Hagop Tchamkertenian, national manager for policy and government affairs at Printing Industries says the companies that will survive the current economic downturn will be those that are truly sustainable businesses.

He says, “This is why it is important for each printing business operator to provide an answer to the following question: Ideally, what kind of business do you want to operate when the economy pulls itself out of the current economic downturn?”

Tchamkertenian continues, “While each operator’s answer will naturally dictate the subsequent course of action that has to be taken, one thing that needs to be well appreciated by all industry participants is that in the current business environment, failing to plan is planning to fail.”

At the Australian economy level both sales and profits also deteriorated but growth in new capital expenditure remained positive in spite of a moderating trend, according to Printing Industries.

The association also says that in the printing, publishing and recorded media industry, new capital expenditure was reported to have fallen by 1.7 per cent representing the fourth consecutive quarter deterioration. When compared to the same period a year earlier, new capital expenditure was down by 30.7 per cent in the printing industry.

Tchamkertenian outlines that the Australian economy, which had so far done well to continue growing despite the global economic recession, now appeared to have succumbed to the global trend.

He says, “We have seen that all the major economies slid into recession during the December quarter while others like China had their growth rates slashed. This synchronised global economic downturn is unprecedented. The latest victim is the Australian economy.”

Tchamkertenian adds, “Given the economic slowdown, the printing industry is once again facing difficult economic conditions.”

Printing Industries also reported that the printing, publishing and recorded media industry contracted by 3.6 per cent during the December 2008 quarter to register an annual decline of 5.0 per cent. The outcome for the December 2008 quarter was the worst outcome since June quarter 1991.

The annual growth rate of the Australian economy has now dipped to just 0.6 per cent in trend terms after the previous quarter’s growth figure was revised downward, according to the association.

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