The New South Wales government has released its first NSW Industry Policy that sets “ambitious” new local manufacturing targets for the state’s rolling transport stock.
The Industry Policy focuses on three main pillars in housing, net zero/energy transition and local manufacturing, with the latter setting a 50 per cent minimum local content target for future rolling transport stock by 2035.
With the state government already committing more than $600 million to drive local manufacturing investment, it’s now not ruling out using “innovative new technologies” such as AI, quantum, virtual reality and robotics to “dramatically change” manufacturing processes of the state’s rolling transport stock.
“Advanced manufacturing technologies will also provide new opportunities for NSW to be globally competitive in complex and high-value products while NSW manufacturers can benefit from the global transition to net zero,” the NSW government says.
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The focus on manufacturing comes after it declined nationally over the past two decades, with NSW manufacturers facing significant challenges such as high costs and weak supply chains.
To achieve a dynamic and resilient economy that’s supported by local manufacturing, the state government has also set targets for manufacturing to achieve real growth on average over the years to 2031 and to achieve growth equal to, or greater than, Gross State Product on average between 2031 and 2040.
“This investment has helped manufacturing in NSW grow two consecutive years for the first time in two decades,” the state government says.
NSW industry and trade minister Anoulack Chanthivong says: “With three new Local Manufacturing targets, we have demonstrated a real commitment to supporting local manufacturing to promote a dynamic, sustainable, and diversified economy.
“We want to see a manufacturing industry that is innovative, productive, and boosts Australia’s sovereign capability.
“Our ambition is clear: to build a better NSW and to make our state the most attractive place for people to live and work, and for local businesses to thrive.”
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