Shining a light on the damaging effect of a high dollar

A high dollar results in cheaper goods and lower import prices, but as seen with the demise of Australia’s motor vehicle sector, it comes at a devastatingly high cost.

Australia hardly needed a 326-page review of the Australian automotive industry -- not after Ford, Toyota and Holden announced plans to exit the market by 2017. Yet the realities of these closures have yet to settle in; unfortunately, the sector is set to lose as many as 40,000 jobs over the next few years, which -- combined with job losses in the mining sector -- creates a risk of greater structural unemployment.

The demise of the Australian motor vehicle sector has been a long time coming but it provides a timely reminder of the competitive challenges facing Australian businesses in a high-wage, high-dollar environment.

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