AUSTRALIA'S LARGEST CIRCULATING MANUFACTURING MAGAZINE ®
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MANUFACTURING MAGAZINE Issue 116 October 2020 $12.00 CHIEF ECONOMIST'S $1.5B PACKAGE PUTS MANUFACTURERS IN THE BOX SEAT BUDGET ANALYSIS The package was largely endorsed by It is all systems go for the industry
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the sector, with BHP chief executive Ken Henry saying it was the role of big business to lead the recovery. He said that as major employer, BHP must take a major role.
sector after the release of the $1.5 billion manufacturing package this month, which the federal government believes will energise the sector in the wake of the recession precipitated by COVID-19.
“Anything that gives a greater degree of certainty around fiscal settings” would be welcomed by the private sector, he said.
Industry Minister Karen Andrews said this kind of investment would address the short-term recovery, as well as the future, creating jobs and boosting investment at a time when it is most wanted. “This is the kind of laser focus we need to create jobs and foster the successful environment for manufacturing to flourish more broadly. “Tinkering at the edges on manufacturing policy is not an option. It has not worked in the past.
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Industry Minister Karen Andrews
“Now, driven by both imperative and opportunity, we are adopting a whole-ofgovernment strategy that will see Australian manufacturers scale-up, become more competitive and more resilient.”
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“We’re not looking for any ask here. In fact, at this point in time we need to be looking at how we can support economic recovery because I agree with the PM that the recovery needs to be business-led.” The assistance package is made up of targeted co-investment that will enable businesses to build scale, as well as providing funds to transform ideas into commercial realities. Continued page 10
St.George Bank chief economist Besa Deda has conducted an analysis of what the federal budget means for manufacturing and the sector’s role in the economic recovery. For the full story see page 9
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