Yawwwwwnnnn!
Protectionist formulas protect managers and lazy employees.
How do I know this?
I grew up here from age 5 in 1955 to age 15 in 1965 and watched how we were systematically denied access to American ( and European) consumer goods on the basis of "protection".
To put it another way, I rooted a very nice girl whose father was a Knight (read Liberal party donor) whose only claim to fame was that his company made substandard consumer goods for sale to dumb Australians for inflated prices.
(She was a nice girl).
To put it yet another way: There is an Australian company not far from me that is making very schmick high tech export goods, and they don't care about the exchange rate.
To put it yet another way:: as a former industry adviser to the State Government, "I admire your sentiments, but you are misinformed".