Business

The secret of productivity growth is not technology

The idea that technology drives productivity growth is both a commonplace and a common frustration. Economies operating at or near the technological frontier have long seen sagging trend growth rates despite marvellous technology – from artificial intelligence to bioengineering to robotics – proliferating at breakneck speed. This matters because productivity, or output per input, pays for higher wages and is the foundation of long-run prosperity. In that sense, it matters most in rich economies where higher productivity growth would allow political debates to shift from (re-)distributing a relatively stagnant economic pie to sharing a growing one. Yet, there is an often-overlooked factor in the debate about technology and growth. Yes, technology undoubtedly plays a critical role, but we should think of it as the fuel of productivity growth. The spark is provided by tight labour markets, i.e. when firms are forced to better utilise technology because they cannot add labour easily. So how can cyclical tightness spur productivity growth? Which types of economies are set to benefit from this relationship? And why should policymakers see tight labour markets as both an opportunity and risk? Understanding the spark of productivity growth Availability is often not enough to prompt broad adoption and utilisation of technology – integration can be costly and there may be implementation risks. It is often easier for firms to continue to grow with the next incremental hire. When labour markets are tight and wage growth runs above long-run trends, however, firms will face downward pressure on margins even when revenue is growing. Such a pressure cooker economy can force executives, managers and workers to adopt and better utilise existing technology, instead of looking to an expensive labour market for extra capacity. The fuel of productivity growth is global, but the spark is local While the frontier of technology can diffuse […]

Treotham has lubrication-free igus spherical balls

Heavy dirt accumulation, dust and swarf are commonplace for pillow blocks and fixed flange bearings. Constant lubrication and maintenance is therefore necessary. With the injection-moulded igus spherical balls, customers can resort to a lubrication-free and maintenance-free solution for their metallic pillow blocks. igus has now developed new spherical balls made of the high-performance plastic iglidur J, specifically for cost-effective sheet metal housings. Metal and lubrication are found close together in mechanical engineering. igus proves that this does not always have to be the case. The motion plastics specialist has developed its igubal exchangeable spherical balls especially for pillow blocks and fixed flange bearings with metallic housings. These consist of the high-performance polymer iglidur J, which reduces costs since lubrication and maintenance are eliminated. The use of polymers prevents dirt and dust from settling in the bearing, which additionally reduces the sealing and prevents an unplanned machine downtime. The use of exchange bearings is also suitable in agriculture and farming, in the food industry or in plant and mechanical engineering. The igubal spherical balls come directly from injection moulding and are therefore cost-effective. Within a few seconds, they can be mounted in place of ball bearings in existing classic metallic pillow blocks and flange bearing housings and now also in low-cost sheet metal housings. The bearing system consisting of sheet metal housing and igubal spherical ball is available from Treotham. The plastic spherical ball has a high durability and its service life can be easily calculated online. Lubrication-free operation thanks to iglidur J The spherical balls made of iglidur J are not only cost-effective, but also have a very low coefficient of friction in dry operation. The material absorbs only a little moisture, so that the use of the spherical balls is also suitable for outdoors. Due to the chemical resistance […]

South Korean patent granted for Archer’s quantum computing chip

Growing Australian small cap, Archer Materials Limited, has announced the granting of a Republic of Korea patent associated with the company’s 12CQ quantum computing chip technology. The Korean Patent is a significant commercial milestone in the development of the 12CQ chip and in the Company’s efforts to access global markets. South Korea is a major global manufacturer and exporter of semiconductor chip devices, with its conglomerates, Samsung Electronics and SK Hynix, among the top producers of semiconductors in the world. The KR Patent application successfully underwent substantive examination procedures by the Korean Intellectual Property Office, which has over 1 million patents in force. South Korea has the highest number of patents per unit of GDP and the country files patents most heavily in electronic equipment (top ranked globally) and computing technology. Together with the US and China, South Korea is one of the most competitive jurisdictions for patent granting. Patent protection in South Korea is required for any future commercial operations in the country and provides Archer with access to a top 5 innovation economy to exploit IP rights related to the 12CQ chip with a duration of patent right up until Dec 2036. South Korea has named investment in its world-leading semiconductor industry, with the country committing to invest US$450 billion through to 2030, the bulk of which coming from companies, including US$150 billion by Samsung Electronics and US$200 billion by SK Hynix. Archer will need patent protection in South Korea if the Company is to participate in the country’s semiconductor industry. Commenting on the grant of the South Korean patent, Archer CEO Dr Mohammad Choucair said: “Archer’s quantum computing chip IP is now well protected in South Korea – home to some of the world’s largest chipmakers, and a critical part of the global semiconductor supply chain. “We […]

