The Australian Industry Report is a new initiative of the Department of Industry’s Office of the Chief Economist. The report provides an overview and analysis of the major economic factors affecting Australia’s industries.
The Australian economy is home to some 2 million actively trading businesses. Together with the public sector, they employ over 11.5 million persons and produce goods and services valued at around $1.6 trillion per annum. Our workforce is highly skilled; our firms highly productive and as a result, Australian income levels are higher today than they have ever been.
Achieving this has not come without its challenges. Our economy has had to adapt and respond to a range of economic and demographic pressures. Workers and industries have had to retrain and regroup in the face of significant structural change.
In addition, the future poses some considerable challenges that will need to be addressed. How can firms remain competitive when facing a persistently high Australian dollar? How can businesses compete against those in low wage countries? What will drive productivity growth over the next decade? How will the economy manage an ageing population? What happens after the Mining boom? These are some of the questions that provide the economic backdrop for Australia’s industries. And while they are
challenges to be overcome, they are also opportunities to be pursued.
This highlights report provides a brief snapshot of the market settings facing the Australian economy. It summarises the findings of a new initiative from the Department of Industry’s Office of the Chief Economist, the Australian Industry Report . The inaugural report comes at a time of major structural adjustments. Reflecting this, the focus of this year’s report is structural change
