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Autrlia Essay

  • Submitted by: Hkalantari1
  • on April 15, 2015
  • Category: College Admissions
  • Length: 799 words

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Below is an essay on "Autrlia" from Anti Essays, your source for research papers, essays, and term paper examples.

New Directions for Australia’s Manufacturing Industry.
Dr John Blakemore National President Manufacturing Society of Australia Principal Consultant Blakemore Consulting Sydney masc@blakemore.com.au The continuous decline in the manufacturing industry in Australia from 30% of GDP in the 60’s to 12% of GDP in 2007 has coincided with a continuous drop in our relative standard of living compared with the rest of the world. Without our very favourable terms of trade and the current resources boom and the insatiable demand for coal and our minerals, notably by China, Australia’s economy would not be healthy. Despite our isolation, the higher logistical costs both inward and outward, and our poor infrastructure, the Australian manufacturing industry has continued to punch well above its weight since it contributes approximately 20% to exports from a base of 12% of GDP, a fact that seems to remain unnoticed by economists. The rapidly growing service industry cannot make such a claim. The information age as a driver of economic progress in the USA has not rescued the US economy, and the same can be said for the dot.com bubble. Dr Greenspan may be heavily criticized in the future for the predictions and support he gave these segments. A viable and growing manufacturing sector is necessary if the full potential of the nation’s people are to be satisfied. The service industry does not offer an outlet for the wide range of creative skills and talents of a balanced population. Science, engineering and technology are the main driver of an ever increasing standard of living which all people demand. Economies like Germany, France and Japan with a very high standard of living and high labour rates and those like China, India with a lower standard of living and low labour rates all have an economy driven by the manufacturing sector not the service industries. So success is not related purely to the cheap cost of labour as is often claimed. Australia’s trade balance is strongly...

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  • Submitted by: Hkalantari1
  • on April 15, 2015
  • Category: College Admissions
  • Length: 799 words
  • Views: 88
  • Popularity Rank: 17012
  • 1 rating(s)

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