Senator Kate Lundy, Minister Assisting for Industry and Innovation has described the National Manufacturing Week 2013 event as an ‘extraordinary showcase’ for Australian manufacturing.
Senator Lundy, who opened this year’s National Manufacturing Week and Austech described the two trade shows as a key indicator of manufacturing’s $4.8BN annual R&D investment – a quarter of Australia’s total investment.
Describing the challenges faced by manufacturers in adapting to shifting market conditions and the continued strength of the Australian dollar, Senator Lundy commented that R&D investment was key to survival for manufacturing as it adapted to significant structural changes. Senator Lundy added that the Gillard Labour Government was committed to Australian manufacturing industries and appreciated their importance in a globally competitive, broad based and sustainable Australian economy.
Co-located with Austech, National Manufacturing Week (NMW) is Australia’s leading integrated industry event, bringing together more than 300 exhibitors over four days this year.
Event organiser Reed Exhibitions comments that in addition to funding R&D, manufacturing is intensifying its investment in new technologies ($10BN each year in plant and equipment) that streamline operations or enable new capabilities.
According to Exhibition Director Paul Baker, a survey of 400 manufacturing industry personnel last December revealed that they saw technological innovation as a source of growth. About 49.6% of those surveyed will be making moderate or larger capital investments this year to support their growth strategies.