What keeps CEOs awake at night?
description
Transcript of What keeps CEOs awake at night?
WHERE KNOWLEDGE IS POWER
Phil Ruthven, Chairman
What Keeps The CEOs Awake At Night
12th Annual Conference
Research Lounge RMIT 5/28501 Swanston St Melbourne
10 October 2011
Topics
1. Sleepless Nights
2. A New Age Business
3. The Intelligent Organisation
4. Innovation & Productivity
5. Keys To Success
6. Australia’s Global Context
1.Sleepless Nights
Keeping Us Awake
1. What is happening to my industry and markets 2. Where is the economy going 3. What will happen to interest & exchange rates 4. Keeping good staff and getting more of them 5. Managing the Net Generation employees (< 28) 6. Government stability, sensible IR laws 7. More productivity to compete locally and overseas 8. Best way to grow the business 9. Raising capital (and at good rates if debt capital) 9. My kids, brother in law and mother in law! 11. Surprises, I don’t need them 12. Heaps of other things
2. A New Age Business
Ages Of Economic ProgressGDP @ Constant F2011 Prices Australia 1788-2011 and onwards
GD
P $
bil
lio
n
IndustrialAge
0
200
400
600
800
1000
1200
1400
1600
1800
2000
220017
8017
9018
0018
1018
2018
3018
4018
5018
6018
7018
8018
9019
0019
1019
2019
3019
4019
5019
6019
7019
8019
9020
0020
1020
2020
3020
4020
5020
6020
7020
8020
9021
00
HuntingAge
AgrarianAge
InfotronicsAge
IndustrialAge
Year, ended June IBISWorld 26/05/11
An Industrial Age is when Manufacturing and Construction dominate the economy (c. 30-50%+ of GDP)
Agriculture,Mining, Banking, Commerce
Transport the major
utility
Quaternary service industries
Hunting, trapping, fishing,crafts, religion
Enlightenment Age ?
Quinary service industries
Imbedded intelligence,
neural network Programs.
More electronic “guardian
angels” and other new
technologies
Electricity, gas & water, and telephony, the
Industrial Age utilities
IC&T the Infotronics Age utility
The Big Changes For Enterprises In The New Age , 1965-2040s
Business reverses from production to market orientation
Protectionism fades, and international trade grows
Goods industries lose importance as share of GDP
Over 100 new service industries emerge
New utility (IC&T), adding to old (electricity, telephony etc)
Outsourcing of non-core functions and activities
Importance of intellectual property (IP) over hard assets
OH&S becomes de rigueur; ditto world best practice (WBP)
Old style employment gives way to contractualism
SMEs increase share of economy (new industries, outsourcing)
Emergence of franchising, and strategic alliances
Adopting an information mindset, a condition of survival
Expectations of a New Age business
1. Profitability and growth ROSF (after tax) of 4 times the bond rate Growth better than the industry average International expansion where possible
2. Uniqueness in: Product, IP and operations Organisational culture
3. World best practice in: Operations Value for money for customers Respect for the society in which it operates Relations with other stakeholders Treatment of the natural environment
26th 5025th 5024th 5023rd 5022nd 5021st 5020th 5019th 5018th 5017th 5016th 5015th 5014th 5013th 5012th 5011th 5010th 509th 50
Average8th 507th 506th 505th 504th 503rd 502nd 50
Best 50
-60 -50 -40 -30 -20 -10 0 10 20 30 40 50 60
-4.4
-1.10.41.6
2.84.04.96.17.18.49.410.511.612.6
15.516.717.2
20.422.3
25.329.2
34.551.3
176.8
Includes private and government businesses
Percent
Australian Profitability by Cohorts Return on Shareholder Funds (after tax), 1300 Best Large Enterprises 5 years to F2010
Source: IBISWorld 22/11/10
23% > Best Practice (ROSF 22.4%)34% > Average (ROSF 15.3%) 41% > Cost of capital (12.2%)64% > Bond Rate (5.6%)17% Losses
-12.2
-40.0
183.1
14.2
Government Admin.Transport
HealthEducation
ManufacturingCult & Recn Serv
UtilitiesOther Services
AgricultureProp & Bus Serv
AverageW'Sale TradeConstruction
Finance & InsHospitality
CommunicationsRetail Trade
Mining
0 5 10 15 20 25 30 35 40
4.9
4.9
7.1
8.1
8.6
9.6
9.7
11.2
12.2
14.1
14.7
17.2
17.3
21.0
22.2
29.2
3.0
Are there bad industries, as suggested by this chart or really a number of industrieswith bad management practices, old-fash-ioned traditions and/or interfered with by governments and their debilitating bureau-cracies ?
