Deloitte: Opportunities for an outwardly-focused manufacturing sector

By Rob Starr, Content Manager, Big4.com

The recent benchmarking Index from Deloitte and the U.S Council on Competitiveness, the 2013 Global Manufacturing Competitiveness Index,  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.

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. 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.

Five years from now, emerging economy nations surge to occupy the top three spots in the survey, with China retaining the top spot and India and Brazil moving to claim second and third rankings.

Deloitte Manufacturing Partner, Damon Cantwell comments:

“In order for Australia to move up the competitive index over the next five years, the efficiency of our innovation system and better utilising our highly-skilled workforce will be seen as the main differentiating factors for our success in manufacturing competitiveness,” he said.