The Australian Food and Grocery Council (AFGC) released a report this month which found total turnover in the food and grocery manufacturing industry (which employs about 324,000 Australians) dropped $2.7 billion in the 2016-17 financial year to $131.3 billion, a fall of 2 per cent.
The broader economic conditions affecting the sector are a softening of economic growth with manufacturing contributing less. Real wages and disposable income have fallen resulting in flat lined, though positive consumption, and negative though improving consumer confidence. Indicators are positive for the future … and for the Australian food and grocery sector.
You can read the report in detail here