Developed, OECD nations have been slashing as many as one manufacturing job every two minutes as companies adapt to tighter budgets and jobs move further up the value chain.
Griffith Business School’s Fabrizio Carmignani analysed OECD and ABS data to find the rate at which Australia and its OECD peers have been cutting manufacturing jobs since 2008.
In Australia, one manufacturing job is lost every 19 minutes – a statistic that was raised by opposition industry spokeswoman Sophie Mirabella on ABC’s Q&A earlier this month.
Carmignani noted in an article for The Conversation today that Australia’s manufacturing industry wasn’t unique in losing jobs since the global financial crisis.
In Japan and the US, one manufacturing job is lost every 2 minutes, while one job is lost every 5 minutes in the UK and Italy.
As part of The Conversation’s election fact checking series, Carmignani said Mirabella was correct in stating that Australia had lost manufacturing jobs more quickly under the Rudd-Gillard Labor Government than previously.
“However, these job losses should be considered in their wider international context, including the Global Financial Crisis and an even sharper decline in manufacturing jobs in a number of other industralised economies,” Carmignani wrote.
“While manufacturing jobs have been lost in Australia, over the past 21 quarters total employment (including manufacturing) has increased at a rate of one new job created every 3 minutes.”
There’s more on The Conversation.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.