Despite the COVID-19 pandemic still adversely impacting many Australian manufacturers, a new report indicates that the sector is on the verge of a possible new growth phase.
According to the inaugural edition of the CommBank Manufacturing Insights Report, over the next 12 months, 58 per cent of all manufacturers expect revenue to rise, while 53 per cent expect to see an increase in profits, and 42 per cent are set to increase their headcount relative to the past two years.
In addition, the report found more than 80 per cent of all Australian manufacturers had adapted well to the challenges and opportunities that arose as a result of the pandemic – with that figure jumping to 98 per cent when looking at just the largest players in the sector.
“It is pleasing to see that most manufacturers adapted well to the persistent supply chain disruptions, rising operating costs and labour shortages, and now expect higher revenues and profit in the year ahead,” Mark Couter, Executive General Manager of Commercial Banking at CBA, said.
“To capture these growth opportunities, manufacturers are prioritising investment in their people, supply chain efficiencies, and technology. The vast majority also agreed that sustainable manufacturing is crucial to business strategy,” Couter added.
Paul Fowler, Executive General Manager of Regional and Agribusiness at CBA added, “Our regional manufacturers invested in new equipment and technologies, expanding their product range, and worked closely with suppliers and partners to ensure their supply chain efficiency.”
