It was one of those "did I just read that?" moments: the Australian Customs Service has publicly urged the government to drag the country back to the dim dark ages of the 1960s and '70s with a recommendation of a 15% tariff on imported steel to protect BlueScope Steel from "dumped" steel.

So far, only The Australian Financial Review has cottoned on to the story's importance, although even its journalists seemed to struggle to fully convey what's happening. But its editorial calling for the end of protection was, for once, spot on. The usual suspects who line up to pass judgment on the economy and bemoan our many problems -- like the Business Council, ACCI, Warwick McKibbin, et al -- missed it.