Factors That Affect The Australian Economy And Why Still Needs More Manufacturing Industry

Reasons for Needing More Manufacturing Industries in Australian Economy

Discuss about the Factors That Affect the Australian Economy and Why Still Needs More Manufacturing Industry.

Over past few years, manufacturing employment in Australia as part of entire employment has been in enduring turn down. However, several people have forecasted ultimate decline of manufacturing operations while other people have even recommended it is foreseeable, there exist the various number of explanations why creators of different policies need to spend more in prospect of manufacturing industries in the region (Watkins, 2016). Some of the factors that have made it possible for the need of more manufacturing industries in Australian economy include the direct relations amid development of manufacturing along with courses of advance direct overseas investment. The other economic factors that affect manufacturing industry consist of significant association among manufacturing along with expansion of advanced expertise with several improvements. Therefore, sector of manufacturing remains to be the driver of Australian’s productivity growth (Ostlin et al., 2011). For this research paperwork, research proposal focuses on examining some of the factors that influences the Australian economy and the reasons why the country still needs more manufacturing industry to enable it to support its wellbeing and those of people within and outside its boundaries.

The globe’s best performing economies tend to have innovative as well as sophisticated manufacturing industry. In contrast, Australia has remained to rely too much on the mining boom and has squandered the exclusive chance to foster competitive industries. The characteristic feature of economic boom is that those operations that are caught up in the excitement believe they will go on for long duration. Australia’s recent operations of manufacturing industry boom have not been exceptional (Logan & Prescott, 2017). Some of the factors that have been affecting economy of Australia include cost of living, mortgages, economic stability, and exchange of currency, off –plan, together with low-cost commercial property among other factors. Therefore, for Australia to respond to these number of factors that affects its economy, unit need to secure the manufacturing sector’ profitability and competitiveness (Gill, 2012). The region needs to be able to respond successfully to different upcoming opportunities along with challenges by ensuring that it is well positioned to respond to future demand of different products and services. Australia has tremendous economic resources and has much to be proud of in its record of balancing manufacturing operations.

The factors that influence economy of Australia that need establishment of more manufacturing industries have become the debatable issue in Australia. Some surveys have claimed that the factors that affect Australian economy leads to improvement of operations of manufacturing industries as most workers aim at achieving huge profits so as to overcome negative factors (Buys et al., 2015). Different people in Australia suffer huge net employment losses due to sharper cuts in the economic output that in turn reflected on slower creation of business along with decrease in hiring rate as a result of negative impact on economy. These negative impacts on economy that results to poor exchange rate of currency, high cost of living, and economic stability. It is always important for every individual to be aware of the factors that affect Australia economy that either make it more profitable or reduces its wellbeing. From various investigations, it is evident that property prices are generally high concerning income levels in Australia. The high prices of property generally lead to the creation of the great demand for rental properties than owning the property (Amgad, Man, Liptrott, & Shash, 2015). In fact this greatest demand remain to be soaring in different big towns in Australia making charges of rental to be resolutely situate to increase. It also makes any procure into technique of letting after buying possessions marketplace potentially cost-effective to high-class individuals (Boyes et al., 2014). While the population in Australia keeps on growing and income rise, the demand for housing currently outpaces supply resulting to continue rising in prices that make economy of Australia to change.

Factors Affecting the Australian Economy

Therefore, this research paperwork aims to examine some of the factors that affect Australia economy and why the region still needs more manufacturing industries to help in improving its economy.  In this report, the focus is on Australian economy in general and the need to establish more manufacturing industry as a strategy to overcome the influence of these factors affecting its economy (Kramer, 2016).  In present time, people are living in the post-industrial era where information technologies, biotech, as well as services that are high-value have remain to be drivers of economic progress in Australia, although, different people assume wellbeing of their manufacturing organizations at their safety. Advanced technological operations require dedicated skills together with indulgent to develop few employment opportunities, thus, their contributions to combined employment is leap to stay inadequate. Industry for manufacturing can aim at absorbing massive numbers of employees with sensible abilities offering them with constant jobs along with improved profits (Pagotto & Halog, 2016).Australia remained to be on comparatively low tendency to revolve different jobs of manufacturing in industries into less protected employment opportunities through application of different sovereign suppliers. Furthermore, it is overwhelming that manufacturing sectors have even during duration of deterioration stayed to represent the course source of affluence of Australian economy as well as need to persist to operate same way in present and coming days (Wright, 20015). Manufacturing industries should be established more so that they can outperform many other sectors regarding its contribution to improving and sustaining economic performance of Australia and its capacity to generate quality jobs, improve exchange rates of currency, establish firm economy, improve cost of living, improve value of mortgages, and improve off-plan.

The overall target of this research work is to examine factors that affect the Australian economy and why still needs more manufacturing industry. It target in focusing on both negative together with positive factors that affect Australian economy that leads to the need having more manufacturing industry.

