Economy

Federal parliament needs to work with the government to pursue measures that will boost innovation and make industry more competitive in to counter strong economic headwinds, according Business Council chief executive Jennifer Westacott. Westacott said that “all stops” must be put out to accelerate Australia’s rate of growth and build a more resilient and innovative … Continue reading Business Council calls for measures to sure up economic growth →

Six Queensland companies will share more than $41,000 through round one of the Queensland state government’s Superyacht Industry Development Fund. The fund is part of the Queensland Superyacht Strategy, which sets out the state’s plan to grow the superyacht industry and increase its global market share 10 per cent by 2023. Minister for State Development, … Continue reading First grants announced under Superyacht Industry Development Fund →

“The federal government should go easy on the brakes in the coming federal budget. It should balance its ambition to return to surplus against the risk of slowing an already softening economy,” Ai Group chief executive, Innes Willox, has said. On February 10, Willox expressed his concerns over the risk of slow economic growth in … Continue reading Ai Group: Government should focus on investments generating real productivity growth →

Iveco will be increasing the range of models manufactured at the Dandenong, Melbourne facility with the Stralis range is now being assembled locally. Previously sold in Australia as the Stralis ATi – a fully imported model – from the first quarter of 2018 the Stralis ATi began local assembly. Selected components including mirrors, wheel angles, trailer connections, batteries, … Continue reading Iveco’s manufacturing direction to lead to greater involvement for Australian workforce →

WA Premier Mark McGowan told a CEDA audience that the Western Australia economy has turned the corner from what has been a difficult period. “The Australian Bureau handed down the September quarter results, and we have state final demand growing for the second quarter by 0.9 per cent, and that’s the first time since 2013,” … Continue reading WA economy seeing better days ahead →

Queensland’s resources sector continues to drive jobs and investment with a $55.1 billion contribution to the state’s economy in 2016-17, which supported the equivalent of 282,633 full-time jobs. Queensland Resources Council (QRC) chief executive, Ian Macfarlane will launch the eighth annual economic contribution report at the QRC’s Annual Lunch in Brisbane with Senator Matt Canavan, … Continue reading Resources deliver more than $500bn in eight years: QRC →

According to a press statement by the NSW Ministry of Industry, more than 170 jobs will be created over the next five years after the NSW Government secured a multi-million dollar global cyber security research and development facility in North Sydney. Minister for Innovation Matt Kean said the NSW Government-backed Jobs for NSW has invested … Continue reading Sydney secures global cyber security facility →

Investor confidence in Victoria’s economy remains strong with private capital expenditure up 8.6 per cent over the year to June, compared with a national fall of 3.0 per cent during the same period. The latest data from the Australia Bureau of Statistics (ABS) released today shows Buildings and Structures capital investment in Victoria grew by … Continue reading Equipment, plant and machinery investments key drivers in Victoria’s growth →

Two weeks ago, the Queensland Government released the 2017 update of the State Infrastructure Plan (part B program) which underpins economic growth and supports jobs. Deputy Premier and Minister for Infrastructure Jackie Trad said the State Infrastructure Plan (SIP) provides confidence and certainty to industry, local government and the community. “This update to the SIP … Continue reading Update of QLD’s SIP program to boost economy and support jobs →

Australian manufacturing has seen its biggest employment growth in a decade. According to report Manufacturing: A moment of opportunity, Australian manufacturing jobs have increased by 40,000 in the past year, and productivity has returned to near its pre-financial crisis peak. Indeed, trend employment data from the Bureau of Statistics shows that manufacturing saw the second-biggest … Continue reading Australian manufacturing industry rebounding →

BAE Systems Australia has welcomed the announcement of the renewal of Australia’s Global Supply Chain Agreement by Minister for Defence Industry, Christopher Pyne. The agreement will allow BAE Systems to continue to provide Australian companies with access to commercial and defence opportunities within its international business. In 2016, the company had contracts with over 24,000 … Continue reading Australia’s Global Supply Chain Agreement to sustain defence industry →

The World Bank has reaffirmed its forecast that global economic growth will improve to 2.7 per cent this year, with an improvement in manufacturing and trade, market confidence and commodity prices. According to the World Bank, advanced economies are showing signs of improvement, particularly Japan and Europe. The seven largest emerging markets – China, Brazil, … Continue reading World Bank forsees pickup in manufacturing and trade →

Around 180 jobs are at risk as Aurizon announces plans to close its rollingstock maintenance workshop in Rockhampton, Queensland. The company has also announced its plans to “move to more flexible train crewing operations” in Central and North Queensland, which will result in a further 190 permanent train crew members leaving the company. Aurizon intends … Continue reading Hundreds of job losses for QLD maintenance staff and train crew →

Seventy-six per cent of Australia’s manufacturing employers will give their staff a pay rise of up to three per cent in their next review, but seven per cent will not increase salaries at all, according to Hays Manufacturing & Operations. The annual Hays Salary Guide shows that 15 per cent of employers intend to award a … Continue reading Pay rises for Australian manufacturing workers →

In light of rising energy prices, questionable security and ever-changing policies, some manufacturers are turning to renewables to ensure reliable production, writes Stephanie Stefanovic. As energy prices continue to soar, manufacturers are increasingly being pushed out of Australia. The Federal government seems to believe reducing wholesale gas prices is the answer, with Prime Minister Malcolm … Continue reading Renewables light the way to success in manufacturing →

Australia’s global competitiveness ranking has dropped out of the top 20 for the first time in over 20 years, falling from 17 to 21 in the past year. The 2017 edition of IMD’s World Competitiveness Yearbook has again ranked Hong Kong first, followed by Switzerland and Singapore as the US dropped out of the top … Continue reading Australian global competitiveness lowest in 20 years →

The Australian Performance of Manufacturing Index (PMI) has remained in expansionary territory for the eighth consecutive month in May. The pace of expansion has eased by 4.4 points to 54.8, however, indicating a slower pace of growth than last month. This month’s key findings: All seven activity sub-indexes in the Australian PMI expanded in May, … Continue reading PMI: Australian manufacturing continues on growth streak →

Telstra has reportedly seen its power costs increase by $100 million in the past year, with a senior executive calling on Industry Minister Arthur Sinodinos for urgent action to address Australia’s energy crisis. This follows a recent decision by the Federal Court to increase NSW electricity prices by $3 billion over the next few years, on … Continue reading Telstra’s power costs up $100m; company calls for price correction →

Australian manufacturer Ansell has sold its condom business to a consortium of China’s Humanwell Healthcare and conglomerate CITIC, for $800 million. The buyers will take on Ansell’s Sexual Wellness division, which manufactures condoms and personal lubricants. Last year, the division achieved a pre-tax earning of $38 million with $190 million worth of sales. According to Ansell … Continue reading Ansell sells condom business to Chinese buyers →

Minister for Defence Industry, Christopher Pyne, has announced the release of a Request for Proposal for the Naval Shipbuilding College.  The Naval Shipbuilding College is a key initiative in the Naval Shipbuilding Plan, released in May 2017. Pyne said the College would attract, train, and retrain naval shipbuilding workers for the Government’s $90 billion shipbuilding program. … Continue reading Naval Shipbuilding College to train thousands of Australian students →