Prime minister Scott Morrison has outlined seven supply chain priorities in a speech this morning ahead of the March 29 budget.
The seven sectors of manufactured goods that Australia needed to focus on, “in the national interest”, were given as semiconductors, agricultural chemicals, water treatment chemicals, telecommunications equipment, plastics, pharmaceuticals, and personal protective equipment.
Supply chains for these and other goods have been impacted by the effects of the Covid-19 pandemic and Russia’s invasion of Ukraine.
According to news.com.au, which received an early draft of the speech, it included the examples of government involvement in establishing mRNA manufacturing in Australia, ramping up mask manufacture at Med Con in 2020, and a payment to Incitec Pivot in response to the Adblue crisis in December.
“In this new era, we can’t just be thinking about ‘just in time’ supply,” he was to say at his keynote address to The Australian Financial Review business summit event.
“We also need to think about a ‘just in case’ model, which supports greater diversification and larger inventories of key goods.
“Trusted partners are critical.
“That is the world we are living in now – and we all know that supply chain disruptions are lower when we plan and prepare for them.”
Featured picture: Med-Con
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