ROSF (%)
Australian Profitability By Major Industries
Return on Shareholder Funds (after tax), Top 1350 businesses 5 years to F2010
Source: IBISWorld 22/11/10
8.2
4.1
Education
Communications
Mining
Other Services
Wholesale Trade
Construction
Retail Trade
All Industries
Manufacturing
Finance & Ins
Healh
Cult & Recn Serv
Prop & Bus Serv
Transport
0 10 20 30 40 50 60 70 80 90 100 110
49.0
51.6
52.5
54.0
56.1
58.2
57.5
57.5
63.8
79.8
69.6
85.4
Percent
Australian Profitability By Major Industries
Return on Shareholder Funds (after tax), Best 100 5 years to F2010
Source: IBISWorld 25/02/11
41.6
Includes private enterprises42.2
4 companies
16 companies
3 companies
1 company
9 companies
21 companies
10 companies
6 companies
23 companies
1 company
4 companies
1 company
1 company
0
2
4
6
8
10
12
14
16
18
20
22
24
26
28
301
99
01
99
11
99
21
99
31
99
41
99
51
99
61
99
71
99
81
99
92
00
02
00
12
00
22
00
32
00
42
00
52
00
62
00
72
00
82
00
92
01
02
011
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
RO
SF
(%
)
Corporate Profitability to 2010 (Return on Shareholders Funds, after tax)
AustralianLargest 30 Listeds
USA Largest 30 Listeds
3.The Intelligent Organisation
Our
© IBISWorld
The Total Environment For My Business
MyFirm
Some of The Developments & ChallengesWorld Environment
Basaically strong growth Rising energy prices Impact of BRIC Emerging borderless world Terrorism and epidemicsResource Environment
Mining, Infrastructure, IC&T Ecological challengesCommunity Environment
Living longer, ageing Geographic shifts Generational differences Changing spending patterns Polarisation of incomes & wealth
Economic Environment High confidence levels Sustained strong growth Growth in services Vs goods Rising trade as % of GDP
Labour Environment Emerging sellers market Skill shortages Move to contractualism Lifelong education & training
Government Environment Rationalism Vs humanism Balanced/surplus budgets Among lowest taxed in OECD Excessive laws & regulations
Finance Environment Managed funds growth Ease of access to capital Rising interest rates Exchange rate volatility Rising fees
Services Environment Growth due to outsourcing Appetite for information/advice Rising legal and A/C costs
Goods & Materials Rising commodity prices More sourcing offshore Falling importance within GDP
Marketplace Environment Service products dominant Offshore markets Changing advertising mix Rationalisation of markets Importance of CRM programs
Industry Environment
465 classes of industry Lifecycle phase of industry Service industries dominant Rising foreign ownership Less government ownership ACCC & ASIC Progressive rationalisation
In the Industrial Age businesses generally planned and operated on an inside-out basis.
The external business environments were largely opaque to an enterprise which tended to be fortress style; and enterprises were opaque to outsiders who saw enterprises as secretive.
In the New Age businesses must now forecast, plan and operate on an outside-in basis.
The business environments are becoming transparent to enterprises, and in turn the enterprises
are becoming more transparent to outsiders.
How much do we need to know about . . .
The Influential Environments (4) 1. The world environment, growth, regions, nations, demography etc. ? 2. National resources,developed (infrastructure, IC&T), natural (resources, ecology) ? 3. Our community, its changing demography, lifestyles and spending ? 4. The economic environment, the “business weather” conditions ?
The Operating Environments (6) 5. The government environment, laws, taxes, policies, incentives ? 6. The finance market, equity, debt, exchange/interest rates, treasury ? 7. The services market, to outsource none-core activities and functions ? 8. The labour market, for executives, employees and customers ? 9. The purchases market, raw materials, semi-/finished goods, prices ? 10. Its market, local and global ?
The Immediate Environment Our own industry, WBP, size, growth & disposition, competitors? Our Own Business Its IP, financials, sales, operations, TQC, productivity, R&D, HR etc. ?
