by Patrick J. Byrne The federal Budget has recognised the need to expand manufacturing, but Australia will not achieve a developed-world level of self-sufficiency to reduce its reliance on imports until the Government creates a development bank to diversify funding for new industries. The Morrison Government has announced it will offer $1.5 billion to boost manufacturing, with the focus on space, defence, food and beverages, medical products, recycling, resource technologies and clean energy projects. While this is a move in the right direction, the nation is starting from a very low base. The World Bank says Australia has the Western…
