Federal Budget 2020 recap: SMEs to benefit from government focus on manufacturing

In this fourth part of our series on the 2020 Federal Budget and SMEs, we examine how the Federal Government’s focus on manufacturing will benefit SME businesses.

Up until earlier this year, commentary around Australian manufacturing was focused on moving more and more manufacturing offshore with local manufacturing focused on small-scale and innovation. Who would have imagined we could experience something so big that it would radically shift many people’s thinking in such a short time?

The COVID-19 pandemic has exposed the frailty of international supply chains, and the importance of making goods locally, thus reviving hope for a manufacturing resurgence in Australia.

Demand for Australian-made

There is a big rise in demand for Australian made goods. A recent Roy Morgan poll showed 52 per cent of Australians have a higher preference for Australian-made products than prior to the start of the pandemic. The same survey also showed 89 per cent believe more products should be manufactured in Australia.