rba and unions and australia, page-17

Schumpeter....Creative destruction......sounds optimistic does it not?

Thats what Tony is clinging to. One job destroyed, two others created.

Hands up those who have degrees in advanced physics, engineering biochemistry etc to get on with nano tech 3d printing,cancer drug development etc.

We are a nation of lawyers and screwdriver assemblers.

The whole joint will now have to go through at least 10 years of economic pain.

Big unions will be busted as small niche manufacturers grow, Government "initiatives" that created a whole industry based on writing applications for grant money, will have to go.

Oh but what about workers rights, the environment, middleclass welfare, the whales and all the other junk that will get pushed aside as survival instincts click in. Lets pray that some other nation booms so we can ride on their coat tails. Thats all we've got.

Life will be quite grey for a while, and about time too.
I was there in the early 90s when Japan went through its humiliating fall from grace. T'was not pretty.