SYDNEY, Jan. 13 (Xinhua) -- Australian manufacturers have fallen behind the rest of the world, according to a new government report released Friday.
The Advanced Manufacturing Growth Center (AMGC) found that most Australian firms are lagging behind in adopting 21st century practices, saying they are not spending enough on research and development, compared to their counterparts around the world.
However, the report is hopeful that Australian businesses can take steps to remain competitive and suggests companies can "improve their competitiveness by shifting their focus towards the highest-potential markets and playing to our national strengths."
Australia is currently struggling to compete with global businesses, particularly in Asia and the United States, with labor productivity sitting at less than 65 percent of current international indicators.
The findings were quick to mention the benefits though, to Aussie manufacturers who upgrade their practices and move up the value chain, with projections of a possible 25-35 percent increase in value to their businesses over the next ten years.
Jens Goennemann, managing director of the AMGC, said Australian companies have "to continuously advance and become or remain globally competitive."
