SURGING competition from China and other low wage countries is once again confronting industry in advanced nations such as Australia with the need to improve their cost structures and competitiveness. There is intense and increasing pressure to implement further efficiencies to reign in labour costs as a proportion of overall costs and to ensure wage settings are consistent with productivity and performance. These pressures are particularly acute in Australia. Analysis shows that real manufacturing wages in Australia have accelerated over the past year and are out of kilter with wage movements in the broader domestic economy, manufacturing profits and labour market conditions in the sector.
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