The Key QuestionsI. What are the golden rules for being a successful
and world best practice (WBP) business?
II. What business or businesses are we in (as officially defined by ANZSIC class, not arbitrarily)?
III. What makes our industry tick, and where is it going?
IV. How well do we do in our industry and at large
V. What market or markets do we serve?
VI. What is happening to the business environment within which we operate?
VII. Do we have a winnable strategy and business plan?
VIII. Are we appropriately structured with a professional first line team and operationally managed to achieve a winnable strategy?
Business Intelligence Expenditure on data and information, F2011(E)
Internall y Generated
64.5%
5.6% of all business revenue ($ 215 billion in Australia)
35.5%
Externally Sourced
Finance & Accounts R
&D,
Innovation
Operational
analyses etc.
Sales analysis Personnel
IBISWorld 30/09/11
Nearly two thirds of all business data, information and intelligence in Australia in F2010 will be internally generated.
How much value-adding do we do with this, to help with planning, efficiency, revenue growth, CRM and profitability?
ICT CEO & Board
Internally Generated Information? 65% of all business spending
© IBISWorld
IC&T
CIO?
$140billion in Australia in F2011
Over one third of all spending on data, information and intelligence by enterprises in F2010 will be outsourced.
This proportion has been steadily increasing from less than 10% half a century ago to an estimated 35.5% this year.
We are spending more on information and also outsourcing more of it.
Type Of Outsourced Business Information Australia F2010 (E)
IBISWorld 18/11/09
2% of national revenue ($68.8 billion Expenditure)
Other1
Associations 6.7%
Mgt. Consulting
News/Books/Mags.
1.2%
Legal Services
AccountingServices
Env. Serv. 7.7%
26.2%
Conferences/Meetings2
Data/Informn. 6.5%
20.3%
Online Info 2.0%ISPs 1.7%Data Process 1.5%Mkt. Research 1.3%
Cons. Eng. + Architects
10.6%
Exploratory
9.7%
5.8% 2.2%
Note: 1 Public Relations Credit Agencies O ther 0.7
2 Includes accommodation, travel, registration fees, speakers etc
ScientificResearch
3.1%
Purpose Of Outsourced Information About What? F2010 (F)
IBISWorld 17/11/10
$ 68.8 billion expenditure (Australia)
Government 1.0%World 0.8%Services 0.5%Resources 0.5%
Own Industry 9.8%
Comm
unity 1.5%
Market 4.0%
Economy 2.5% Finance 3.0%
71.6% About Our Own Company1
Purchases 2.9%
Labour 2.0%
Exploratory
From Accounting firms, Legal firms, Management Consultants,
Consulting Engineers etc
Spending on information about the external environment ($19.5billion) is 28% of all outsourced spending and 10% of all spending
Of all the business spending on data, information and intelligence - $195 billion - only 10% is spent on issues in the external environment.
But this spending is growing nearly 2% pa faster than the economy in response to the need to plan on an outside-in basis, displacing the old inside-out approach of the secretive Industrial Age?
The Imperative of Going Up The
Information Chain
The Knowledge Pyramid
By ValueBy Volume
Hearsay, Rumour, Scuttlebut
Data
Information
Expert Opinion
Intelligence
Vision
Hearsay
Data
Information
Intelligence
Expert Opinion
Wisdom
Vision & Strategy
Unique IP
Expert Opinion
Wisdom
Unique IP
Vision
Decreasing Value
Increasing Value
Source: IBISWorld 18/11/09
But interesting!
