AUSTRALA | Australia’s food and grocery manufacturing sector has continued to grow, reinforcing its position as the nation’s largest manufacturing industry and a cornerstone of regional employment and economic resilience.
According to the Australian Food and Grocery Council’s (AFGC) State of the Industry 2023-24 report, based on ABS data, the sector recorded a 5.3 percent increase in turnover to AUD 173 billion and a 4.4 percent rise in employment, now supporting nearly 300,000 jobs, over a third of which are in regional Australia. Exports also rose by 5.2 percent, highlighting the sector’s growing global reach.
“This is a sector with enormous potential. With the right policy settings and strategic support, food and grocery manufacturing will continue to boost Australia’s economy, driving regional jobs, underpinning Australia as a proud manufacturing nation, and securing our food and grocery supply in an increasingly complex global environment,” said AFGC CEO Colm Maguire.
While the sector’s growth is impressive, the report also highlighted areas for improvement, including a decline in capital investment and ongoing cost pressures. The AFGC is advocating for targeted collaboration with the government to support further growth and innovation.
Key Highlights from the Report:
- Turnover rose 5.3 percent to AUD 173 billion, maintaining the sector’s leadership in Australian manufacturing
- Employment grew 4.4 percent to 294,212, with 36 percent of jobs located in regional communities
- Exports increased 5.2 percent, while imports fell 3.3 percent, strengthening Australia’s trade balance
- The United States overtook China as Australia’s top export market
- Investment declined 11 percent to AUD 3.8 billion, signalling an opportunity for renewed focus on capital growth
As the Albanese Government advances its “Future Made in Australia” vision, food and grocery manufacturing stands ready to play a central role. The AFGC has outlined seven key pillars to boost productivity across the industry, including cutting red tape, building resilient supply chains, and ensuring affordable, reliable energy.
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