The challenges of the manufacturing industry in Australia are mentioned below:
Lack of Manpower and Skills: Many businesses face a shortage of competent labour, particularly in technology-related professions like robotic engineering and data analytics.
Economic and Geopolitical Factors: Supply networks can be disrupted, and geopolitical tensions and economic volatility can raise costs. It indicates that manufacturers must constantly adjust to shifting global conditions.
Sustainability and Environment: The need to accomplish ESG (environmental, social and governance) goals is increasingly pressing. Manufacturers need to adopt sustainable processes and disclose their environmental impact honestly.
Disruptions in the supply chain: Supply chain disruptions like shortages in raw materials and delays in transportation hinder production processes.
Technological Advancements: Although new technologies offer prospects for expansion, they also necessitate a large investment and degree of adaptation.
Regulatory Compliance: It is challenging to address the complex local and international regulations. Although resource-intensive, adherence to environmental, safety and quality requirements is crucial