SO WHY IS BUYING AUSTRALIAN MADE IMPORTANT?
If we get off our “patriotic horses” for a moment and think things through we will realise that every time we buy an Australian made product we are actually helping ourselves in more ways than one.
Here is a list I’ve compiled of the advantages to Australians by buying Australian made:
1. JOB CREATION
There is no better way of creating and supporting Australian jobs than by buying products made in Australia.
2. JOB SECURITY
When you buy Australian made products your money goes towards paying Australian workers who in turn spend their money in Australia. This increases the volume of money available to be spent in Australia which ultimately means that the product or service that you supply becomes more affordable to more people.
3. LOWER TAXES
Regardless of what we think of our tax system the fact remains that the government needs tax revenue to provide the services needed to run our country. By buying Australian products we are creating more Australian jobs and by so doing there are more Australian workers paying income tax. To perhaps “over simplify” the equation, the more people who pay tax the less tax each person has to pay to reach our annual tax collection requirements. Each time we buy an imported product we are contributing to the wages of workers in other countries who also get taxed by their respective governments.
4. EXPORT REVENUE
When you buy Australian made products you have a direct influence on the viability of the Australian manufacturing landscape. Over the past 40 years many Australian factories have moved their manufacturing plants overseas to cash in on cheap labour rates. Whilst this strategy was effective in the short term it has also cost hundreds of thousands of Australian jobs as well as made us more dependent on imports. The other huge downside is that by making less products here we have less products to sell overseas.
5. LOWER PRICES
It’s no secret that Australian workers get much higher wages than many of our trade partners. One of the reasons for that is that the cost of living in Australia is higher than that of many other countries. Be that as it may there is no doubt that Australians are as clever and innovative as any other nationality and our ability to compete on the world stage is evidence of our resourcefulness as a country. By buying more Australian made products we would create the incentive for more Australians to invest in Australian manufacturing facilities to produce more products and so give us the benefit of economies of scale and therefore lower prices.
These are just 5 reasons why it makes economic sense to Buy Australian Products. I know there are more but for me these are the ones that come to mind when people ask me “why should I buy Australian?”