The chemical industry released a report on global megatrends at Parliament House in Canberra yesterday.
The independent report written by the CSIRO is the first part of the Plastic and Chemical Industry Association's (PACIA) Strategic Industry Roadmap that aims to identify and address the megatrends that will influence the future of chemicals and plastics in Australia and the policy responses required to meet those challenges.
PACIA CEO Margaret Donnan said chemicals and plastics are the building blocks of Australia's modern economy.
"The supply of gas has become a major concern for chemicals and plastics as natural gas is the building blocks for the products manufactured by the chemical industry," she said.
"The ability for our industry to supply the products required by other industries is therefore being severely compromised which will have ripple effects throughout the economy.
"The second is the need for a balanced, effective, world-class regulatory system. Progress in this area has been slow, the burden remains high and the costs are comparatively astronomical.
"This means better, safer, cleaner chemicals are not finding their way on to the Australian market and given our critical role in supplying all other industries, the entire economy is suffering as a result.’
Australia's chemicals and plastics industries directly employs 70,000 people with a turnover of $40 billion. It is the second largest manufacturing sector in the national economy.
The second independent report from PACIA's strategic roadmap reports will be released at PACIA's national conference at the Langham Hotel, Melbourne in June this year.
The report is available at www.pacia.org.au
