THE Federal Government has accepted in principle most recommendations in a report examining support for the nation's manufacturing sector.But it does not support proposals to consider setting up a sovereign wealth fund and a domestic reservation policy for gas.
Prime Minister Julia Gillard today received the report from taskforce leaders, alongside Industry Minister Greg Combet.
She said the government was committed to ensuring manufacturing had a strong future, despite the challenges posed by industry restructuring and a high Australian dollar.
"So, a time of change and a time of opportunity for Australian manufacturing," Ms Gillard told reporters in Canberra.
The government said the report's 41 recommendations built on current policies.
It agreed to set up a Manufacturing Leaders Group to help the government implement its response to the recommendations.
It will also bring together the Industry Capability Network, the Buy Australian at Home and Abroad Supply Advocates,
AusIndustry and Enterprise Connect to share information on opportunities for local manufacturers.
There would be a focus on large domestic investment projects in the resources sector.
"Manufacturing provides us with a skill base with innovation and it provides working people with jobs," Ms Gillard said.