The Australian Manufacturing Industry (AMI) says the economy will continue to expand in the coming years as new technologies and innovations continue to drive growth.
Key points:”The industry’s dynamic growth will depend on the speed with which it adapts to the changes”The AMI expects the technology sector to be the fastest-growing sector over the next three yearsThe AMIs Chief Economist says the sector’s dynamic rise is driven by a “great deal of technological innovation”AAP/ABC News 15/15 The new wave of technological breakthroughsThe AMAs chief economist says the industry’s dynamism will depend upon the speed at which it uses technology.
“The technological innovations are really going to drive this,” Professor Matthew Pugh said.
“It’s very much a dynamic growth industry, the only question is how fast and how much can it adapt to these changes.”
Professor Pugh says the key drivers of technological change are innovation and competition.
“What we need to be able to do is be innovative and compete with the world and we are doing that very, very successfully.”
“We have to do it quickly, we have to be adaptable and we have a lot of new technology coming out that will enable us to do that,” he said.
Professor Pough says the AMI is forecasting an economic expansion of 3 per cent next year.
He says the economic outlook for the industry is also improving.
“We’re getting on very well with growth, we’re growing at about 2 per cent,” he explained.
“This is a great area of potential and we’re expecting to see more innovation and new technologies coming in.”
Technology is really going through its evolution and it’s really changing our world.
“He said the AMIs focus on technology has helped to keep the industry competitive.”
If you look at all the sectors we’re looking at, we’ve got mining, engineering, pharmaceuticals, agriculture and retail, that’s the area that has really benefitted the most from technological innovation,” he added.
The AM’s chief economist, Professor Matthew Prather, said the industry will continue its dynamic growth.”
Our dynamic growth is driven largely by our dynamic growth in technology,” he told ABC News Breakfast.”
That’s the big driver of this, technology will be driving the growth, but the growth will be more so driven by innovation and technological innovation than it will be driven by the growth in manufacturing.
“The AMs Chief Economist said the future of manufacturing is in the hands of a range of stakeholders, including consumers, manufacturers and investors.”
In the next few years the world is going to be very much engaged in the technology space, we will be in a world where you have a global marketplace for technologies,” Professor Pugh told ABC Radio National’s Today program.”
I think that’s going to really transform the way we think about the economy, and that’s what will ultimately determine the future,” he continued.