Market/Finance News Blog: Growth ahead for industry and exports

By the resi financial blog team, 11 December 2014

Market/Finance News Blog: Growth ahead for industry and exports

The Australian government is taking measures to increase the nation's competitiveness in the global export market. According to Trade and Investment Minister Andrew Robb, data released on December 4 showed an increase in resource and manufacturing exports, helping the nation to reduce its trade deficit in October.

"Overall exports rose 1.5 per cent in October to $26.9 billion, while net exports contributed 0.8 percentage points to GDP growth in the September quarter," said Mr Robb.

While the jump in exports is a good shot in the arm for the economy, the effects of the recent trade agreements struck with major Asian trade partners should see a more long-term solution to Australia's financial and trade needs.

Developing new strategies for exports

In a December 10 statement Mr Robb announced the appointment of Michael Lee to the Export Market Development Grants scheme.

The scheme is geared towards increasing the competitiveness of Australian exports around the world. Mr Robb noted that Mr Lee's experience would serve him well in this capacity.

"Mr Lee is a highly experienced business executive whose solid track record demonstrates a deep understanding of the challenges Australia's international businesses face," said Mr Robb.

Giving Australian industry the attention it deserves

Although exports are essential to the success of Australia's economy, without the product to ship overseas, there wouldn't even be an export market.

The inaugural Australian Industry Report 2014 was released on December 10, highlighting areas in which Australian industry can increase its competitiveness.

"Australia is not alone in meeting this challenge. All major developed countries are experiencing this transformation, therefore we must act quickly and decisively to carve our place in changing global markets," said Minister for Industry Ian Macfarlane in a December 10 statement.

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