In an Ernst & Young (EY) research report released for Forest & Wood Products Australia (FWA), the forest products industry has made a significant contribution to Australia’s economy and rural community. According to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), the industry contributed $7.7 billion to GDP in 2013/14. Forest products exports were worth $2.8 billion and imports $5.1 billion. And over 70,500 people were employed by the sector in 2013-14.
The analysis of the Australian forestry industry drawing on the megatrends affecting the global economy was identified by RIRDC and CSIRO for the Australian agricultural sector.
- A hungrier world — population growth driving global demand for food and fibre
- A wealthier world — emergence of a new middle class increasing food consumption
- Choosy customers — information empowered consumers demanding particular ethics, provenance, sustainability or health attributes
- Transformative technologies — advances in food and fibre production and transport
- A bumpier ride — changes resulting from globalisation and a changing climate
Source: Forest & Wood Products Australia (FWA)