By Rob Starr, Content Manager, Big4.com
Areas that will define Australia’s manufacturing competitiveness over the next five years will include innovation, skills, the economic, trade and finance environment, the approach to clean energy and digital technologies, according to Deloitte Manufacturing Partner, Damon Cantwell.
These perspectives are made in the context of the recent benchmarking Index from Deloitte and the U.S Council on Competitiveness, the 2013 Global Manufacturing Competitiveness Index, which highlights that globally Australia ranks at number 16 in terms of current competitiveness (down from 15th in 2010) and is currently expected to rank 17th against other national economies in the next five years.
Overwhelmingly, the Index highlights that the drivers of manufacturing success in coming years do include competitive advantages for Australia. This is particularly so in the areas of integration with the Asian region (which is earmarked for impressive growth), and leveraging off our very stable economic, financial and trading systems.
The 2013 Index predicts that the global epicentre of manufacturing will continue to be in the Asia-Pacific region with 6 out of 10 Asian countries ranking within the top 10 in terms of current competitiveness.
“The Asia Pacific region continues to present opportunities for our manufacturers. Australia needs to put itself forward as a viable destination for specific types of manufacturing investment that will be sustainable in the long term. This includes high-value add activity and niche manufacturing,” said Mr Cantwell.