Spoilt by China, Australia grows lazy

Great article on where Australia should be heading:

Australian leaders should instead be using this time to prepare the country for the day when Chinese demand inevitably begins to dry up. The government should be taking advantage of the lowest benchmark rates in 53 years to borrow and invest. Funds are required to rebuild crumbling infrastructure and upgrade the education system, to encourage a shift to higher value-added manufacturing and to promote innovation.

Australian industry, too, must find ways to remake itself:... As Swiss and German companies have, Australian firms must seek out value-adding niche industries that are more reliant on human capital.

Australian firms also should use the brawny dollar to start acquiring companies overseas. ...

If the Chinese can use their strengthening currency to acquire corporate gems, why can’t the Australians? Executives should zero in on the technology, science, finance and transport names they fancy and go after them.