Manufacturing sectors in high-wage economies can be competitive, as evidenced by recent figures from the UK.

Recent manufacturing figures from the United Kingdom highlight that high-wage economies can compete, according to the CEO of Professionals Australia, Chris Walton.

“Recent figures reveal that manufacturing jobs are being added at the rate of 10,000 per month in the UK, with hiring accelerating for 12 consecutive months.

“In the last 50 years, we’ve seen manufacturing outputs double in the UK and a lot of the growth is in the automotive industry. Automotive production in the UK is set to hit a record in 2017,” Said Mr Walton.

Manufacturing is a larger component of the UK economy than it is of Australia’s, while Norway’s manufacturing output is now approaching record levels as well.

The recent UK Budget, announced in March sought to rebalance the UK economy away from a one-dimensional focus on financial services and consumerism. This is seen as instructive by Professionals Australia.

“Engineering and allied services is the key component of manufacturing in the UK… a sector they’ve only rediscovered since the GFC.

“There are significant perils of not having a diverse economy.  Australia needs to focus on what specialist manufacturing we can keep and focus on in years to come,” said Mr Walton.