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12th Annual Conference
Research Lounge RMIT 5/28
501 Swanston St Melbourne
10 October 2011
What Keeps The CEOs
Awake At Night
Phil Ruthven, Chairman
WHERE KNOWLEDGE IS POWER
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.
2.
3.
4.
5.
6.
7.
8.
9.
9.
11.
12.
What is happening to my industry and markets
Where is the economy going
What will happen to interest & exchange rates
Keeping good staff and getting more of them
Managing the Net Generation employees (< 28)
Government stability, sensible IR laws
More productivity to compete locally and overseas
Best way to grow the business
Raising capital (and at good rates if debt capital)
My kids, brother in law and mother in law!
Surprises, I don’t need them
Heaps of other things
2.
A New Age
Business
Ages Of Economic Progress
GDP @ Constant F2011 Prices
Australia 1788-2011 and onwards
2200
2000
Hunting
Age
Agrarian
Age
Industrial
Age
1800
1400
1200
1000
Enlightenment
Age ?
Age
Hunting,
trapping,
fishing,
crafts,
religion
Agriculture,
Mining,
Banking,
Commerce
Transport
the major
utility
800
600
400
An Industrial Age is when
Manufacturing and Construction
dominate the economy
(c. 30-50%+ of GDP)
Electricity, gas & water,
and telephony, the
Industrial Age utilities
Quaternary service
industries
IC&T the
Infotronics
Age utility
Quinary service
industries
Imbedded
intelligence,
neural network
Programs.
More electronic
“guardian
angels” and
other new
technologies
200
0
1780
1790
1800
1810
1820
1830
1840
1850
1860
1870
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
2010
2020
2030
2040
2050
2060
2070
2080
2090
2100
GDP $ billion
1600
Infotronics
Age
Industrial
Year, ended June
IBISWorld 26/05/11
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
Australian Profitability by Cohorts
Return on Shareholder Funds (after tax), 1300 Best Large Enterprises
Best 50
2nd 50
3rd 50
4th 50
5th 50
6th 50
7th 50
8th 50
Average
9th 50
10th 50
11th 50
12th 50
13th 50
14th 50
15th 50
16th 50
17th 50
18th 50
19th 50
20th 50
21st 50
22nd 50
23rd 50
24th 50
25th 50
26th 50
5 years to F2010
183.1
51.3
34.5
23%
34%
41%
64%
17%
Percent -60
> Best Practice
> Average
> Cost of capital
> Bond Rate
Losses
29.2
25.3
22.3
20.4
17.2
16.7
15.5
(ROSF 22.4%)
(ROSF 15.3%)
(12.2%)
(5.6%)
14.2
12.6
11.6
10.5
9.4
8.4
7.1
6.1
4.9
4.0
2.8
1.6
0.4
Includes private and
government businesses
-1.1
-4.4
-12.2
-40.0
-50
-40
-30
-20
-10
0
10
20
30
40
50
60
Source: IBISWorld 22/11/10
Australian Profitability By Major Industries
Return on Shareholder Funds (after tax), Top 1350 businesses
Mining
Retail Trade
Communications
Hospitality
Finance & Ins
Construction
W'Sale Trade
Average
Prop & Bus Serv
Agriculture
Other Services
Utilities
Cult & Recn Serv
Manufacturing
Education
Health
Transport
Government Admin.
ROSF (%)
5 years to F2010
29.2
22.2
21.0
17.3
17.2
14.7
14.1
12.2
11.2
9.7
9.6
8.6
8.1
Are there bad industries, as suggested by
this chart or really a number of industries
with bad management practices, oldfashioned traditions and/or interfered with
by governments and their debilitating
bureaucracies ?
7.1
4.9
4.9
4.1
8.2
3.0
0
5
10
15
20
25
30
35
40
Source: IBISWorld 22/11/10
Australian Profitability By Major Industries
Return on Shareholder Funds (after tax),
Transport
4 companies
Prop & Bus Serv
16 companies
Cult & Recn Serv
3 companies
Best 100 5 years to F2010
85.4
69.6
79.8
1 company
Healh
Finance & Ins
9 companies
Manufacturing
21 companies
63.8
57.5
57.5
All Industries
58.2
Retail Trade
10 companies
Construction
6 companies
Wholesale Trade
23 companies
Other Services
54.0
52.5
51.6
1 company
Mining
49.0
4 companies
Communications
1 company
Education
1 company
Percent
56.1
0
10
Includes private enterprises
42.2
41.6
20
30
40
50
60
70
80
90
100
110
Source: IBISWorld 25/02/11
Corporate Profitability to 2010
(Return on Shareholders Funds, after tax)
USA Largest
30 Listeds
Australian
Largest 30 Listeds
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
30
28
26
24
22
20
18
16
14
12
10
8
6
4
2
0
3.
The Intelligent
Organisation
The Total Environment For My Business
My
Firm
Our
© IBISWorld
Some of The Developments & Challenges
World Environment
Economic Environment


