The Victorian Government has welcomed new industry figures by the Australian Industry Group’s (Ai Group) showing Victorian manufacturing continues to thrive.
The Ai Group’s monthly Performance of Manufacturing Index (PMI) for Victoria rose 2.9 points to 57.6 points in October.
Victoria’s PMI has experienced solid expansion over the last nine months and the states local manufacturing sector remains one of the highest performing in Australia.
The Victorian Government says that it will continue to boost manufacturing, create highly-skilled jobs and help businesses grow through a new industry statement Advancing Victorian Manufacturing – A Blueprint for the Future.
Minister for Industry and Employment Ben Carroll said, “Manufacturing has a very bright future in Victoria and these figures point to continued growth across the industry. We will continue to back local manufacturers so they can expand their operations, take on new workers and support those leaving our automotive sector.”
The statement is backed by $12 million in new initiatives and will help manufacturers develop new products, improve training and skills, increase competitiveness and support export growth.
Labor’s flagship grants programs including the Future Industries Manufacturing Program and the Local Industry Fund for Transition are supporting businesses and jobs across Victoria.
At this point, manufacturing across Australia is a $26 billion industry that employs more than 278,000 Victorians across over 13,000 businesses.