A Deloitte report stated the nation could become less competitive over the next five years while the United States was expected to become the most competitive country in the world, overtaking China.
Deloitte’s 2016 Global Manufacturing Competitiveness Index showed Australia had fallen five places from 16 to 21 in over the past two years.
And within fives years that ranking was expected to fall one place to 22, the survey of 500 manufacturing bosses showed.
Deloitte Australia Partner and Manufacturing Group leader, Damon Cantwell, said Australia should take heed of the forecast ability of the US to take the top spot in five years time thanks to investment in research, technology and innovation.
“It is vital Australia’s positive attributes are being promoted in a targeted manner,” Cantwell said.
He said the nation was strong in eight of the 10 top competitiveness drivers, suggesting Australia should be occupying a higher position in world rankings.
Success in Australia would be dependent on improving the relationship between industry and the research and development sector, he said.
Top 10 competitive manufacturing nations:
- United States
- South Korea
- United Kingdom
Local News Matters
Media diversity is under threat in Australia – nowhere more so than in South Australia. The state needs more than one voice to guide it forward and you can help with a donation of any size to InDaily. Your contribution goes directly to helping our journalists uncover the facts. Please click below to help InDaily continue to uncover the facts.