Food Sector Demand Increases
December 22, 2020
Australia’s food sector has seen unprecedented challenges this year and increases in demand for essential food and beverages.
Many Food & Beverage businesses experienced:
- Changing customer needs
- Supply chain disruptions
- Currency fluctuations
The Food & Beverage sector is Australia’s largest manufacturing industry comprising 31.4% of total manufacturing turnover and is worth $127.1 billion . The industry is made of more than 15,000 businesses of all sizes that employ over 274,000 people.
The sector was recently given a boost by the Federal Governments in October with their Budget 2020-21 announcement of the $1.5 billion Modern Manufacturing Strategy. This initiative will help Australian manufacturers to scale-up, collaborate and commercialise.
The strategy aims to help Australian Food & Beverage manufacturers scale-up, improve competitiveness and build more resilient supply chains.
Added to this are the 100% write-off rules for capital investment. Businesses with aggregated annual turnover of up to $500 million will be able to deduct the full cost of new depreciable assets and the cost of improvements to existing eligible assets. For small and medium sized businesses, second-hand assets will also be covered.
This will have a strong stimulatory effect to the Food & Beverage industry to expand, innovate, update technology and buy new plant and equipment. This will boost the wider economy as well as ensuring that the Food & Beverage industry will continue:
- To provide Australians essential foods and groceries
- Keep the regions with jobs and economic prosperity
- Sustain regional Australia through the tough times of fires, floods, droughts and pandemics
At Hydroflux Industrial we design and install solutions for your wastewater and water supply related challenges and can help you plan for the future. If you would like a free appraisal of your sites water and wastewater treatment systems by one of our solution experts, please get in touch with us at [email protected] or call 1300 417 679.
Hydroflux Industrial is an Australian owned company that provides Australian made water and wastewater systems as well as leading global brands of equipment. We use our in-depth knowledge and understanding of water and wastewater processes, together with science and technology, to design a solution specifically for you.