New research from the Australia Institute’s Centre for Future Work reveals that Australia ranks last among all OECD countries for manufacturing self-sufficiency, but also reveals the enormous potential benefits of rebuilding manufacturing: including $180 billion in new sales, $50 billion in additional GDP, and over 400,000 new jobs.
Key Findings:
- Australia ranks last in manufacturing self-sufficiency among all OECD countries — producing only 68% of what we use
- Manufacturing is the most innovation-intensive sector in the economy; manufactured goods account for over two-thirds of world merchandise trade
- Manufacturing offers high-quality jobs, full-time hours, and above-average incomes
- Rebuilding manufacturing to a proportional size would grow the industry by almost 50%, generating enormous benefits in jobs, incomes, innovation and exports
“These findings confirm the enormous task ahead of the country in rebuilding our domestic manufacturing capacity, and the enormous economic benefits that would be generated,” said Dr. Jim Stanford, Director of the Australia Institute’s Centre for Future Work.