One final post on today’s shocking capex expectations. Manufacturing capex is projected to fall to levels first seen in the early 1980s in unadjusted dollars. If we added inflation, it’d be comical in a truly awful way. Then if you consider that returning your tradable sectors, like manufacturing, to growth is the only way out of Dutch Disease, well, it becomes hellishly hilarious:
It’s farewell to vehicle manufacturing and hello horse and cart! Go Straya!
