Manufacturing growth continues
October marked a second year of growth in the Australian manufacturing industry, despite the closure of the automotive assembly sector in South Australia.
The Australian Industry (AI) Group Australian Performance of Manufacturing Index (Australian PMI) fell 3.1 points to 51.1 in October, recording its 13th consecutive month of growth as all readings over 50 indicate expansion in activity.
Six of the eight manufacturing sub-sectors expanded last month, and while October marked the final, historic end of automotive assembly in Australia, conditions appeared to be relatively buoyant, if a touch slower, for manufacturers outside of the automotive sub-sector.
“Positive sources of demand for Australian building materials, machinery and equipment include apartment and infrastructure construction; defence, mining and agricultural equipment; renewables and utilities projects,” AI Group CEO Innes Willox said.
The Andrews Labor Government welcomed the industry figures, which showed Victorian manufacturing continues to thrive, rising 2.9 points to 57.6 points in October.
“Manufacturing has a very bright future in Victoria and these figures point to continued growth across the industry,” said Minister for Industry and Employment Ben Carroll.
“We will continue to back local manufacturers so they can expand their operations, take on new workers and support those leaving our automotive sector.
“Our new industry statement will also ensure we remain the nation’s heart and home of manufacturing.”