4.The Innovation & Productivity
Imperative
TaiwanUK
GermanyBelgiumIceland
DenmarkUAE
SwedenKuwai
IrelandAustriaCanada
AustraliaSwitzerland
USABrunei
NorwaySingapore
LuxembourgQatar
0 10 20 30 40 50 60 70 80 90
Standard Of Living Ladder GDP/capita ($USppp’000) 2010
IMF: 04/04/11
Population Australia 22.5
12 of the Top 20 have populations smaller than Australia
Productivity Growth Change in GDP/hours worked 1903-2011 (3-year moving average)
19
00
19
05
19
10
19
15
19
20
19
25
19
30
19
35
19
40
19
45
19
50
19
55
19
60
19
65
19
70
19
75
19
80
19
85
19
90
19
95
20
00
20
05
20
10
20
15
20
20
20
25
20
30
-5-4-3-2-10123456789
10
Per
cen
t
ABS/IBISWorld 30/09/119Year Ended June
1.7% per annum New Age average(1965- onwards )
Average to 1964 (the Industrial Age) 2.07Average after 1964 (Infotronics Age) 1.65
ProductivityGDP per hours worked (4-quarter moving average) to June 2011
Source: ABS Cat NO 5206.0 IBISWorld 15/08/11
1960
1962
1964
1966
1969
1971
1973
1975
1978
1980
1982
1984
1987
1989
1991
1993
1996
1998
2000
2002
2005
2007
2009
2011
2014
2016
2018
2020
-2.0-1.5-1.0-0.50.00.51.01.52.02.53.03.54.04.55.0
%
New Age average 1.7% per annum
Mining
Utilities
Real Estate/Rent
Hospitality
Other Services
Education
Health
Govt Adm/Def
Prof & Tech Serv
W'Sale Trade
GDP
Transport
Arts & Recn
Construction
Manufacturing
Admin Serv
Retail Trade
Finance & Ins
Agriculture
Communications/Media
-12 -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6
-11.0
-8.4
-2.2
-1.9
-1.4
-0.10.0
0.2
0.3
0.3
0.6
0.6
0.8
1.1
1.2
1.3
2.4
3.5
4.8
5.2
Source: ABS 5204.25 07/09/11
Percent Growth
Australian Industries Productivity 5 year growth to F2011, % p.a (IGP / hour worked)
Long term average productivity 1.8% pa
The shortfall of 1.2% pa over the past 5 years fully explained by Mining and Utilities which were both shockingly negative
5.Keys To Success
What the Best Enterprises Are Doing
1. They stick to one business at a time and do not diversify
2. They aim to dominate some segment (s) of their market
3. They are forever innovative, valuing the business’ IP.
4. They outsource non-core activities to enable growth.
5. They don’t own “hard” assets.
6. They have good and professional financial management. 7. They plan from the outside-in not the inside-out
8. They anticipate any new industry lifecycle changes.
9. They follow world best practice for their own type of business.
10. They develop strategic alliances.11. They develop unique organisational cultures.12. They value leadership first and management second.
1. Stick To One Business At A Time
(Focus)
In the New Age, specialisation is critical - being in just one of the nation’s 465 classes of industry. It is very difficult to reach world best practice in even one industry class these days. Growth is best sought geographically (regional, global) rather than through diversification.
And yes, there are some exceptions, but not many.See next slide.
By Focus Focused (mainly single industry class) 99 74.0% Theme Conglomerates 1 117.3% Classic Conglomerates 0 -
100 74.2%
By Ownership Foreign Owned 50 57.3%
Private 16 348.4% Listed 34 59.0 %
100 74.2%
The 100 Best Companies ROSF after tax (%), 5-Year Average to F2010
Notes: 1 Excludes monopolies. Revenue $62 billion (1.7% of nation’s total revenue) Source: IBISWorld 23/02/11
2.Aim To Dominate Something
(Positioning)
Secure a safe industry position in your chosen industry to be master-of one’s-own-destiny by dominating something.
Domination can be of:
the whole industry class (being a major); or one category in the industry (a niche player);
or one product group1 (an ultra-niche player); or one product category ( a boutique operator).
Note: 1 Or a customer segment; and occasionally a geographic area
Industry Share Strategy(positioning for a winnable war)
Source: IBISWorld
Major Player
25-75%
5% 1-5 %
No-man’s-land (un-winnable position)
Caught between nichers (“knee-cappers”) and ultra-niche players (“ankle-biters”)
Exotic/boutique operator (0.1%)
No-man’s-land
5-25%
Ultra-niche specialist (1%)
Niche Player
No-man’s-land (un-winnable position)
Caught between majors (“sledgehammers”) and niche players (“knee-cappers”)
A “major” player (ie 25%+ of an industry’s revenue) needs to have 35-50% shares of the product groups in which they choose to compete.
A “niche player” (5% of an industry’s revenue) needs to dominate a market segment (50%+ share), usually product based but can sometimes be geographic based.
An “ultra niche” specialist (1% of an industries revenue) dominates a product group with a 75%+ share.
