From an article over the weekend in the Australian Financial Review:
Growth heading for cliff in Australia, says Chaney
Australia is likely to fall off a “growth cliff” when the resources investment boom ends in the next few years because the economy is not becoming more productive
Michael Chaney is Chairman of the National Australia Bank and Woodside … what he actually said (no mention of cliffs):
“Unless we are able to achieve better growth in labour and capital productivity, we will find that as investment and our terms of trade turn down, it will be very hard to achieve an acceptable level of economic growth,”
Once upon a time, there was only one Cliff:
