Manufacturing should accept high dollar: Ai Group

Australian Industry Group CEO Innes Willox has expressed optimism about the manufacturing industry, but says it should accept a high Australian dollar as the new normal.

Australian Industry Group CEO Innes Willox has expressed optimism about the manufacturing industry, but says it should accept a high Australian dollar as the new normal.

In an interview with BusinessDaily, Willox said that despite the industry shedding 100,000 jobs in the last three years, it has a future, and this would move towards value-adding and a highly-skilled workforce.

Willox said that Reserve Bank intervention to push the dollar downwards was not desirable. He also stated that Australians should be more welcoming of investment from overseas.

“We need to welcome foreign investment,” he told BusinessDaily.

“We can't be open for business the hours that suit us. We need to be open for business all the time and that message needs to go out globally and domestically.”