A “boutique” or “exotic” operator (0.1% share of the industry’s revenue) owns a product line outright with no competitors.
3.Forever Innovative
(Pursuing Intellectual Property)
Patents, formulae, unique technology, processes and brands were valued in the Industrial Age, but rarely reflected in balance sheets. In the New Age, intellectual property is a more complex “cocktail”. It consists of skills, special competencies, unique systems, winning cultures - as well as patents, copyright, unique formulae, unique technology & processes, brand & mast-head strength etc.
It is the "holy grail" of an enterprise, its core and its most valuable balance sheet asset - whether recorded as such in dollar terms or not.
Intellectual Property
Intellectual property can best be described as a “cocktail” of:
• skills, special competencies, unique systems; • patents, trademarks & brands; • organisational culture, customer relation
protocols; • vision, plans and documented achievable
strategies.
It is the "holy grail" of a enterprise, its core and its most valuable balance sheet asset, whether recorded as such in dollar terms or not.
11. Developing A Unique Culture
A unique culture is about attracting and keeping good people to your business, and helping develop ordinary people into extraordinary people.
This is built on a base of world best practice principles of human resources management. But a unique culture goes well beyond the basics: it needs to have special elements of both a tangible and intangible nature.
No matter how often we say it, employees are not a firm’s most valuable asset, since slavery has been outlawed for some considerable time! But they can be “valued”, and a unique culture is vital to this goal.
12. Leadership
Leadership sits above management. It is, by nature, demanding of special attributes such as loneliness in ultimate decision making (after full consultation), with no voting. And, sometimes, no consensus.
It is non-gender specific (unlike management which favours females in the New Age of service industries).
Leadership involves more external focus than internal: the opposite of management.
Apart from listening to experts and confidantes, it involves communicating directly with major customers at least once a year.
6.Australia’s
Global Context
World GDP GrowthReal growth (PPP), 1950-2012(F)
-12
-10
-8
-6
-4
-2
0
2
4
6
8
10
121940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
Pe
r c
en
t 1950-1969 growthin US$ market terms
Purchasing Power Parity (PPP) terms
IMF/Economist//IBISWorld: 11/09/11
2008 3.2% 2009 -0.7% * 2010 4.1% 2011 3.6% (F)2012 3.7% (F)
* The world decline in 2009 was -2.0% when measured in $US market price terms
World’s 30 Largest Economies 2011 (F)
World’s 228 nations US$ 78.1 trillion
Mexico 2.1%S. Korea 2.0%Spain 1.8%Canada 1.8%Indonesia 1.4%Turkey 1.3%Australia 1.2% 17thIran 1.1%Taiwan 1.1%Poland 1.0%
UK G
erm
any
3.9%
11th – 20th Nations 14.6%
Russia
14.3% ChinaItaly France
Brazil
19.4% USA
Purchasing Power Parity (PPP) terms
Japan
Rest of World(198 nations) 16.1%
India
5.1%3.0%2.9%
2.7%2.6
%
2.3
%
6.4%
21 - 30 th Nations 6.4%
IMF/IBISWorld 08/02/11
Netherlands 0.9%Argentina 0.8%Saudi Arabia 0.8%Thailand 0.8%S. Africa 0.7%Egypt 0.6%Pakistan 0.6% Colombia 0.6%Malaysia 0.6%Belgium 0.5%
