So part of the answer to the question ‘where is the growth going to come from?’ is ‘all the industries that had been growing more slowly than usual during the boom’. http://www.rba.gov.au/speeches/2017/sp-ag-2017-11-15.html  7/16  16/11/2017  Where is the Growth Going to Come From?
| Speeches | RBA  Graph 4   A high exchange rate can (and did) squeeze some firms so hard that they stop exporting altogether, or even go out of business. This can have lasting effects even once the exchange rate depreciates again. Maybe the loss of export market presence or longstanding supply networks creates some path dependence.