Rethinking the Value of Australia's Primary Industry Sector - A Strategy in Buffering the Australian Economy from External Economic Shocks

摘要

In an increasingly globalised world there are no such thing as external shocks, there are just shocks that are part of the system that the Australian primary industry sector is integrated into, if the global financial crisis (GFC) provides a lesson, surely it is that national sovereignty no longer shields a sector from international shocks, and that national borders do not insulate a sector from having to respond to shocks occurring elsewhere. It is in this context that the primary industry sector ofAustralia must respond to enable it to grow and develop more substantial buffers against the effects of global economic factors. To enable this, the primary industry sector does not need to consider diversification. The sector already has ample diversification. Nor is there a need to consider market diversification, Asia is where the future is and this is where the sector should focus. But the sector does need to engage in an approach that builds greater customer value and sees Australia's globally recognised expertise in market integration supporting globally sourced supply chains delivering to consumer demand.