Send to a friendchartguy February 6th, 2008 2:27 PM Link
Australia has a resource-based economy. They sell a lot of base metals. Things like copper to China. Anyway, the Australian Dollar has been very strong. Probably too strong. It meant that it made more economic sense for Mitsubishi to pay the penalty than to keep paying expensive AUD to workers to make cars.
I would not be surprised at all to see similar plant closings in Canada. The CAD has been even stronger than the AUD (resource-based and tar sands), so the costs at their plants should be even further out of whack. Of course, the Canadian government probably did a better job of creating penalties. They’re pretty good at that kind of thing.
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