1  October, 2020

Going narrow and deep on manufacturing will give Australia a competitive edge: Prime Minister’s Pre-Budget Speech


SYDNEY: The Australian Investment Council welcomes the Prime Minister’s pre-budget announcement today that government will concentrate on the development of six core industries for the future of Australia’s manufacturing capability.

“The Council supports government’s focus on advanced manufacturing in industries where we already are, or could be, world leaders and going narrow and deep in developing them further,” Yasser El-Ansary, chief executive of the Australian investment Council said.

“At this critical juncture in our national response to the COVID-19 pandemic, it is vitally important for our economic recovery and Australian jobs that our manufacturing capability can effectively and confidently grow and attract investment for the future. It is an important step towards supporting the rebuilding of business activity across the Australian economy and in sending a global message that Australia is open for business.

“Government’s consultative approach in seeking input from industry leaders and experts to develop ‘road maps’ for each sector for the short, medium and long term will provide a unique opportunity to reshape Australia’s manufacturing sector and the associated job and research opportunities for the future.

“As Australia transitions out of the COVID-19 downturn we must ensure that the economic recovery is underwritten by big gains in innovation and technology to drive increased productivity in manufacturing that will boost our global competitiveness and attract investment into the sector.

“Private capital can play a central role as an important investment and efficiency driver for Australian industries and businesses and in lifting business productivity, competitiveness and growth as part of the national effort to re-start activity across our economy,” Mr El-Ansary said.

In June 2020 the Australian Investment Council released a comprehensive plan outlining the views of private capital investment leaders about the priority policy reforms necessary to guide the economy back to growth. Roadmap to Recovery – Creating a Stronger and More Dynamic Economy sets out priorities which span a mixture of short-term and longer-term reforms that will underwrite the next wave of economic growth.

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Media enquiries:

Yasser El-Ansary
Chief Executive
M: 0404 080 832

About the Australian Investment Council

The Australian Investment Council is the voice of private capital in Australia. Private capital investment has played a central role in the growth and expansion of thousands of businesses, which when combined represents a multi-billion-dollar contribution to the Australian economy. Our members are the standard-bearers of professional investment and include: private equity, venture capital and private credit funds, alongside institutional investors such as superannuation and sovereign wealth funds, as well as leading financial, legal and operational advisers.

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