Industry Update April/May 2020 Issue 113 Victorian Edition

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AUSTRALIA'S LARGEST CIRCULATING MANUFACTURING MAGAZINE ®

Issue 113 April/May 2020

$12.00 INC.GST

MANUFACTURING MAGAZINE

TOUGH TIMES, BUT HOPE GLIMMERS FOR MANUFACTURERS' Industry Update spoke to St.George Chief Economist, Besa Deda (pictured on page 6) and Matthew Kelly, St.George’s Executive Manager of Manufacturing and Wholesale, to get their assessment of the economic impact of the pandemic, and the opportunities that may unfold for Australian industry. “The coronavirus is impacting economic activity quite significantly. We are seeing a recession unfold in Australia.” says Deda. St.George expects the national accounts to show the Australian economy contracted in the March and current June quarter, with a further contraction “likely” in the September quarter. “Our forecasts are anticipating

a recovery to come through in the December quarter.”

financial crisis (GFC) has come close to pulling the country into recession.

“But much will depend on whether the virus can be suppressed, including avoiding any possible second waves. The longer that takes, the longer the duration of the recession in Australia.”

“During the GFC we did record a slowdown, but we didn’t record a technical recession,” Deda says.

It’s been nearly 30 years since “the recession we had to have.” In the decades since, only the global

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UPDATE OF TRADE SHOWS AND EXHIBITIONS PAGE 12

Increased demand for greater safety measures in buildings and infrastructure has focused attention on materials that better protect people from fire.

Smoke and poisonous fumes pose a bigger risk to lives than a blaze — and this reality is understood across all levels of construction and development, says LAPP Australia. The global cable systems technology leader has

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HYSTER CELEBRATES 60 YEARS PAGE 35

GIVE THE GIFT OF GOODNESS PAGE 15

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A technical recession is defined as two consecutive quarters or more of contraction in economic activity.

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