Student Challenge to Design the Future

RS Components are big supporters of the STEM student community and are excited to launch the People. Planet. Product. Student Design Challenge in partnership with The Washing Machine Project. 70% of the world’s population lacks access to an electric washing machine. That’s why The Washing Machine project was founded – to help alleviate the burden of handwashing clothes by providing displaced and low-income communities and households with an accessible, off grid washing solution. The Washing Machine Project have produced a manual, crank-handle washing machine called Divya that has been proven to save 75% of the time and 50% of the water taken to handwash clothes. They’ve devised the People. Planet. Product. Student Design Challenge to engage students with STEM backgrounds to help improve the uptake and functionality of the Divya. The prize? Besides making the world a better place? The top 3 finalists will win over $1000 in RS parts or cash equivalent to support their prototype development, access to a business mentor, and an exclusive session with The Washing Machine Project Founder, Navjot Sawhney. To enter, students must be 18 or over, follow the link and describe their idea before Friday 20th August, 10am (BST). https://www.rs-online.com/designspark/people-planet-product-student-design-challenge

Marr and Mirvac remove first section of iconic TV tower

Australian crane company, Marr Contracting (The Men From Marr’s), in partnership with Mirvac, has successfully removed the top section of one of Sydney’s highest and most recognisable structures, the former TCN-9 TX transmission tower at Willoughby. Built in 1965, the lattice ‘Eiffel Tower’ was Sydney’s first television tower and one of three towers known as ‘the Artarmon triangle’ that broadcast television on behalf of major media companies before being decommissioned in February 2021. With the departure of Nine Entertainment Co to North Sydney, Mirvac acquired approval to remove the tower and redevelop the site into a new residential community. At 233-metres, the tower, which was Sydney’s tallest structure until Sydney Tower was built, requires a specialised craneage solution to dismantle it. Now fully erected, the top of the tower crane stands over 200 metres above ground level. In early 2020, Mirvac assembled a team of leading Australian and international engineers and contractors including Marr, Robert Bird Group and critical infrastructure experts Kordia, to come up with a solution for designing and managing the process for dismantling the tower, which faced several challenges due to its size and location. “At 233-metres, this tower is equal in height to a 77-storey building which posed a number of challenges. So, Mirvac approached us to see if we could come up with a solution, using our tower cranes and bespoke equipment, as an alternative to more traditional methods of deconstruction.,” said Marr’s Managing Director, Simon Marr. “As the decommissioned tower was not structurally sound enough to attach lateral supports, the challenge from a craneage point-of-view was to find a way to get the crane hook height above 233 metres without the need to build expensive and complicated temporary structures to support the crane. “We spent 12 months working with multiple stakeholders including our lead […]

GLG to consider strategic options for market-leading Pierlite division

The Board of Gerard Lighting Group (GLG) has announced plans to explore strategic options for the company’s Pierlite business. Pierlite is the leading provider in Australia and New Zealand of indoor commercial and industrial lighting solutions. As a trusted brand for more than 70 years, the business has unrivalled relationships with a blue-chip and growing base of wholesalers, contractors and specifiers across the commercial, industrial, health and education segments. Pierlite has a strong track record of delivering large and complex lighting solutions projects. GLG is majority-owned by Bain Capital Credit and Investec. Through their strong support over a number of years, the Pierlite business has achieved meaningful growth including double-digit profitability based on revenues of approximately $150m. This has been driven in part by a comprehensive transformation program focused on a customer-led distribution model which has included significant investments in product innovation and R&D, new technology systems, and end-to-end process improvements. GLG Chairman Ben Sebel said the Pierlite division was well-placed to sustain strong growth following the successful transformation program, and with a clear focus on new market opportunities. “The business has a clear strategy to capitalise on the significant opportunities in important and rapidly emerging segments, including the global market for smart building lighting solutions which is forecast to become a $US100b industry by 2025”, he said. Pierlite’s innovative product solutions and market-leading offering has seen it secure numerous contracts across multiple segments in Australia and New Zealand including government, education, health and asset owners. Ankura Consulting has been appointed financial advisor to the proposed process.

LEEA launches Regional Council for ANZ

The Lifting Equipment Engineers Association (LEEA) has formed a dedicated Regional Council for Australia and New Zealand to take greater local control and ownership over local decisions. With its own people, budget and work plan the Regional Council will devise local solutions for local problems. “This is an incredibly exciting opportunity for the region and a significant benefit to the Lifting Equipment industry in Australian and New Zealand,” said Justin Boehm, Regional General Manager for Australia at LEEA. “The Regional Council is to be lead by local industry leaders, to push forward the benefits of LEEA membership and look to the future of an incredibly important industry. With their support and guidance, we will achieve the recognition our members deserve.” The Regional Council for Australia and New Zealand comprises Steve Flint of The Rigging Shed and Regional Director for Australia on the LEEA Board; Adam Thompson of Stenhouse Lifting; Guy Roberts of Nobles; Ashley Thacker of Ranger Lifting Rigging Safety; Andy Campbell of Bunzl; Mark Eberhard of RMB Lifting; Navin Kumar of Lifting Victoria; David Wilson of Active Lifting Equipment; and Rob Smit of Cookes New Zealand. This group of industry leaders is committed to increasing the awareness of LEEA in the region, showcasing its benefits, growing its demand and profile across major industries and focussing on local initiatives that support the area’s specific needs. They will work together collectively for the greater good of the lifting industry in Australia and New Zealand, as well as to support LEEA’s goals in the region. A specific work plan has been created that directly aligns to LEEA’s Global Strategic Objectives of: Member benefits Upholding the Gold Standard Raising awareness of members’ excellence Professional development of people across the industry Sustainable development Supporting the global industry Justin Boehm added: “There are some fantastic […]

