What do we make ? How much value does it add to the Australian economy ? Which sectors are growing ? All good questions ! I found the following Australian government site provides a very useful summary of the key points.
For example, the site provides the following breakdown of industry contribution to GDP.
Source: Australian Government
What is interesting is to see how manufacturing and construction contribute to economy compared to the much more celebrated sectors of mining and agriculture. It is also interesting to see how Manufacturing contributes to our economy compared to other developed countries (from curious cat blog):
I don't know if Curious Cat Economics Blog is as a reliable source as the Australian Government but the figures are believable and the message clear - Australia is at the low end of developed economies, in terms of how much manufacturing contributes to our overall economy. Another Australian Government site provides analysis about how the contribution of manufacturing has changed over the last century.
The following chart is most useful in understanding how the manufacturing sector has risen and waned over the last century. The protectionist policies of the post-WWII era allowed the manufacturing sector to inflate but increased competition and growth in the service sectors has seen the overall contribution lower.
Source: Australian Government
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