10k auto workers hit the streets in one week

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Via The Australian:

Peter Cook has spent almost three decades working for Toyota in Melbourne but in less than a week he’s due to become one of thousands of new job seekers.

“I’ve applied for 20 jobs and I’ve had 19 knock-backs, and I’ve got a lot of qualifications,” Mr Cook told AAP on Thursday.

He was still hopeful about the 20th application, but Mr Cook’s anxiety about his future isn’t a one-off story.

Toyota will shut down its Altona factory on Tuesday, putting more than 2700 workers out of a job.

Australian Manufacturing Workers Union organiser Tony Hynds says up to five times that number of workers will be affected through the component supply chain.

Thanks Tony Abbott who refused a lousy $500m to keep the industry alive during a very temporary currency spike in 2013. The arrow points to when Ford decided to close:

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Today a Ford Territory would cost you $38,490 while the comparable Thai or Korean built Hyundai Santa Fe costs $39,350. But, as the dollar sinks further it would have soon enough have triggered Territory exports. Instead it will be gone and the Hyundai’s price will skyrocket.

Just so angering.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.