Focus on future-ready manufacturing sector

The Australian Food and Grocery Council (AFGC) has welcomed the Albanese government’s commitment to building a technology-driven and future-ready Australian manufacturing sector with its $15 billion National Reconstruction Fund (NRF).

Supporting investment in human capital as well as strategic backing of local ideas and new technology, the NRF will focus on seven priority areas: renewables and low-emission technologies; medical science; transport; value-add in agriculture, forestry and fisheries; value-add in resources; defence capability; and enabling capabilities.

Prime Minister Anthony Albanese said: “The National Reconstruction Fund will play a key part in ensuring Australia is a country that makes things. It will help create secure local jobs, boost sovereign capability and diversify our nation’s industry and economy.”

AFGC CEO Tanya Barden said food and grocery manufacturing is the nation’s largest manufacturing sector and, with the right policy support, has the potential to almost double in value by 2030.

Australia’s food and grocery manufacturing industry is currently worth almost $134 billion and the AFGC has outlined a plan in its ‘Sustaining Australia: Food and Grocery Manufacturing 2030’ report to grow that value to $250 billion by 2030 with targeted investment and innovation.

“The vision driving the NRF is the same as the vision for the local food and grocery manufacturing industry — to support investment and innovation to create high-tech, high-value businesses that make high-quality goods for Australia and the world,” Barden said.

“This fund recognises the critical importance of domestic industry and sovereign manufacturing capacity to Australia.

“Food and grocery manufacturing can play a key role in our economic growth as a high-tech, high-value-add sector that capitalises on our quality produce and technical abilities.

“With 40% of the people working in the industry in regional areas, the industry is not just a driver of the national economy but also the lifeblood of so many regional and rural centres.”

The government has now begun public consultation to further define the scope of the seven priority areas for investment and how the fund will make investment decisions.

Image caption: iStock.com/Tonklafoto