An Albanese Labor Government will invest $1 billion in advanced manufacturing, as part of our commitment to create secure well-paid jobs and build a future made in Australia.
Labor’s Advanced Manufacturing Fund will be part of Labor’s $15 billion National Reconstruction Fund.
The Morrison-Joyce Government have overseen the loss of 85,000 manufacturing jobs since they came to office. Australia ranks dead last on manufacturing self-sufficiency compared to other OECD countries. Unless we act, Australia will be in the bottom half of all countries when it comes to economic growth over the next decade.
Labor believes Australia can become a country that makes things again with national reconstruction focused on advanced manufacturing and creating local job opportunities for the next generation.
The Liberals and Nationals goaded the car industry to leave Australia. When the car industry went offshore around 11,350 people were employed directly by Holden, Ford and Toyota and approximately 50,000 people were also employed in other areas of manufacturing that supply parts and services to the supply chain. We need to be investing in the jobs of the future to make up for this blow.
Australia ranks 15th in the world for innovation inputs. But on innovation outputs we rank 33rd. Labor’s plan to invest in advanced manufacturing will aim to close this gap and capitalise on the ingenuity for which Australia is known.
The Advanced Manufacturing Fund is part of Labor’s commitment to ensuring we build on our national strengths and diversify Australia’s industrial base in key areas.
Labor’s $1 billion investment will rebuild our industrial base creating new capabilities and opportunities to innovate in transport, defence, resources, agricultural and food processing, medical science, renewables and low emission technologies manufacturing.
Labor’s plan will give businesses access to capital to diversify operations, industrial processes, and use research and development to climb the technological ladder.
Labor will undertake wide-ranging consultation with local communities, businesses, unions, regional development authorities, states and local governments to identify projects that support innovation, grow advanced manufacturing jobs and repair the damage of the past nine years.
Under Labor’s plan for A Future Made in Australia, we will rebuild our proud manufacturing industry, and build a future made right here in Australia.
Today’s announcement is part of Labor’s $15 billion National Reconstruction Fund which will rebuild Australia’s industrial base.
Anthony Albanese said:
“I want to be the Prime Minister who helps Australia stand on our own two feet again. This is about sovereign capability.
“Serious countries should make things. Serious countries can stand on their own two feet when it comes to manufacturing essentials.”
Richard Marles said:
“There are hundreds of thousands of skilled and well-paid jobs up for grabs – but if manufacturing all goes overseas, we will miss out.
“Only Labor will ensure we come out of the pandemic stronger through bringing manufacturing home.”
Ed Husic said:
“The Coalition has run down manufacturing capability in this country and jobs have been lost as a result.
“Labor wants to back the local know-how that is keen to not just rebuild manufacturing but use our smarts and technology to put our advanced manufacturing potential at the front of the global pack.”