Manufacturing Sector - Australia's Greatest Contributor to National Earnings
According to an ABS report (based on 1997-1998 data) released this week on the contribution of Tourism to the Australian economy, the Tourism sector is performing well compared to traditional primary industries such as mining and agriculture. But the clear winner is the manufacturing sector, which has been shown to be Australia's greatest contributor by far to national earnings - three times as much as the Tourism industry.
In the report, Australian National Accounts: Tourism Satellite Account, 1997-98, the tourism industry directly accounted for 4.5% of Australia's gross domestic product (GDP) in that year. Over the same period, manufacturing accounted for a significant 13.5%.
"With their capability in smart manufacturing, Australia's electrical, electronic and communications industries are a major contributor to this outcome," said Angus M Robinson, Executive Director of the Australian Electrical and Electronic Manufacturers' Association Ltd (AEEMA). "To build on this foundation, our manufacturers need to continuously invest in R&D in a globalised environment, which is characterised by high risk. The application of a targeted, attractive R&D Tax Concession is one way that government can induce further business investment in this area," he added.
Mr Robinson believes that smart Australian manufacturing is increasingly being driven by the way in which Australian engineers and technologists leverage developments in existing core technologies and by enabling new technologies such as photonics.
"AEEMA asserts that with the right mix of strategic vision, industry and government partnership, an investment in ideas and R&D, the application of smart manufacturing strategies, and the development of new related services, Australian manufacturers can have every confidence of retaining industry sectoral leadership," he said.
For further information contact: Mr Angus M Robinson on (02) 6247 4655, 0418 488 340 or email.
Item provided courtesy of AEEMA.
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