As Australia rushes to make hay, some worry that it will forget how to make everything else—an antipodean version of “Dutch disease”, in which a natural-resources boom boosts currencies and hurts manufacturing exports. In March the Australian Manufacturing Workers' Union launched “Manufacturing: Australia's Future”, a campaign demanding R&D incentives, more apprenticeships, and “buy Australian” requirements for government projects. In a February survey of manufacturing chief executives, 93% said their exports cannot compete when the Australian dollar buys more than $1. On March 31st, it bought $1.033 (see chart 2).
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