Specific objectives of this research work include:

•    To examine the impact of including more manufacturing industry ion economy of Australia
•    To examine influences of different factors on profitability of industries that deal with manufacturing in Australia
•    To explore changing role of manufacturing industry in the Australian economy with particular focus on different events of economic factors over the past decades

More specifically this research aim at attaining concrete answers to several inquiries, come of the research questions for this survey include:

1. What are the factors that affect economy of Australia?
2. Can the establishment of more manufacturing industries improve economy of Australia?
3. What are the roles of establishing more manufacturing industries in economy of Australia?

The different survey questions aim to help in answering the most essential aim of this project that remained to be investigations of factors that affect the Australian economy and why still needs more manufacturing industry (Gal & Murray, 2011). These research questions target to offer the specified options or scheme that economy of Australia can follow efficiently by establishing more manufacturing industries in order to survive different operations along with wellbeing of people in the region during their operations.

Problem Statement

Different factors that affect that affect economy of Australia leading to the need of establishing more manufacturing industries to combat the situation have attracted considerable local as well as global attention. The impacts of various factors in economy of Australia plays key role in ensuring that establishment of more manufacturing industries are relevant (Baum et al., 2017). Furthermore, with the fact that relations of economy and establishment of more manufacturing industries will impact economy of Australia, it is a tough scenario to consider attaining it thoroughly in analysis of business operations. It is evident that in present times, Australian economy is being influenced by some forces that are countervailing. Utilization has reduced, buildings of house along with production of firm are currently failing, and these have put forth influence of moderating and might persist in future (Kramer, 2017). This research aims at illustrating how a failure to focus on the factors that affect the Australian economy and why still needs more manufacturing industry would probably produce different sets of economic imbalances. It can lead to uprising cases of inflation that has ruined previous expansion of economy within the region. In this research project, present moderation in development of Australian economy is extra probable to extend development of manufacturing industry that brings it to the end (Wong, 2015). Major factors that have been affecting economy of Australia include cost of living, mortgages, economic stability, and exchange of currency, off –plan, together with low-cost commercial property among other factors.

Changing conditions of markets overseas and Australia along with inferior stages of authority help to industries dealing with manufacturing have developed into vital structural shift in growth of economy. Most manufacturing industries have recorded that end of different plants of manufacturing within Australia has direct effect on employees (Branzanti, 2015). The establishment can help in improving economy of Australia by reducing cases of unemployment y creation of more employment opportunities. For instance, Ford, Toyota, together with Holden have proclaimed that shutting down of their plants of manufacturing within Australia will always have straight impact over one thousand and six hundred workers in South Australia and over five thousand workers in Victoria. For Toyota along with Ford, announced losses of employment opportunities only related to manufacturing workers, so massive amount of retrenchments can happen if there are declines in design along with head office, engineering, sales, as well as posts of marketing at different corporations such as Toyota with Ford (Koenig, Altman, & Griffiths, 2011). This research will help Australian authorities as well as management of varying manufacturing firms to understand the relationship the relationships elicited by this research on economy and increasing number of manufacturing industries.

Research Aim and Objectives

The survey follows the outcomes of different surveyors on factors that affect the Australian economy and why it still needs more manufacturing industry. It is evident that, despite various researchers, it is still somehow desperate to concentrate on the need of establishing more manufacturing industry as a way of improving Australian economy. Therefore, this survey aims at filling the existing gaps through appropriate examination if the establishment of more manufacturing industry can help in enhancing the affected economy of Australia (Narine, 2018). This survey will be conducted in several sectors and regions within Australia that have been affected by different factors with the aim of understanding how establishment of more manufacturing industry can help in improving economy and well being of Australia. Therefore, outcomes of this investigation can provide the best solutions for Australian authorities to understand how to improve their economy by the need of establishing more manufacturing industries to deal with different factors that affect their economy. This research proposal is expects to have different outcomes by the end of study of this project. It will offer the understanding of the motivational factors that need of more manufacturing have on economy of Australia (Weszkalnys, 2016). It will help in identifying several factors that affect economy of Australia on the need of increasing manufacturing industries by letting these industries to use the existing information to improve economy. Therefore, outcomes of the research proposal will be vital to improve different factors that affect economy of Australia by the need of increasing the manufacturing industries in the region.

In Australia society, New South Wales together with Victoria leads in the number of established organizations in the manufacturing industry. For instances, manufacturing industries such as Holden, Ford, Mitsubishi, along with Toyota contributes to the significant share to approximately ten billion dollars in automotive industry of the region. The plants that deal with manufacturing of vehicles, as well as the assembly of these industries, are situated over the places of Adelaide and Melbourne (Newbery, 2018). Different factors that affect economy of Australia have seen many people predicting that they lead to eventual fall of industries that deal with manufacturing. However, different persons had indicated that it is predictable since there are several bases why developers of economic policies need to invest more manufacturing industries to improve the economy. There is a reasonable connection between monetary development and in addition nearness of the practical segment of manufacturing (Temurshoev, 2010). The idea reflects various factors that comprise of the direct relationship that exist between expansion of manufacturing as well as streams of phenomenal direct remote speculation. There is a basic association between assembling alongside the advancement of new innovation together with different developments and assembling as the driver of Australian national profitability development.

