Agreed. I think another big issue is the dramatic reduction in volume in the large car sector which now accounts for only 8% of all vehicle sales and declining rapidly. Nobody could have foreseen that five years ago and its always perfect 20/20 vision with hindsight. That and only selling to a niche market in Australian and N.Z. was always going to be a recipe for disaster one day. Unrealistic labour rates are killing all sorts of manufacturing in Australia. What I keep hearing is aussies and their unions demanding that they need to earn XYZ an hour to afford to live in many of the cities in Australia with their sky high real estate and rental prices. Something's gotta give. That said Auckland real estate prices and rents are also now a major issue for a large proportion of young folks.
Mac Yep bound to have some effect except for the fact that we're far from the only economy staring down the barrel of a period of deflation, including Australia and much of Europe.