OPINION: Now is the time to be bold again and reinvent the country’s economy with a coordinated national industry policy.
Now is the time for Australia to be bold. We must diversify, modernise and industrialise our economy while lifting our productivity and investing in modern manufacturing. This is both an economic and a strategic imperative.
This is coupled with an ambitious investment program to make the US the world leader in clean energy technology, manufacturing, and innovation. I was there at Cape Kennedy for the launches of Apollo 16 and 17 and witnessed in the early ’70s the massive growth in American technology. This growth resulted in the US taking leadership in most modern and emerging technologies including computing, communications, materials, propulsion systems, space exploration and robotics.
The reliance on low value-added exports to pay for our appetite for sophisticated high-value imports is strategically and economically dangerous in a volatile geopolitical world.Australia has done it before. World War II panicked Australia into rapid industrialisation and growth in self-sustainment, and the push continued in the 1950s, ’60’s and ’70s.
We even invented colour xerography. We were, and still are, a world leader in the development of over-the-horizon radar. We established the Lucas Heights Reactor in 1958. Our Aeronautical Research Laboratory in Fishermans Bend in Melbourne was a pioneer in research into aircraft metal fatigue and worked on solving the fatigue problem in the wing carry-through box on the first F111.
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