The Department of Industry, Innovation and Science released the second edition of the Chief Economist’s Australian Industry Report last week.
The report concentrates on the Australian economy’s transition as we shift our focus from the former mining boom towards production. The report notes the challenges confronting the economy, with economic growth slowing (albeit 2015 marks 24 years of consecutive growth), productivity a continuing concern and global market, demographic and technological forces impacting on Australia’s competitiveness.
The Report highlights that Australia’s future economic prosperity requires an environment that supports resilience and adaptiveness and facilitates innovation and entrepreneurship. All issues that we have repeatedly raised as vital for the future survival and growth of Australia’s FCJ companies.
Indeed, the Australian Industry Report 2015 takes a look at some core facets of that environment, many of which closely match the issues we have identified in our own Strategic Industry Plan and recommended Industry Policy Environment. Specifically, the report examines:
- the role and importance of enabling services
- how regulatory settings impact on firm performance
- the role of research and development (R&D) in securing long-run economic growth.
If you are interested in the future strategic direction for the industry and the way in which we may best be able to interact with Government, I would definitely recommend that you at least scan the report.
If you would like to discuss any aspects of this report in greater detail, please feel free to call Peter Kreitals at any time on 0412 101 590.