Monday, June 17, 2024

Manufacturing industry welcomes focus on local industry future

The Australian Food and Grocery Council welcomes the Albanese government’s commitment to building a strong, technology-driven and future-ready Australian manufacturing sector with its $15 billion National Reconstruction Fund.

Federal Minister for Industry and Science, Ed Husic, outlined the ability of the National Reconstruction Fund (NRF) to support investment in the vital areas of human capital, strategic backing of local ideas and new technology.

AFGC CEO Tanya Barden says food and grocery manufacturing is the nation’s largest manufacturing sector and has the potential to almost double in value by 2030 with the right policy support.

“The vision driving the NRF is the same as the vision for the local food and grocery manufacturing industry – to support investment and innovation to create high-tech, high-value businesses that make high quality goods for Australia and the world,” Ms Barden said.

“This fund recognises the critical importance of domestic industry and sovereign manufacturing capacity to Australia.

“Food and grocery manufacturing can play a key role in our economic growth as a high-tech, high-value-add sector that capitalises on our quality produce and technical abilities,” she said.

“With 40 per cent of the people working in the industry in regional areas, the industry is not just a driver of the national economy but also the lifeblood of so many regional and rural centres.”

Australia’s food and grocery manufacturing industry is currently worth almost $134 billion and the AFGC has outlined a plan in its ‘Sustaining Australia: Food and Grocery Manufacturing 2030’ report to grow that value to $250 billion by 2030 with targeted investment and innovation.

“We look forward to working with the government to help create the strong manufacturing capabilities that will secure the nation’s future,” Ms Barden said.

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