4.1 SEB323 Environment #1 7-Sep-09

4.1 SEB323 - Fourth and final topic for this trimester 1 2 Australias economy is dominated by the services industry sectors Once the leading

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Fourth and final topic for this trimester. 1
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2
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Australia’s economy is dominated by the services industry sectors. Once the leading industry sector in Australia, manufacturing has been on steady decline and is now less than 10% of the total national economy (in terms of gross domestic product). During the last decade the mining industry, fuelled by booming exports of natural resources, has experienced sustained and significant growth. However the Global Financial Crisis of 2008-09 caused it to suddenly retract (at least temporarily). 3
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The number of people directly employed in the manufacturing industry in Australia continues to decline – both in total numbers of employees and as a percentage of the national workforce. This largely the result of the impact of the global economy which is requiring increased improvements in productivity in local manufacturing and also pressuring the offshoring of manufacturing to other locations that are more competitive. An example is Pacific Brands which announced earlier this year it would be ceasing all local production of the Bonds brands of undergarments and offshoring the manufacturing local production of the Bonds brands of undergarments and offshoring the manufacturing to countries where the productions costs are lower. The automotive manufacturing industry in Australia has also felt the impact of the global turmoil and crises in automotive manufacturing. Last month Holden announced plans to layoff 200 employees in Victoria (including automotive engineers). 4
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In Australia, the manufacturing industry sector is in a sustained decline – both in terms of the number of manufacturing companies and the number of people employed. 5
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The fastest shrinking subdivision of the manufacturing industry in Australia is Textile, clothing, footwear, and leather manufacturing. Most consumer products for this category sold in Australia are imported. The announcement last February by Pacific Brands to cease all local manufacturing
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This note was uploaded on 09/27/2009 for the course SEB 323 - S taught by Professor Professor during the Three '09 term at Deakin.

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4.1 SEB323 - Fourth and final topic for this trimester 1 2 Australias economy is dominated by the services industry sectors Once the leading

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