacturing to continue to succeed domestically and globally, it must evolve and diversify.”
“Today’s report emphasises that the continued growth of the sector is dependent upon manufacturers innovating, moving up the value chain and embracing production efficiencies in order to develop new products and serve new markets,” Cash said.
The Federal Government recently announced the $47.5 million Advanced Manufacturing Growth Fund, which is designed to support investment in advanced manufacturing projects in Victoria and South Australia as part of the $100 million Advanced Manufacturing Fund, announced in the 2017-18 Budget.
Other measures include the Entrepreneurs’ Program and the Research and Development Tax Incentive, which enables individual companies to invest in research and development, and provide advice and assistance to develop and commercialise new ideas and products.
The Advanced Manufacturing Growth Centre is part of the Government’s Industry Growth Centres initiative, which is designed to improve the productivity, competitiveness and innovative capacity of industry sectors of strategic priority in the Australian economy.