High confidence levels
 Rising energy prices
 Impact of BRIC
 Emerging borderless world
 Terrorism and epidemics
Resource Environment



Sustained strong growth
Growth in services Vs goods
Rising trade as % of GDP

Emerging sellers market

 Ecological challenges
Community Environment



Skill shortages
Move to contractualism
Lifelong education & training

Living longer, ageing
Government Environment




Geographic shifts
Generational differences
Changing spending patterns
Polarisation of incomes & wealth

Rationalism Vs humanism



Balanced/surplus budgets
Among lowest taxed in OECD
Excessive laws & regulations
Basaically strong growth
Mining, Infrastructure, IC&T
Labour Environment
Finance Environment
Marketplace Environment

Managed funds growth

Service products dominant




Ease of access to capital
Rising interest rates
Exchange rate volatility
Rising fees




Offshore markets
Changing advertising mix
Rationalisation of markets
Importance of CRM programs
Services Environment
Industry Environment

Growth due to outsourcing



465 classes of industry
Appetite for information/advice
Rising legal and A/C costs






Lifecycle phase of industry
Service industries dominant
Rising foreign ownership
Less government ownership
ACCC & ASIC
Progressive rationalisation
Goods & Materials

Rising commodity prices


More sourcing offshore
Falling importance within GDP
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 Questions
I.
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)
5.6% of all business revenue
($ 215 billion in Australia)
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?
Internally Generated Information?
65% of all business spending
CEO
ICT
&
Board
CIO?
$140billion in Australia in F2011
© IBISWorld
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)
Exploratory
Online Info
ISPs
Data Process
Mkt. Research
2.0%
1.7%
1.5%
1.3%
Conferences/
Meetings2
Scientific
Research
5.8%
News/
Books/
Mags.
3.1%
1
1.2% Other
2.2%
26.2%
Cons. Eng. +
Architects
20.3%
Legal
Services
Accounting
Services
10.6%
Note: 1 Public Relations
Credit Agencies
O ther 0.7
2
Includes accommodation,
travel, registration
fees, speakers etc
2% of national revenue
($68.8 billion Expenditure)
IBISWorld 18/11/09
Purpose Of Outsourced Information
About What? F2010 (F)
Exploratory
Government
World
Services
Resources
Own Industry 9.8%
1.0%
0.8%
0.5%
0.5%
71.6%
About Our
Own Company1
From Accounting firms, Legal firms,
Management Consultants,
Consulting Engineers etc
Spending on information about
the external environment ($19.5
billion) is 28% of all outsourced
spending and 10% of all spending
$ 68.8 billion expenditure
(Australia)
IBISWorld 17/11/10
Of all the business spending on
data, information and intelligence $195 billion - only 10% is spent on
issues in the external environment.
But this spending is growing nearly
2% pa faster than the economy in
response to the need to plan on an
outside-in basis, displacing the old
inside-out approach of the secretive
Industrial Age?
The Imperative of
Going Up The
Information Chain
The Knowledge Pyramid
By Volume
Vision
By Value
Vision & Strategy
Vision
Decreasing
Value
Unique
IP
Wisdom
Unique
IP
Expert
Opinion
Wisdom
Expert Opinion
Expert Opinion
Intelligence
Intelligence
Information
Information
Data
Data
Hearsay, Rumour, Scuttlebut
Hearsay
Increasing
