Industry minister backs Australian manufacturing

Minister for Industry, Arthur Sinodinos (ABC)

Australia’s new industry minister, Arthur Sinodinos, has backed Australia’s manufacturing sector even though the closure of Holden’s South Australia factory imminent.

According to The Advertiser, Sinodinos said that Australia has as bright future in manufacturing, particularly in the high value add sector.

“I repudiate Labor’s policies, which will result in additional costs to Australian consumers and our great export industries, which face vigorous overseas competition. We want to build confident and outward-looking Australian businesses that generate jobs and give us more control over our economic destiny,” Sinodinos said.

Sinodinos replaces former minister Greg Hunt who has moved to the health portfolio.

Sinodinos’ comments come just as the venture capital sector let it slip it is concerned the innovation agenda is derailing. Sinodinos is the third minister in the role.

“We are told that this is an extremely important portfolio but how can that possibly be when no one is staying in the job for longer than few months?” venture capitalist and innovation consultant Sandy Plunkett said.

“Sinodinos’ experience might just understand that competition policy, labour relations and reform are all key components of making the national innovation and science agenda (NISA) work for our country for the 21st century.”

Sinodinos is waiting for a corruption inquiry result about the Eddie Obeid-linked water infrastructure company, Australia Water Holdings, where Sinodinos was paid $200,000 to be a deputy chairman, then chairman of the company for three years up before becoming a federal minister in 2011.