AUSTRALIA: Food manufacturing industry in severe decline
Australia's food manufacturing industry is in severe decline, according to the Institute of Public Affairs.
Disappointing financial results have been cause by low levels of productivity, which themselves inhibit the ability of companies to achieve their profit expectations, export potential and investment plans. Furthermore, large multinationals such as Swiss giant Nestlé and US-owned Campbell's have moved their regional head offices from Australia to New Zealand.
In Victoria, an area home to 32% of all Australian food manufacturing, the closure of 14 processing facilities over the last 14 months has seen the loss of 2,000 jobs in the sector.
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