World’s 30 Largest Economies 2015 (F)
Includes H/K (0.4%) and Taiwan (1.1%)
World’s 228 nations US$ 99.3 trillion
Italy 2.0%S. Korea 1.9%Canada 1.6%Spain 1.6%Indonesia 1.5%Turkey 1.2%Australia 1.1% 17thIran 1.0%Poland 1.01%S. Arabia 0.8%
UK
Germany
5.1%
11- 20th Nations 14.0%
Russia
18.1% USAMexico 2.1%
France
Brazil
18.7% China
Purchasing Power Parity (PPP) terms
India
Rest of World(198 nations) 13.7%
Jap
an6.4%3.5%
3.0%
2.9%2.7
%2.6
%
21 - 30 th Nations 6.8%
Wikipedia & iBISWorld 08/02/11
Netherlands 0.8%Argentina 0.8%Thailand 0.8%S. Africa 0.7%Egypt 0.7%Pakistan 0.6% Colombia 0.6%Malaysia 0.6%Nigeria 0.6%Belgium 0.5%
The World’s Economic Regions In 2011(F)Share of World GDP (ppp basis)
2011 World GDP, $US 78.1 trillion
C&S America6.3%
North America23.3%
W&C Europe21.7%
EasternEurope3.7%
Asia Pacific28.9%Africa
3.9%
ME5.4%
IndianS-C 6.8%
IBISWorld 08/02/11
World Regions ImportanceChanging importance, % of World GDP (ppp terms)
Source: OECD 08/02/11
1870 1913 1950 2015
26.1%17.0% 16.3%
31.8%
7.6%
8.6%9.6%
4.0%
33.6%
35.5%
27.3%
19.0%
2.0%
3.5%
6.7%
6.0%
12.7%22.8%
30.5%21.9%
2.7%3.6%
4.1%
4.2%
7.7%
Middle East Africa
Indian S-C
Asia Pacific
5.5%
1.1 2.7 5.3 99.3 GDP (trillion)
1870 1913 1950 2015 (F) Year
Nth America
C & S America
Western Europe
Eastern Europe
12.2%
7.6%
3.6%
Asia Pacific EconomyGDP ppp terms 2011
*Korea 7.0%
Source: International Monetary Fund, Oct 2010
Australia
4.1%%
Indonesia
Thailand 2.8%
Singapore 1.4% Vietnam 1.3% NZ 0.6% Myanmar 0.4% Cambodia 0.1% Laos 0.1% PNG 0.1%Other 1.1%
47.2% China
Japan 20.2%
Malaysia
Phillipines
HK
1.5%
Tai
wan
3.8%
4.8%
1.9%1.6% Others
5%
*North Korea 0.19% South Korea 6.93%
$21.2 trillion total
2.8%
Asia EconomyAsia Pacific + Indian S-C
ppp terms 2015 (F)
$US 38.9 trillion (39.8% of world GDP)
Indonesia 3.9%
Source: Wikipedia/ IBISWorld 18/02/11
India 16.4%
Other A-P0.3%
NZ 0.4%
H/K 1.1%
Australia 2.9%
Singapore 1.0%Vietnam 1.1%Philipp 1.2%Malaysia 1.5%.Thailand 2.0%
Greater China47.9%
44.0% China
13.0%
JapanSouth Korea 5.0%
Other Indian S-C3.1%
Taiwan
2.8%
Economic Growth: ChinaReal growth 1950-2012 (F)
-28-24-20-16-12-8-4048
12162024
19
50
19
54
19
58
19
62
19
66
19
70
19
74
19
78
19
82
19
86
19
90
19
94
19
98
20
02
20
06
20
10
20
14
20
18
20
22
Pe
r c
en
t
SSBC/IBISWorld: 18/09/11
8.2% average
Economic Growth IndiaReal GDP growth 1950-2012 (F)
-12-10-8-6-4-202468
10121416
1950
1954
1958
1962
1966
1970
1974
1978
1982
1986
1990
1994
1998
2002
2006
2010
2014
2018
Per
cen
t
SSBC/IBISWorld: 18/09/11
Growing
faster
Economic Growth IndonesiaReal GDP growth 1950-2012 (F)
-14-12-10-8-6-4-202468
10121416181
95
0
19
54
19
58
19
62
19
66
19
70
19
74
19
78
19
82
19
86
19
90
19
94
19
98
20
02
20
06
20
10
20
14
20
18
Pe
r c
en
t
SSBC/IBISWorld: 18/09/11
6.0%
average
Economic Growth JapanReal GDP growth 1950-2012 (F)
-12-10-8-6-4-202468
1012141619
50
1954
1958
1962
1966
1970
1974
1978
1982
1986
1990
1994
1998
2002
2006
2010
2014
2018
Per
cen
t
SSBC/IBISWorld: 27/09/11
1961-1976
8.5% pa1977-1991
3.8% pa1992-2007
1.4% pa
Economic Growth: AustraliaReal growth 1961-2012 (E)
-12-10-8-6-4-202468
101214161
95
0
19
54
19
58
19
62
19
66
19
70
19
74
19
78
19
82
19
86
19
90
19
94
19
98
20
02
20
06
20
10
20
14
20
18
Pe
r c
en
t
SSBC/IBISWorld: 27/09/11
3.5% average
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