Manufacturers in Australia are warned that if they do not take steps toward innovation, they may go into a collapse in the next five years. It is reported that the production industry of the country is in a state of decline and that the companies must be open to developments, otherwise the production will plunge down.
Only less than half of local producers are prepared for strong global competition and new technologies using advanced products, services and methods and are open to innovation.
Compared with international manufacturers, Australia appears to have moderate innovation capability among other OECD countries. It appears that Australia is in front of China and Russia, but behind the United States and Japan. While the number of manufacturers in Australia was about 96,000 a decade ago, this figure dropped to 84,000 last year.
