After a strong rebound throughout 2022, local manufacturing conditions have plummeted, with pessimism about the next six months hitting pandemic-levels.
Manufacturing conditions stalled and sentiment soured in the December quarter as surging energy prices, labour shortages, lingering supply chain issues and a looming economic slowdown weighed on spirits.
Richard Holyman, chief executive of natural medicines manufacturer Martin and Pleasance, said in his 33 years at the company, which was founded in 1857, the mix of issues had never been more complex.“We’re finding the challenges in business right now much harder than we’ve ever experienced before, partly because we don’t have experience in many of the areas to know how it plays out,” Mr Holyman said.
“There will be a lot more searching out for discount environments and there are many retailers out there that do play in that space. So, as a business, you go under margin pressure one way or another,” he said. “As we anticipate a more challenging year for local manufacturers in 2023, it’s imperative that government works to keep energy, labour, and material costs down,” he said.Westpac senior economist Andrew Hanlan said conditions faced by the manufacturing sector had shifted dramatically, from the upbeat tone of three months ago to a sobering end to the year.
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