How Australia's Economy Got Rich and Is Getting Dumber | Economy of Australia | Econ

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Our economy struggling with uncertainties, housing issues, foreclosures, global fluctuations, and pandemic aftermath, causing instability. Rising inflation, sluggish growth, and trade disruptions need urgent attention from all sectors to restore stability and stimulate growth.

"Australia is rich and dumb and getting dumber" as an aussie i can 100% confirm this is true.

As an investment enthusiast, I often wonder how top level investors are able to become millionaires off investing. I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season...

Australia has way too many monopolies. They are stifling competition, innovation and increasing the over a cost of living for all Australians.

As an American living in Australia the past 10 years, I would say the lack of innovation etc isn't so much Australia being 'dumb', but more that there is just no economic incentive. Australia is a country of abundance where mediocrity thrives - people can live a very comfortable life here without being particularly exceptional, so why push yourself? Whereas in the US you really need to out-work and out-hustle others to have any chance of a half-decent life.

Can't disagree with anything has been said considering i have lived my whole life in Sydney. People say Australia is a fair and equal opportunity country but they never mention how corrupt the Australian government is at all levels of government. Probably the worse governments in the world that has exploited the countries resources for decades so they can fill up their offshore bank accounts.

Sadly the colder version of Australia - Canada, is becoming poorer and dumber.

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Aussie who has owned and run businesses here, Japan and Thailand as well as worked in China and South Korea. Based on that experience, I’ll never run another in Australia, … the red tape here is unbelievable and the tax/endless government charges out of control. It’s simply not worth it, easier to do it elsewhere.

Australia is run more like a mining project than a country! Banks, consultants, big corps. mining giants... run this project (via bought out politicians) with profit optimization as their only driver. This includes minimizing operational and maintenance expenses, aka public services, infrastructure, r&d, education, health, etc...while maximizing income from taxes, export of raw materials, and import of cheap labour.... Total disregard to the current and future welfare of the ordinary citizen and the environment.

This is the same thing that is happening in Canada. Rich in resources dumb in Economy which is why both countries have speculative real estate bubbles.

As an Australian I cannot fault the logic behind this commentary and overview of our country. Additionally, as a member of a team that has developed a new disruptive lifesaving technology that is being manufactured in-country, I, along with others in our team have been staggered by the ignorance and lack of support received by both governments and institutions thereby making our project far more difficult by comparison to other progressive thinking nations.

Houses and holes. That’s the complexity of the Australian economy.

5:45 "Australia has diversified economy", 9:16 "... Australia's economy lacks both diversification..."

In Australia, many tradies do much better than experienced professionals. There is no incentive for people to get higher qualifications. You can’t have a sophisticated economy when you operate like that.

A extremely rich country in natural resources.... Sounds like the middle east with their oil reserves. But Australia has been governed so badly, and politicians are so short sighted that unfortunately the general public is now the biggest losers. Australia should have free education, free healthcare, childcare, elder care etc etc etc. No tolls on any roads, houses should be affordable and we should have very low income tax. But none of this is true because we haven't managed our natural resources properly

As an Aussie this is extremely well researched. Maybe don’t agree 100% on every statement but you’re pretty damn close overall. FYI regarding builders going bankrupt - the issue is actually in Australia they do fixed price contacts, so when the inflation spike hit, builders had the choice to either do the project at a loss or go bankrupt. They need to change to laws to allow for price ratcheting. Why can’t we build more homes? #1 is absolutely nimbyism and cultural. If you live in an apartment, like people will think you’re poor and “how unfortunate for you.” This is a cultural problem. And classic, every nice neighbourhood in Sydney they don’t wanna ruin the community feel or whatever it’s actually very perverse. My folks are in this category. The 2nd bit is also cultural but skilled tradespeople are looked down upon in our society. Despite the fact young tradies are earning mega bux > 100k when the average uni grad is making like 70k (with student debt). Every kid gets drilled into them go to uni, and guess what, now we have a bazillion useless commerce grads and no skilled tradies. Also people don’t wanna study stem. I am the only person I know who became a software developer (never met a developer in Australia outside a professional context like at my rugby club or in a bar or whatever) and I moved to USA lol way better opportunities

Prior to 1975 Australia manufactured everything required and exported excess. Then the government signed us up to the Lima agreement and the downward spiral began thanks to the U.N.

Australia is no different from any Middle East oil country. The only difference is Australia is in the middle of the Pacific. That is it. Selling resources.