Australia should use the immediate post-COVID-19 period to develop a bigger “high tech, flexible manufacturing industry,” according to former Fortescue CEO Nev Power.
Manufacturing used to the bastion of the Australian economy but has declined significantly over the past fifty years.
Manufacturing made up nearly 30 per cent of gross domestic product (GDP) in the 1960s, however the sector now has slumped to around six per cent of GDP as many businesses move offshore.
The federal government has established the COVID-19 Coordination Commission to identify how business, including manufacturing, can thrive in a post-COVID-19 world.
