Real income growth for many households has also been unusually slow in many countries. Not surprisingly, these households, including many here in Australia, wonder whether this slow growth in incomes is now the new normal, or whether in time it will pass. Much depends upon the answer to this, including households’ appetite and ability to spend and borrow.
It has been clear for years that defending a local niche, a captive clientele, is no longer a winning strategy. Today, it is not even an effective means of defence. BIS Review 100/2008  7