Research Questions

The predicted decline in Australian economy can be covered up by different factors that include variations in different elements of economy. These variations are well noticed in factors such as cost of living, mortgages, economy stability, and exchange of currency, off –plan, together with low-cost commercial property among other factors (Fromhold-Eisebith,. 2015). Moreover, there is a need for establishment of more manufacturing industries to help in reducing the adverse effects of these factors on Australian economy. For instance, current policies of trade along with laws of trades can help in supporting the establishment of more manufacturing sectors as a way of improving the economy of Australia that have been affected by several factors. Despite the supportive policies of trading, high costs of manufacturing, along with high demand for the overseas imported goods and services will drag the sustainability of the operations of industry (Carnesale, 2011).  Therefore, it is high moment to reformulate the policies of trade as the policies along with regulations to be formulated in past days when the economy was liberal and at ease.

Based on the problem statement of this research as well as the objective of the survey following investigation supposition can be projected that remain vital during investigation:

Hypothesis:

H₀: Null Supposition: Different factors are unaffecting economy of Australian, and there is no need for establishment of more manufacturing industries

H₁: Alternative Hypothesis: Different factors affect economy of Australian, and there is a need for establishment of more manufacturing industries

Some of the essential methodologies of survey will be undertaken for the purpose of analyzing the aim of the survey proposal efficiently. Some of the essential methods used in the process concentrate on the necessary need of attaining ideal conclusion on how different factors affect the Australian economy and why still needs more manufacturing industry (Manechini et al., 2018). Some of the necessary methods used to collect required data in the study include surveys or appropriately designed questionnaires that contain both qualitative and quantitative survey questions.

The data on different factors that affect economy of Australia were used for analysis on why there is still need for more manufacturing industries in the region. All the data used during the were collected from different sources that include Australia Bureau of Statistic, final budget outcome report of past years by Australian government budgeting teams, annual report on economy, interim report, and other stakeholders that operates different businesses (Robboy et al., 2015). The use of questionnaires in these different sectors will help in gauging how various factors affect economy of Australia and how establishment of more manufacturing industries can help in improving the economy. Besides, this approach of collecting data by survey as well as using well-designed questionnaires help in attaining clear understanding of various impacts of factors such as cost of living and mortgages (Polidano, Tabasso, & Tseng, 2015). It also improves the understanding of how factors like economy stability and exchange of currency, off –plan, together with low-cost commercial property among others affect economy of Australia that result to the need establishment of more manufacturing industries.

Justification of the Project

The secondary data were analyzed by the use of different mathematical approaches such as multiple regressions.   The purpose of numerous regressions during analysis can be attained by utilizing different software of Microsoft Excel. Besides, the other methods include the idea that the gathered data during the research will be analyzed using various techniques that comprise of both qualitative together with quantitative approach (Luccasen & Grossman, 2017). For instance, utilization of qualitative survey technique of analyzing data concentrate in idea of attaining efficient usage of various manufacturing industries in combat different impacts of factors on economy of Australia. Besides, use of qualitative technique of survey analysis aimed at establishing vital utilization of various figures, excel sheets, mathematical diagrams, or pie charts together with various models of statistics that are readily available on online platforms and through presentation of different scholarly articles (Lee, 2016).  The utilization of techniques of analysis through qualitative data was the technique data was descriptive that include approach that focus on attaining various means, standard deviations, medians, as well as several distribution of important variable for the investigation. The technique help in examining how factors affect the Australian economy and why still needs more manufacturing industry clusters around the average of collected data (Cheung, Lee, & Oksa, 2016). Moreover, collected data through quantitative technique from different online platforms and administrative data were utilized as the significant source of aid towards the establishment of extra findings on factors affect the Australian economy and why still needs more manufacturing industry.

The outfit of this survey is as stated below:

• First section will be Survey suggestion as summarized in the above explanation for this assignment
• Second chapter will tend to describe into detail the case study of factors affect the Australian economy and why still needs more manufacturing industry
• Third chapter will consist of the details of research methodology that comprise of data collection technique and methods of analyzing data through different methods as illustrated in this assignment
• Section four will include report on the outcomes as well as analysis of the proposed survey
• Fifth chapter will tend to summarize the vital outcomes as well as discuss their implications in factors affect the Australian economy and need of more manufacturing industry

The budget for projected survey is approximately 6, 000 dollars to finish as per set time structure as presented in Gantt plan

• The proposed budget in this survey has been precise for these subsequent major motives:
• The evaluation of work of literature to be taken on need utilization of different online resources, journal materials, textbooks, and visiting different companies for observations that is not free of cost. This process will cost approximately 2,000 dollars
• Process of collecting data in the form of surveys along with well-structured questionnaires consists of printing, mailing, and costs of traveling. If different e-mail is applicable, there is possibility of it finding itself in Junk Box section of different addresses of mail. The idea remains to be the best approach of collecting information in relation to factors affect the Australian economy and why still needs more manufacturing industry. In this cases where traveling among people may be impractical making application of posts to be used leading to charges of approximately 3, 000 dollars.
• Besides, in order to have full access to Australian charts or tables or Australian facts for Analysis of Data, some part of budget must be billed for this reason as well during the study. This process will cost around 1, 000 dollars.

The tabulated data represents duration for entire project to be finished efficiently

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