The industry is expected to see a boost in spending in 2018 after the first quarter of 2018, with the industry accounting for nearly two-thirds of total industrial services revenue in 2020.
However, it is still expected to remain under pressure over the coming months, with some of the key industries reporting their first quarter earnings disappointments this week.
“The sector is still struggling to maintain the momentum and deliver positive results,” FBL chief financial officer Chris Gulliver said in a statement.
“While the outlook for the industry is good, we are not yet confident that we will be able to sustain that momentum into the second half of the year.”
This is especially true as there are some key sectors where there are significant challenges and where we are already seeing a lack of confidence in the outlook.””
There is a great deal of uncertainty and a great amount of uncertainty about the industry’s future.
The sector is in a difficult time and there is still much work to be done,” Mr Gullivers added.
The industry is forecast to add $6.6 billion to total revenue for the first six months of the financial year, with total industrial service revenue expected to reach $11.5 billion.
In the second quarter, the sector is expected add $3.9 billion to revenue, with services to the industry adding $1.7 billion.
The Australian Manufacturing and Construction Association (AMIAC) has warned that a slowdown in the mining and resource sectors, as well as the mining industry’s poor performance in terms of manufacturing, is likely to lead to a continued decline in demand in the second and third quarters.”
We are not confident we can be in a position to deliver the growth we have been expecting over the next year,” Ms O’Donoghue said.
The AMIAC says it expects the sector to lose $2.6bn in 2019.
Topics:business-economics-and-finance,industry,jobs,energy-and -environment,energy,mining-environmental-issues,energy efficiency,technology,energypolicy,energysource: The Age, australia, qld, nsw, tas, nt, wa, tulsa, wa