well it goes beyond just manufacturing
any exporter is hurting with the high dollar
tourism too
economic theory is yeah you just close uncompetitive businesses and capital and jobs are reallocated but in practice that transition could be very ugly and painful: people losing their livelihoods, business owners going bankrupt etc
and there is no guarantee the resource boom will continue indefinitely
what I am saying is the RBA needs to be mindful of such things before it just lets the dollar keep appreciating...there are real life consequences
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- no more rate rises for a year or more
no more rate rises for a year or more, page-14
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