AUSTRALIAN MANUFACTURING INDUSTRY

MYOB Advanced Manufacturing Report

The Australian manufacturing industry has been under pressure for many years now, with rising costs putting Australia at a disadvantage.

This report by MYOB into the mid-market manufacturing sector highlights that, despite ongoing challenges, local manufacturers are resilient.

Growth, optimism, and innovation

The Australian and New Zealand manufacturing sectors have been under pressure for many years.

In a highly competitive international market, rising costs like those seen in transport and labour have put Australia and New Zealand at a disadvantage – particularly compared to international manufacturing juggernauts like China and India.

However, research into the mid-market manufacturing sector across A/NZ has highlighted that, despite the raft of challenges they have faced, our local manufacturers are resilient.

They are also performing solidly in a market that has remained uncertain, with prices for key inputs like energy and shipping that are wildly fluctuating.

Investing in innovation

In both Australia and New Zealand, investment in innovation (traditionally known as R&D) is a major priority for the sector.

In the next year, manufacturers in both countries will approach innovation with a focus on areas which will have the biggest impact on their bottom line. Sustainability is also becoming a growing concern for local manufacturing businesses.

Manufacturers who indicate innovation is a top priority

%

Australian Manufacturers

%

New Zealand Manufacturers

Progress in digitisation

As an industry, manufacturing has become increasingly focused on automation, especially to manage significant and ongoing skills shortages.

At the same time, the need to drive greater efficiency and productivity in order to remain internationally competitive, has seen digitisation become a major focus for the manufacturing sector.

Ambitions for growth

The majority of businesses on both sides of the Tasman have strong growth ambitions. They also recognise the need to move and adapt in the face of growing competition and increased demand from customers to offer more responsiveness and greater choice.

Key trends like automation and digitisation will support this evolution, providing increased productivity and the ability to adjust quickly to changing markets, building resilience while addressing the critical challenges the industry faces.

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Gain a snapshot of performance and innovation in mid-market manufacturing businesses.