Value
But interesting!
Source: IBISWorld 18/11/09
4.
The Innovation
& Productivity
Imperative
Standard Of Living Ladder
GDP/capita ($USppp’000) 2010
Qatar
Luxembourg
Singapore
Norway
Brunei
USA
Switzerland
Australia
Canada
Austria
Ireland
Kuwai
Sweden
UAE
Denmark
Iceland
Belgium
Germany
UK
Taiwan
Population Australia 22.5
12 of the Top 20 have
populations smaller
than Australia
0
10
20
30
40
50
60
70
80
90
IMF: 04/04/11
Productivity Growth
Change in GDP/hours worked 1903-2011 (3-year moving average)
10
9
8
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
Percent
1.7% per annum
New Age average
(1965- onwards )
1900
1905
1910
1915
1920
1925
1930
1935
1940
1945
1950
1955
1960
1965
1970
1975
1980
1985
1990
1995
2000
2005
2010
2015
2020
2025
2030
Average to 1964 (the Industrial Age) 2.07
Average after 1964 (Infotronics Age) 1.65
Year Ended June
ABS/IBISWorld
30/09/119
Productivity
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
June 2011
New Age average
1.7% per annum
1960
1962
1964
1966
1968
1970
1972
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
2012
2014
2016
2018
2020
%
GDP per hours worked (4-quarter moving average) to
Source: ABS Cat NO 5206.0
IBISWorld 15/08/11
Australian Industries Productivity
5 year growth to F2011, % p.a (IGP / hour worked)
Communications/Media
5.2
Agriculture
4.8
Finance & Ins
3.5
Retail Trade
2.4
Admin Serv
1.3
Manufacturing
1.2
Construction
1.1
Arts & Recn
0.8
Transport
GDP
W'Sale Trade
Prof & Tech Serv
Long term average productivity 1.8% pa
0.6
0.6
The shortfall of 1.2% pa over the past 5 years
fully explained by Mining and Utilities which
were both shockingly negative
0.3
0.3
0.2
Govt Adm/Def
Health
0.0
-0.1
Education
Other Services
-1.4
Hospitality
-1.9
-2.2
Real Estate/Rent
Utilities
Mining
Percent Growth
-8.4
-11.0
-12 -11 -10 -9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
Source: ABS 5204.25 07/09/11
6
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.
The 100 Best Companies
ROSF after tax (%), 5-Year Average to F2010
By Focus
Focused (mainly single industry class)
Theme Conglomerates
Classic Conglomerates
99
1
0
74.0%
117.3%
-
100
74.2%
Foreign Owned
50
57.3%
Private
Listed
16
34
348.4%
59.0 %
100
74.2%
By Ownership
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-owndestiny 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)
5%
1-5
%
No-man’s-land
Major Player
25-75%
No-man’s-land (un-winnable position)
Caught between majors (“sledgehammers”)
and niche players (“knee-cappers”)
Source: IBISWorld
 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 Growth
Real growth (PPP), 1950-2012(F)
12
10
2008
2009
2010
2011
2012
Purchasing Power Parity (PPP) terms
8
6
3.2%
-0.7% *
4.1%
3.6% (F)
3.7% (F)
Per cent
4
1950-1969 growth
in US$ market terms
2
0
-2
*
The world decline in 2009 was -2.0% when
measured in $US market price terms
-4
-6
-8
-10
IMF/Economist//IBISWorld: 11/09/11
2030
2025
2020
2015
2010
2005
2000
1995
1990
1985
1980
1975
1970
1965
1960
1955
1950
1945
1940
-12
World’s 30 Largest Economies
Netherlands
Argentina
Saudi Arabia
Thailand
S. Africa
Egypt
Pakistan
Colombia
Malaysia
Belgium
0.9%
0.8%
0.8%
0.8%
0.7%
0.6%
0.6%
0.6%
0.6%
0.5%
2011 (F)
Purchasing Power Parity (PPP) terms
Rest of World
(198 nations)
16.1%
19.4%
USA
11th – 20th Nations 14.6%
2.3%
India
3.9%
Mexico
S. Korea
Spain
Canada
