How Australia can remake the manufacturing sector

High wages are often blamed for the death of the manufacturing sector, but in fact they ensure Australia is well-placed to capitalise on its strength in producing higher-tech, export-oriented goods.

Yesterday’s capex numbers contained a lot of very positive news for the domestic economy, but they did show one alarming feature: a very clear collapse in manufacturing investment. Declining by 6 per cent in the June quarter alone, manufacturing investment has decreased in 9 of the last 11 quarters -- a fall of about 43 per cent. As a proportion of total investment, investment in manufacturing now sits at 5.5 per cent. It has never been lower.

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