The Importance of Rebuilding Australia’s Industrial Base

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Australia has seen a decline in its manufacturing industry over the past decade, and now it is time for the country to take bold steps to rebuild its lost industrial base. This is not only an economic imperative but also a strategic one that must be taken seriously.

“Now we lack even the refining capacity to produce the fuels we would need to survive if our supply chains were blockaded,” said Tony Shepherd.

Australia’s reliance on its resources sector has, for many years, been what keeps the country afloat. Exports have always been vital to ensure economic prosperity for a large country with a small population and, thus, a small domestic market.

As such, it is no surprise that over the past decade, Australia has seen a noticeable decline in its manufacturing industry.

This issue is further compounded by the fact that while resource-based industries may be lucrative in the short term and provide much-needed jobs to Australians, they could be more sustainable in the long term.

This is due to potential environmental impacts and the limited number of skilled workers and expertise needed for such roles.

As such, Australia must now take broader steps to rebuild its lost industrial base. This could include incentivising new business investment into manufacturing production or encouraging companies to develop new technologies to streamline processes and reduce costs.

Such measures would provide increased stability for Australian businesses, which would then be able to better compete with international markets. It would also encourage job creation and skills development across multiple industries and provide more diverse sources of export income.

By taking these steps, Australia can become an economic powerhouse with a thriving manufacturing industry that can stand up against international competition.

It is both an economic imperative and a strategic one for the country to move forward, invest in modern technology and reduce business bureaucracy – all of which will help build the lost industrial base of this great nation once again.

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