Manufacturing industry refers to those industries which involve in the manufacturing and processing of items and indulge in either creation of a new commodity or in value addition. The manufacturing industry accounts for a significant share of the industry sector in Australia. The final products can either be served as a finished good for sale to customers or as intermediate goods used in the production process. Manufacturers are responsible for producing a diverse range of products, including beverage, tobacco, textile, leather, clothing, footwear, chemicals, metals, plastic, machinery, equipment and so on.
Manufacturing represents one of the largest industries in the Australian economy and employs approximately 2954,200 persons, accounting for just over 8% of the total Australia workforce. Around a third (about 35%) of manufacturing workers are employed in regional and remote areas, and the manufacturing industry workers are predominantly male.
Owing to the emerging technologies worldwide, the Australian manufacturing industry has geared up and has incorporated several new technologies within its purview. Economists consider the Australian manufacturing industry as a sector which generates a lot of wealth; in terms of industry gross value added, manufacturing contributed 7.6% ($105.1b) to the national economy in 2011-2012. Generating employment, introducing latest techniques, real earnings from shipments, etc., have put the world manufacturing industry in a favourable position.
New South Wales tops in terms of percentage of national manufacturing followed by Victoria, Queensland and other states. Furthermore, the major manufacturing industries which accounted for most output are Food, Beverage and Tobacco, Metal products, Machinery, Equipment, petroleum, coal and chemical products.
- Find ATO benchmarks at (https://www.ato.gov.au/Business/Small-business-benchmarks/In-detail/About/Small-business-benchmarks/)offer a broad database of small business benchmarks, which are a guide to help business compare their performance against similar businesses in the industry.
- High productivity is absolute imperative in the manufacturing industry. There has to be a special focus on increasing revenue and not just cutting costs;
- Innovation is not just about retention and development, or the latest technology. It’s also about practical and efficient problem-solving and business transformation;
- Investment in people and skills pays off, as people with creative thinking and problem-solving skills contribute to productivity and innovation;
It is crucial to secure additional funds to bridge the shortages in their cash flow, which might arise in the short run. This is extremely important for effective financial management.