The Government will attempt to revive Australia’s flagging manufacturing industry with a new $34.4 million package.
The “Buy Australia at Home and Abroad” initiative is aimed at helping manufacturers that have, according to the Government, been hit by the “patchwork” economy and the high Australian dollar.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
The money will be used to employ ‘supplier advocates’ across different industry sectors to identify international opportunities for Australian manufacturers.
The advisers will work with procurement departments of major companies through the Industry Capability Network, which will get an extra $1 million a year in funding, to highlight the work of small Australian suppliers.
Funds will also be used in conjunction with Enterprise Connect to supply small manufacturers with the skills and knowledge needed to compete in the global marketplace.
The Government says that the scheme is needed because many manufacturers are missing out on the mining boom and are often overlooked by global buyers.
According to government figures, manufacturing’s share of Australian GDP has declined from 14% in 1989-1990 to 9% in 2009-10.