Australia ranked last on OECD manufacturing self-sufficiency

Australia ranks last among OECD nations when it comes manufacturing self-sufficiency, according to a new report by the Australia Institute’s Centre for Future Work.

Jim Stanford from the Centre found that Australia currently has a manufacturing trade deficit of $180 billion a year, and this has more than quadrupled since the beginning of the century. The Centre’s report argues that revitalising the Australian manufacturing sector could create more than 400,000 jobs, up to $180 billion in new sales and boost GDP by $50 billion.

Below are key extracts from the report’s summary:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.