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Toyota has annouced it will follow GM and Ford in shuttering its manufacturing facilities in Australia.
Toyota has annouced it will follow GM and Ford in shuttering its manufacturing facilities in Australia.
(Rick Rycroft/AP)

Australia’s auto demise a harbinger of fading demand

Australia’s auto industry is being hollowed out. Toyota has followed General Motors and Ford in announcing it will stop manufacturing in the country. The decision is a delayed response to a decade-long erosion in manufacturing competitiveness. But the real risk to the economy is not Australians making fewer widgets: it’s that they will be able to buy fewer things.