Sussex is carbon neutral

With a commitment to ‘make it right’, Sussex becomes the first tap manufacturer in Australia to be certified as carbon neutral, marking a major milestone in a decade-long path towards sustainability. The Melbourne-based company is the first tap manufacturer in Australia to be certified as both a carbon neutral organisation, and the first to offer certified carbon neutral tapware, achieved in partnership with Climate Active. Certification has been achieved using a range of active and passive emissions reduction strategies, including offsetting 1,133 tonnes of carbon emissions via wind farms, to ensure Sussex has a net zero carbon footprint. In addition to being the first and only Australian tap manufacturer to reuse all waste metal materials, Sussex’s emissions reduction strategy in 2021 includes goals to reduce packaging, landfill, water and electricity usage, as well as to recycle 85% of materials each year. In 2017, there were approximately 53.7 million tons of greenhouse gas emissions produced by the manufacturing industry in Australia. Climate Active is a partnership between the Australian Government and Australian businesses to drive voluntary climate action. The certification—which is understood to be one of the most rigorous in the world—is awarded to businesses and organisations that have achieved a state of net zero emissions. Sussex’s Director Vanessa Katsanevakis says the certification marks the largest step yet on the manufacturer’s journey towards sustainability—one that she hopes will inspire others in the Australian manufacturing industry to take more ambitious steps towards environmental responsibility. “Our story is built around a family endeavour: to build an Australian business with sustainability at its heart. Creating sustainable and ethical solutions is key to our collective future. We have always wanted to face this challenge with a promise to do it the right way,” says Sussex’s Director Vanessa Katsanevakis. “The right way is tied to our […]

Fast detection of water leaks

Combining artificial intelligence and machine learning, Australian start-up Sytewave has developed and patented a system that accurately detects water leaks over a wide area in a matter of seconds. Quite simply, said the company’s CEO, Rick Brown, “We are on a mission to save our planet’s most precious resource, water.” Sytewave’s leak detection, monitoring and analysis system is far more advanced from anything on the market today in rapidly finding and reporting leaks in real time. Its patented technology does not require a water system to be turned off and it can detect multiple leaks from up to 7.5 kilometers away in seconds and accurate within one square meter. During a trial at one of Brisbane’s aquatic centers, Sytewave found a leak that two other leak detection companies failed to find. Six months earlier, the pool was losing 15 thousand liters of water a day. Sytewave combines artificial intelligence with machine learning to deploy its harmless approach to leak detection to rapidly determine the exact location of leaks in a water system. Its state-of-the-art, cloud-based monitoring system works year-round to immediately find leaks in pipe infrastructure. When leaks are found, alerts and reports are sent so that a team can be deployed to fix the problems. Sytewave measures and calculates the distinct signature a leak makes within one square meter. The Sytewave technology doesn’t listen at the source of a problem, which is time consuming and inefficient and mostly inaccurate. Sytewave’s harmless signal is so powerful that it listens further away to analyse an entire infrastructure. Even if a network of city pipes is 100 kilometers long, Sytewave can test an entire system with multiple pings to accurately find leaks. Testing over a wide area accurately and rapidly makes for an efficient system. “Sytewave is leaps ahead of the competition and our […]

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Wind power assembly challenge cuts time and labour input by half

A challenge to reduce the assembly times of wind power generator couplings has resulted in a halving of the time and labour taken to do the job – and increased the safety of the job as well. The Australian Technofast Industries hydraulic fastening company was asked by a US operation of a major European manufacturer to improve the efficiency of the operation to help meet burgeoning demand for its products. “There are now more than 340,000 wind turbines on the planet, generating more than 700 GWe of power, and the total is increasing exponentially. So any operation that improves efficiency and safety of production is very welcome and applicable to thousands of applications,” said Technofast CEO John Bucknell. Technofast’s challenge was to develop an alternative to older methods of fastening – such as torque wrenches – to cut the assembly time of the shrink disc coupling which joins the turbine to the generator of the design involved. The coupling consists of tapered components which are fixed using an array of bolts grouped together to make a friction drive designed to be capable of slipping under extreme load to protect the generator from damage in service. Technofast produced a custom-engineered EziTite hydraulic bolt incorporating a flexible base, which allows the unit to absorb movement of the of the flange being bolted during assembly without damage to any part of the system. “The operation – which is applicable to a wide range of applications in the power industry – used to take eight-to-ten hours using two crews of six-to-eight workers to do a consecutive torque tightening routine. “So we have cut time and labour needs at least in half, while also solving the OHS issues of fatigue from holding up individual wrenches involved in the job. The large crews doing the job […]

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