Expect more manufacturing jobs to go in Australia due to the high dollar. The Australian GREENS must be tickled pink at the news. If they can't carbon tax Australians out of business and the jobs they provide the high Aussie dollar will do it for them anyway. And more jobs will go to their friends in China who they can't carbon tax of course.
As loonie climbed over past decade, 500,000 factories jobs vanished
OTTAWA — A new paper on the impact the strong Canadian dollar has had on the economy puts into sharp focus why Ontario Premier Dalton McGuinty is not the oilsands’ best friend.
The analysis by Bank of Montreal economist Douglas Porter traces the 10-year climb of the loonie from about 62-cents in the first quarter of 2002 to it current level above par with the U.S. currency.
The loonie’s surge has had several triggers, but a big one has been wealth flooding into the country from exports of commodities such as oil, triggering a 22 per cent contraction in the manufacturing sector, with many of those 500,000 lost jobs being shed in Ontario.
