Good crisis management needed to boost Australia’s production sector
Increased Australian productivity and competitiveness should allow the nation to drive output during global downturn
The depressed oil price environment provides a window of opportunity for the Australian resources industry to curb rampant cost inflation and increase productivity, making it more competitive internationally and better placed to ride an anticipated upswing in LNG demand next decade. It follows a five year period of unchecked growth in costs, wages and currency which has made Australia one of the least competitive countries in which to develop oil and gas projects, despite its vast cache of natural gas, willingness of investors and proximity to major buyers in Asia-Pacific. The need to cut costs and increase operational efficiency is becoming a lead theme across Australia’s resources sector
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