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Education


built on innovation MUTUAL


GROWTH


Australia is on the doorstep of one of the world’s most remarkable economic transformations. Year after year China’s economy


grows at a rate that surprises the economists and defies the critics. At the moment, Australia is


feeding China’s appetite for the raw materials that fuel its factories and build its cities. While Australia does well from this, it is yet to realise the full opportunities flowing from China’s phenomenal growth. As the Chinese economy


becomes more sophisticated, its hunger extends beyond just raw materials. China is currently looking to make its factories greener, its cars more fuel efficient and its health system better. There is a surge in demand for high-tech, high- value and innovative manufactured products to meet those challenges. Australian manufacturing firms must be ready to capitalise on this second wave of demand. The Global Financial Crisis,


which broke in 2008, confirmed the great resilience and strength of our manufacturing sector. At a time when manufacturers in advanced economies across the globe were going to the wall, Australian firms adapted and survived. From March 2009 to June 2010, the manufacturing sector was the highest contributor to total industry gross value added (GVA), contributing 17 per cent of total


growth. In comparison, the mining sector contributed 8.1 per cent to overall industry GVA growth. I believe in manufacturing’s


inherent value to Australia’s future. The great strength of Australian manufacturers is their ability to adapt to change. Innovation got them through the GFC and innovation will help them make the most of the opportunities that markets such as China offer. Breaking into those markets won’t be easy, but forward- looking government policy can help manufacturers step up to the challenge. As just one example, the


Australian government has appointed two Automotive Envoys to help the car industry get a foothold in the massive Chinese car market. Australia will also help manufacturers capitalise on the 30 years of productive collaboration between Australia and China in science and research. China is investing heavily in


science and research. It now has the highest number of researchers in the world and its expenditure on R&D is only bettered by the United States and Japan. China fully appreciates the link between science and wealth generation. The potential benefits of scientific


collaboration have never been greater. Working on the factory floor with one of the world’s fastest


“Today, Australia reaps the returns of the mining boom, but the nation now stands at the brink of a more enduring boom − the mind boom”


Senator Kim Carr


Minister for Innovation, Industry, Science and Research


economies, Australia can develop the next generation of technologies. Australia is investing in the


Australia-China Special Fund for Science and Technology Cooperation to help ensure the nation’s long-term prosperity, and Australia is investing in the Australia- China Centre on Water so that the river systems may flow freely for years to come. Today, Australia reaps the returns of the mining boom, but the nation now stands at the brink of a more enduring boom − the mind boom. The ingenuity of Australian


scientists and businesses is the greatest national resource, and if Australia harnesses that resource as effectively as it harnesses its raw mineral reserves, it will fuel growth in the economy long after the mining boom has faded. These are opportunities Australia simply must grasp. To do so, Australia must maintain faith in the manufacturing sector and must continue to believe in the value of its scientists.


Senator Kim Carr Minister for Innovation, Industry, Science and Research


Australia China: BEYOND TOMORROW 91


AUSTRALIA


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