Thanks to Andrew Massie, I was fortunate to attend an evening with Goran Roos on the state of manufacturing in Australia.
It was a sobering evening, putting Australia in a very poor state of health for budding entrepreneurs. Goran reflected that the big issue is not the job-losses resulting from the collapse of the Auto Industry, but the loss of economic complexity that will result. If you're not familiar with Economic Complexity, follow the links below, it comes with some wonderful infographics.
The short story is that the economic complexity of Australia is around -0.3, on a scale of -1 to 2.5, where advanced economies are around 2. Yes, we have lots of GDP, but we are not using that to build a sustainable economy.
http://en.wikipedia.org/wiki/List_of_countries_by_economic_complexity
http://atlas.media.mit.edu/profile/country/aus/