Food manufacturing is an ideal candidate for targeted accelerated depreciation because the food industry, our biggest industry, creates significant flow-on benefits.

The quote by Anthony Pratt — “Food manufacturing is an ideal candidate for targeted accelerated depreciation because the food industry, our biggest industry, creates significant flow-on benefits.” — highlights the economic rationale for offering tax incentives to support the food manufacturing sector. Accelerated depreciation refers to a policy that allows businesses to deduct the cost of assets more quickly, reducing their taxable income in the short term. Pratt argues that applying this incentive to food manufacturing would stimulate growth in a sector that generates widespread economic ripple effects across employment, agriculture, and supply chains.

The origin of this quote comes from Pratt’s work as a leading Australian businessman and chairman of Visy Industries, one of the world’s largest privately owned packaging and recycling companies. With deep involvement in the food and packaging sectors, Pratt has long advocated for policies that bolster local manufacturing and enhance Australia’s economic resilience. His perspective reflects both business acumen and a broader understanding of how targeted fiscal policies can support national industries that provide essential services and employment.

By calling food manufacturing “our biggest industry,” Pratt underscores its foundational role in the economy. This industry doesn’t just produce consumables—it also supports farmers, logistics companies, packaging firms, and retailers, generating a wide range of “flow-on benefits”. These include job creation, increased investment, and improved national food security. Offering accelerated depreciation to businesses in this field encourages capital investment, modernization, and long-term competitiveness.

Ultimately, Pratt’s quote advocates for smart, targeted economic policy to stimulate one of the most critical sectors in the economy. His suggestion goes beyond corporate gain—it supports a vision where public policy incentivizes growth, innovation, and sustainability in industries that have a broad societal impact. In doing so, he frames food manufacturing not just as a business opportunity but as a strategic pillar of national prosperity.