The Reserve Bank of Australia’s governor, Glenn Stevens, has said that it’s not all bad news for the country’s manufacturing sector, and that undue emphasis had recently been placed on the difficulties suffered by the car industry.
Fairfax reports that Stevens, addressing a House of Representatives economics committee last week, said Australia could still have a future in “very high-value manufacturing”, there were positives in the country.
"While undoubtedly this is a gut-wrenching change in Holden, Ford and Toyota - no question - it is important to remember other positive stories," he said.
Stevens pointed to Boeing’s presence in Australia – its largest outside the US – and its where it employs 3,000, as well as that of General Electric. There was the potential for more success stories in the country's industrial sector.
"We can find, I think, as a country a future in parts of very high-value manufacturing ... it can be done; it's not impossible," said Stevens.
“I think what governments can do - mostly what they can do - is try to promote an overall environment of macro-economic stability, and really the Reserve Bank plays a big part in that,” he said.
Stevens said that the RBA expected unemployment to rise but peak in the next year and then decrease again, and there were signs of improvement in the national economy.