Ted O'Brien (Fairfax, Liberal Party) Share this | Link to this | Hansard source

According to the IMF, the global economy dropped by 0.1 per cent during the GFC. During COVID-19 they expect it to drop by 4.9 per cent—0.1 per cent, GFC; 4.9 per cent drop, COVID-19—suggesting COVID-19's recession might actually be about 49 times as bad as the GFC. This brings into stark relief why we need this business-led economic recovery that the government has outlined, and manufacturing is key to that, which is why we have the Modern Manufacturing Strategy and an investment of $1.5 billion.

To ensure we are converting that strategy into real action on the ground, I was delighted last week, together with Sunshine Coast Regional Development Australia, to host a roundtable with 20 local manufacturers ranging from food and beverage through to pharmaceuticals and therapeutics, construction, design and engineering and others. We talked about the need for us to come together and take real action on manufacturing, and the starting point is the Manufacturing Modernisation Fund. Four companies were successful in the last round, and I am hoping as many local businesses on the sunny coast as possible will go after this next round to prove we are indeed the entrepreneurial regional capital of Australia.