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'Adaptability' to high Aust dollar determines future: Swan
14/06/2012 - Treasurer Wayne Swan says he believes the way the economy adapts to a high Australian dollar will determine success across a range of industries.
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Swan said there has been a lot of debate surrounding Australia's high terms of trade and in turn a high currency, and its impact on the manufacturing sector.
"Our capacity to adapt in the face of a high currency, particularly if we have a high terms of trade for a long time to come, will determine our success across a range of industries," he told about 100 delegates at the closed session of the federal government's economic forum on Wednesday in Brisbane.
"The challenge for us is to get the economic settings for that right."
Swan earlier told reporters that everybody attending the forum wanted the best for Australia.
"People bring that spirit to the room," he said, adding the government wanted all Australians to have a bigger say and a bigger stake in the nation's prosperity.
Asked about Tuesday economic data that showed business conditions at a three-year low, Swan conceded that not everybody was in the fast lane of the mining boom.
However, data released last week for economic growth and employment showed that there was strength in the economy, he said.
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dave d | 14/06/2012 11:09 1
This Swan is really a Goose !! Of course there is strength in the economy - we all know why - mining - however not everyone make their livelihood through mining - so we can take it because Swan (Goose) thinks the economy is fine - Manufacturing and Small business can look forward to the same treatment going forward from this Government - go bust !! Where are the Union's when you actually need them - I don't hear any screaming on comments like this from Goose!!
Pat | 14/06/2012 12:17 2
And this guy (goose), is one of our insightful leaders. Sheesh,,,, I despair. As a nation we do have to adapt our manufacturing base, lets get it more aligned with our mining boom. STOP importing high ticket engineering items. Start encouraging/assisting local manufacturers to diversify. Start encouraging downstream processing of minerals where we can process and value add competetively. That's what China/Japan/Korea do,,,,,and we want to compare our financial well being with these countries. At the moment, not only are we importing workers, we are exporting manufacturing and processing jobs and business/income/export opportunities overseas. All because of continued governmental short sightedness and lack of a real vision for Australia. If we bring people into this country for the mining boom, they will want to stay and bring their families. Great, we are a better nation for their knowledge and energy. What about after the boom? What about our existing lack of vocational skills, due to 20 years of Government/Union and Employer shortsightedness and unwillingness to invest. Germany succeeds because they believe in the value of investing in their long term employees, and looking after them to keep them with the company. WE have followed the American model, if you haven't got the skills inhouse buy it from someone else, then get rid of it when you dont want/need it anymore. All for the sake of todays bottom line. It all HAS TO CHANGE or we are going to come out of this boom as nett losers.
Alfred A Arnold M/Director ACI pty ltd | 14/06/2012 12:21 3
This really shows how far left he is and how far out of touch with reality he and his party are, sorry wrong words. pack of idiots, and I am sorry to say also the drips that put them in. They have shown that not only can`t be trusted but they have no idea about economics or the Australian People, they I am sorry to say but a pack of bloody stupid unionists, Look at their antics the last few months, the general public is loosing jobs, companies closing every where and they demand better wages and conditions, it really makes me cry.
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