Indonesia
Turkey
2.1%
2.0%
1.8%
1.8%
1.4%
1.3%
Australia
1.2% 17th
Iran
Taiwan
Poland
1.1%
1.1%
1.0%
5.1%
World’s 228 nations
US$ 78.1 trillion
IMF/IBISWorld 08/02/11
World’s 30 Largest Economies
Netherlands
Argentina
Thailand
S. Africa
Egypt
Pakistan
Colombia
Malaysia
Nigeria
Belgium
0.8%
0.8%
0.8%
0.7%
0.7%
0.6%
0.6%
0.6%
0.6%
0.5%
2015 (F)
Purchasing Power Parity (PPP) terms
Includes H/K (0.4%)
and Taiwan (1.1%)
Rest of World
(198 nations)
13.7%
China
2.6%
18.7%
5.1%
Italy
S. Korea
Canada
Spain
Indonesia
Turkey
2.0%
1.9%
1.6%
1.6%
1.5%
1.2%
Australia
1.1% 17th
Iran
Poland
S. Arabia
1.0%
1.01%
0.8%
6.4%
World’s 228 nations
US$ 99.3 trillion
Wikipedia & iBISWorld 08/02/11
The World’s Economic Regions In 2011(F)
Share of World GDP (ppp basis)
Eastern
Europe
W&C Europe
North
America
3.7%
21.7%
Indian
23.3%
ME
5.4%
S-C
6.8%
Africa
C&S
3.9%
Asia
Pacific
28.9%
America
6.3%
2011 World GDP, $US 78.1 trillion
IBISWorld 08/02/11
World Regions Importance
Changing importance, % of World GDP (ppp terms)
1870
1913
1950
2015 (F)
12.7%
2.0%
22.8%
30.5%
3.5%
33.6%
21.9%
6.0%
6.7%
19.0%
Year
Nth America
C & S America
Western Europe
35.5%
27.3%
7.6%
5.5%
4.1%
3.6%
12.2%
4.0%
8.6%
7.7%
Eastern Europe
Middle East
Africa
Indian S-C
9.6%
2.7%
3.6%
7.6%
4.2%
17.0%
16.3%
1913
2.7
1950
5.3
26.1%
1870
1.1
31.8%
2015
99.3
Asia Pacific
GDP (trillion)
Source: OECD 08/02/11
Asia Pacific Economy
GDP ppp terms 2011
Phillipines
Malaysia
Thailand
Australia 2.8%
Indonesia
4.1%%
Singapore
Vietnam
NZ
Myanmar
Cambodia
Laos
PNG
Other
1.4%
1.3%
0.6%
0.4%
0.1%
0.1%
0.1%
1.1%
Others
5%
4.8%
*Korea
*North Korea
47.2%
7.0%
0.19%
South Korea 6.93%
China
$21.2 trillion total
Source: International Monetary Fund, Oct 2010
Asia Economy
Asia Pacific + Indian S-C
ppp terms 2015 (F)
Other A-P
0.3%
Singapore
Vietnam
Philipp
Malaysia
Thailand
1.0%
1.1%
1.2%
1.5%.
2.0%
Other
Indian S-C
3.1%
Greater China
47.9%
India
16.4%
44.0%
China
13.0%
Japan
NZ
0.4%
2.8%
H/K 1.1%
$US 38.9 trillion
(39.8% of world GDP)
Source: Wikipedia/ IBISWorld 18/02/11
Economic Growth: China
24
20
16
12
8
4
0
-4
-8
-12
-16
-20
-24
-28
SSBC/IBISWorld: 18/09/11
2022
2018
2014
2010
2006
2002
1998
1994
1990
1986
1982
1978
1974
1970
1966
1962
1958
1954
8.2%
average
1950
Per cent
Real growth 1950-2012 (F)
SSBC/IBISWorld:
18/09/11
2018
2014
2010
2006
2002
1998
1994
1990
1986
1982
1978
1974
1970
1962
1958
1954
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1966
Real GDP growth 1950-2012 (F)
1950
Per cent
Economic Growth India
Economic Growth Indonesia
6.0%
2018
2014
2010
2006
2002
1998
1994
1990
1986
1982
1978
1974
1970
1966
1962
1958
average
1954
18
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
-14
1950
Per cent
Real GDP growth 1950-2012 (F)
SSBC/IBISWorld: 18/09/11
Economic Growth Japan
SSBC/IBISWorld: 27/09/11
2018
2014
2010
2006
2002
1998
1994
1990
1986
1982
1.4% pa
1978
1992-2007
3.8% pa
1974
1977-1991
8.5% pa
1970
1961-1976
1966
1962
1958
1954
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1950
Per cent
Real GDP growth 1950-2012 (F)
Economic Growth: Australia
2018
2014
2010
2006
2002
1998
1994
1990
1986
1982
1978
1974
1970
1966
1962
1958
3.5% average
1954
16
14
12
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
1950
Per cent
Real growth 1961-2012 (E)
SSBC/IBISWorld: 27/09/11
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