Australians must stop relying on the mining sector to do the ‘heavy lifting’ when it comes to furthering the economy according to federal Industry Minister Ian Macfarlane.
Macfarlane made the comment while launching the Australian Industry Report 2014, which examines the changing face of industry in this country.
The Minister said the report reinforces the need for Australia to refocus its economy on new growth in areas of competitive strength.
“This ground-breaking report from the Chief Economist in the Department of Industry reinforces that Australia is in the box seat to grasp new economic opportunities as industry continues its transition to higher value-added manufacturing and professional services, so long as we recognise the changes that are occurring and act to capitalise on them,” Mr Macfarlane said.
“The Australian Industry Report 2014 shows why this strategy is essential if Australia is to embrace new opportunities and remain globally competitive.
“The report also provides further evidence that Australia is now entering a third wave of economic development, based around higher value-added manufacturing, niche product development and growth in professional services.
“The resources sector continues to be a vital economic contributor, but we can’t continue to rely on it to do all of the heavy lifting as our economy undergoes further transition.
“Australia is not alone in meeting this challenge. All major developed countries are experiencing this transformation, therefore we must act quickly and decisively to carve our place in changing global markets.
“The report also examines prospects for the five growth sectors identified in the Competitiveness Agenda.
“The five Industry Growth Centres in Food and Agribusiness, Mining Equipment, Technology and Services, Oil, Gas and Energy Resources, Advanced Manufacturing and Medical Technologies and Pharmaceuticals reflect Australia’s advantages in natural resources and our strengths in human capital and innovation.
“Australia has a dynamic and resilient economy. As the report makes clear, each year around one million workers change their jobs. While industry changes are significant and will require ongoing co-operation between Government and local communities, they present new opportunities for Australia and for Australian workers.