News

Around the World: Australia; A look into Australia’s economic incline.

      Australia is fighting back for their economy, and returning to their diplomatic roots. Recently, Australia has shown a dramatic increase in the productivity of the Australian market. Their most recent decision to lower the cost of their exchange rate for the exporting of produced goods has revived Australia’s local manufacturing industry–an industry that was, for a long period of time, inactive due to the convenience and efficiency of manufacturing through the U.S.

      Today, however, U.S. manufacturing is not the first industry that international countries are running to. According to business owner in Brisbane, Ty Hermans, “It’s far better, more cost effective to manufacture [our] products in our factory here in Brisbane, rather than manufacture [them] in the United States,” Hermans said.

      Australia is currently renovating the levels of mass-produce and working to end the long-term decline and economic drought in their manufacturing businesses. By changing the rate of exchange, the number of raw and material goods being imported to their manufacturers each month has risen and their relations with international trading markets has developed.

      “The Australian dollar has probably dropped by close to 10 per cent across a whole range of currencies, including the renminbi with China, with the euro and with the pound sterling,” David Chuter, Director of Innovative Manufacturing Co-operative Research Centre said. Businesses on the inside and outside of Australian borders are reaping the fruits from this sudden change.

      Local manufacturing businesses in Australia are slowly thriving and rebuilding their networks. Industries that lost a large portion of their business to more favorable trading systems are now gaining their business back.

      “Some of [the] customers took their work overseas 10 to 15 years ago, even three to four years ago, and they’re already looking to bring stuff back here to be manufactured locally,” Hermans said.

      The industry has proven to expand over the course of the past two years. In fact, over 93,000 jobs have been added to the industry, causing an influx of workers to accumulate in Australia. Although the manufacturing industry has struggled and remained stagnant for years, it is making its way to a sweet redemption.

      Australia is not only rebuilding their economy by shrinking the Aussie dollar and renovating their local industries, but they are also rebuilding confidence and restoring hope in their working communities–and it only took one small change.

      Source: ABC News

Comments are closed.

%d bloggers like this: