The "Dirty" Economy Of Australia (American Reaction)

[@tiredworkingmum]

My husband and I bought a piece of land back in 2007 for under $300K. The last land in our street sold for just under $600K. We built a house on top and thanks to some good savings, managed to keep a modest mortgage. Now, the street record was $2.1million for a house. Back in the early 00’s they were only $400k. Real estate has gone crazy in the last few years. Always worried that our kids will never be able to buy a house in Sydney.

[@pixl8me]

👍

[@harrycheng9348]

Down here in Wollongong, our house which we bought for $430k in 2013 is now worth over a million. It's absolutely crazy.

[@BradGryphonn]

In the early 70s, my parents bought land and had a house built in a new suburb/estate North of Perth. The total cost was 36000. Four years later, they sold it for 120000. I checked up on the place online a few years ago. You couldn't buy a house in that suburb for under a million.

[@kennethdodemaide8678]

We did feel 2008 but the government steered us safely through without a recession. 29 years without a recession.

[@mathewkelly9968]

And the Chinese

[@Aquarium-Downunder]

@@mathewkelly9968 didn't need the Chinese, the bullshit over the coal showed that, we have the suff every ones wants and the government controles how much we can dig up at any time, to make things last and get top dollar. India took the coal that china didn't at the same money.

[@TheTardisDreamer]

Thanks to Labor. The treasurer won a prestigious international award for his management of the economy. And yet Australians still believed the Murdoch propaganda and voted the Liberals in for a decade. And now our economy is a disaster. :/

[@vivianhull3317]

11 years of john Howard saved this country from the crash of '08. Labor gov had nothing to do with it. they spent all the gains which is why they were voted out again. people need to open their eyes and see that the Labor gov are always the spenders

[@kennethdodemaide8678]

@@vivianhull3317 What utter garbage. The Hawke and Keating government created the economy that Howard benefited from. Howard did nothing but create a big new tax, GST, which benefited the rich and sat on his butt and did nothing else. Except more tax cuts at election time to get himself reelected with the help of the Murdoch press. Name one major economic reform that Howard introduced.

[@grandmothergoose]

The biggest economic problem that Australia has had for a very long time, is that every time someone in Australia invents a fantastic thing, the various branches of Australian Govt, Australian organisations and businesses, and wealthy enough individuals won't invest in it. Thus, it can't be made here and exported to the world. Instead, the invention itself or the business/people that own it sell it, and it's invariably bought by a foreign company that takes it home, finds investors, and makes it big... they get rich, their country's economy benefits, Australia sees nothing for it. The same goes for raw materials. We sell raw materials overseas, yet we have to import the finished products that are made from those same raw materials. The shipping supply problems caused by the rona was a bit of a wake-up call that made people realise that our lack of industry wasn't as economically wise as it appeared to be on paper, so there's a lot more interest in growing industry in Australia now. Time will tell if that'll go anywhere, I guess.

[@dramoth64]

The iron ore industry is owned by a small group of people. A few years ago, Gina Rineheart, Rio Tinto and people like Clive Palmer started flooding the iron ore market to drive the prices down so that they could go in and raid the second tier of iron ore producers and buy the companies up on the cheap as they were going bankrupt. As a direct result of that, our economy tanked. They basically went all Robber Barons on the Australian mining sector and because most of their companies are based off in tax havens, they pay minimal tax in Australia (read 0 in the case of Gina Rinehart). Clive Palmer shifted all his money offshore just before his company Queensland Nickel went bankrupt. His nephew who ran the company is currently holed up on a yacht in the Caymans and is wanted in Australia on criminal charges.

[@maitlandbezzina2842]

Just a heads up, negative gearing is widely known to Australian adults, especially people who have at least bought their first home, over time these discussions just pop up. I’m an accountant myself but I definitely knew about negative gearing when I was a construction worker.

[@kerra3699]

Australia needs to diversify, ASAP!!! We can not put all our eggs in one basket, as we have in recent decades.

[@michaelpatterson5330]

Spot on. Our economic elite has always depended on 'natural resources' and struggles to imagine success from anything not extractive.

[@tilapiadave3234]

Or is the actual fact we are VERY good at extracting / mining

[@aaronmollica1587]

Hey Ryan. I'm Aussie and I love your reactions to Australia videos, so please don't stop but I think you should react to the Sydney New Years Eve fireworks! I really think you'll love them and as well as the Sydney 2000 Olympic opening. The NYE fireworks are insane.

[@TheTardisDreamer]

Yeah, the Sydney NYE fireworks are incredible- probably the best in the world.

[@pixelmanns2332]

There so good

[@paulpetersen6539]

never seen them. (Qld boy here) but I did watch (the footage), /help cut together the footage, of the 2000 Olympic Opening Ceremony. While I was doing highschool work experience in the editing room at the channel (shit I forgot) [Seven I think] I was at. I literally watched History being made; many times over. Bradbury. ..All that. [at home like the rest of u, for that one tho] Can't remember much of the opening ceremony. But I was there for every stay & cut, & camera change, of that whole night. If it sucked, I was 15, [& could barely read, fuk'ya], hahahaha hahahaha &, looking back, the Master editor over-included me in WAY too much decision-making. I don't think I've seen the Sydney New Years firework event/s'. Maybe one time; in 2001/or2. I'll check it out. This guy's so clued in. I've only seen a few of his videos but... He always knows the next question to ask while I'm still rewinding to cognate the ship ⛵️. And has many engineering & various other insights to impart.

[@PS-Straya_M8]

Yes Australia was recognised around the world for its response to the 2008 GFC. The first package to be described as a stimulus measure was the Economic Security Strategy (ESS) in October 2008. This package included combined expenditure of $10.4 billion through various cash payments, a boost to the First Home Owners grant and further investment through the Nation Building Funds.

[@01DOGG01]

A US company bought out a very large aussie company that i used to work for. They raised prices and cut wages. Over the subsequent year, the business went down drastically and so did the stock price. A ton of staff didn't have a job any more. And that didn't help profits on top of the reduced income. There's an example of direct investment.

[@susieQusie81]

The investment property boom is causing some serious housing shortage issues here in Tasmania because of people buying up properties but only leasing them out as holiday homes we have families that are homeless living in tents in camping areas because they can't find a house to live in.

[@onefieryboi8860]

Same up here in Queensland unfortunately

[@Aquarium-Downunder]

Same in NSW

[@leandabee]

I'm in Tassie too, yes it's the air b and b that brings in the top dollars to the owners. Of course owners can do whatever they like with their properties, however, it is quite damaging at the same time 🤷🏼‍♀️

[@belindaweber7999]

Same in Western Australia too, I was squeezed out of the rental market 4 months ago, now living in my campervan on a friend's driveway in a semi-rural area, struggling to gain stable, long term employment let a lone a roof over my head. Soooooo many others out here in a similar situation it's heartbreaking. I'm lucky to have friends, and for it to be just me and my tiny dog - can't imagine what it'd be like with kid/s in tow!!!

[@Kayenne54]

It's the very same for every state. Also people are employed in the mining industry (not huge numbers but significant). Obviously they make pretty good money. Landlords realize this, so a tin shed with an outdoor toilet in Woop Woop is now renting for several hundred dollars a week, and anything better is beyond reach for most renters. As in, far west Queensland, a two bedroom basic is advertised for $400 per week, and it's a half hour from the shops. Or medical care. It's crazy. Then there's been fires. Then floods. Then floods again for many folks. It's a national catastrophe.

[@BeamRider100]

The manufacturing industry took a massive hit in the late 80s like the USA and everywhere else. Then economists started telling us that we were only good at being a mining site and going to the beach. So that's where the decisions and investments were made. Australia has a lot of advanced industries at a small scale and taking the steps to become an truly advanced economy is possible and we have the brains for that. Everythings linked now as you understand, so you'd really have to get hold of the money printing machine to truly take control of your own country at the end of the day.

[@zombiemeg]

Yes, the recession in the 80s was awful. I remember my parents mortgage was at least 18%, higher than many credit cards today.

[@georgiaflower412]

The crazy bridge at 4:30 is the Kurilpa Bridge in Brisbane QLD, it’s one of like a million on the river but it’s definitely one of the more interesting ones.

[@ralphineharris2008]

that bridge caused a car accident... he was busy looking at the bridge, trying to understand how it works, when the car in front of him stopped. 😂😂

[@ralphineharris2008]

that bridge caused a car accident... he was busy looking at the bridge, trying to understand how it works, when the car in front of him stopped. 😂😂

[@Donizen1]

I believ e the bridge design is supposed to represent the sort of hat some cyclists wear with spikes to deter swooping magpies. Can anyone confirm that?

[@rebelrob9637]

I live in the suburbs on the outskirts of Sydney. 3 bedroom house on 600square metre block, old house, needs to be knocked down and rebuilt. $1.4mil

[@FionaEm]

We got through the late 2000s relatively unscathed bc our govt printed money to encourage spending. We also sold, and continue to sell, a shirtload of minerals like iron ore to China.

[@Shado_wolf]

We are also more heavily attached to the Chinese economic market rather than the US (one of the reasons Europe went down the gurgler too, very attached to the US market) and as China just ramped up production to kind of take advantage of most of the rest of the world falling apart, we were taken along for the ride. I don't know how we would go in the next world recession (sounds like that is around the corner or just starting) as China is trying to "punish" us, so I guess we wouldn't have as much of a buffer this time as we did last time 🤷

[@ladymanners618]

Ryan this might interest you. Prof Michelle Simmons (2018 Australian of the Year) has pioneered unique technologies internationally to build electronic devices in silicon at the atomic scale, including the worlds smallest transistor, the world's narrowest conducting wires, 3D atomic electronics & the first two qubit gate using atomic based qubits in silicon. She's at the University of NSW Sydney. Watch some major international company buy it.

[@BradGryphonn]

Once upon a time, Australia made 'everything'; washing machines, TVs, radios, cars, every household appliance or convenience you could imagine. We also made trucks, ships, motorcycles, etc. Then we entered the global economy and floated the Dollar. It didn't take long before manufacturers discovered that they could make and import products from overseas at less than the cost it took to manufacture the goods here in Australia. I knew a salesman for BHP farm steel products back in the early 90s. He sold star pickets, barbed wire, fencing wire and other steel products. Then, through some investigation, he realised he could import the same products from China, who ironically buy the raw materials from Australia, and sell them for less than it cost BHP to manufacture them. So he started his own business and became very successful financially.

[@mathewkelly9968]

The dream of 90k houses anywhere in Australia vanished at least a decade ago , probably longer .

[@lillibitjohnson7293]

I bought a 4 bed house last year for 90k lol granted it’s an hour from any major shops lol

[@brendonrookes1151]

thanks boomers

[@joquail000]

We bought our tiny 4 bed house in Perth 1994 for $84,000 and sold it in 2004 for twice that amount, which seems to be typical in Western Australia *Not a boomer 🤗

[@thebob3712]

@@brendonrookes1151 your'e welcome milly. I hope you like paying overinflated prices for a home. How is it going paying off that $500 000 loan? , gotta hurt with the interest rate rises. Don't worry about me I paid off both my houses years ago.

[@elnora1469]

Yep. The average price of a house in Sydney is $1.2 mil AUD

[@stevefoulston]

The recent release of 2021 Census data revealed a shocking "one million homes were unoccupied" in Australia. More than 16 million homes are sitting vacant across the U.S., according to new research from LendingTree, which ranked the nation's 50 states by their shares of unoccupied homes. Vermont, Maine, and Alaska have the highest vacancy rates-between 22% and 20%, according to the study.2 Mar 2022. Peace out

[@TwelveAccounting]

it is very likely the 'unoccupied' houses in Australia (on census night) has more to do with the people who are (not)living in those houses don't want to let the authorities know they shouldn't be in the country.

[@stevefoulston]

@@TwelveAccounting Ha Ha its Australia not the US. Peace out.

[@Sgt.chickens]

@@TwelveAccounting quite unlikely lmao. Im sure it contributes. But tyere arent that many undocumented immigrants here. Itd mostly only people whose working or student visa has expired.

[@redhammer9910]

I think where his argument falls down a little is the lack of recognition of the diversity of minerals. Iron ore for example the estimated life left of this ore is 80 years. But then near every other mineral on the planet is available. For example Uranium, a mineral barely touched but Australia has 30% of the known in ground global stock. Gold Aluminium, nickal, lead, lithium and tin all feature and there there are a range of rare Earth's. So if Iron ore drops off other mineral production maintains the economy, all that excludes oil, gas and coal. The reason such resources are highly sort after is the high tech extraction, highly skilled and stable workforce, rail, overland transport infrastructure and diverse port facilities .

[@Mechknight73]

Western Australia is where the majority of the country's mines are. There are over 300 active mines across the state, in a land mass of 3.8 times the size of Texas. You name the mineral, they either are digging it up, have dug it up, or are thinking about digging it up

[@RDDHopsing77]

According to the Australian Govt's "Geoscience Australia". WA has 33% of all Australia's mines. Qld has 25% and NSW 20% are next. As can be seen Qld and NSW combined have significantly more mines than WA. Also the remaining states and territories also have a significant 22% combined. Also in May coal ($14.7 billion) which is mainly mined in the eastern states surpassed iron ore as Australia's largest mineral export. Mainly due to the record coal trading equities of $435/tonne. As can be seen the whole of Australia is just one big quarry.

[@Achilliez]

@@RDDHopsing77yet still we have a state surplus (WA) and our mining made $169 billion last financial year 👍🏻💪🏼

[@anireseegam6128]

@@RDDHopsing77 don't get in a twist. WA is the only State in Australia with the ENORMOUS SURPLUS. it's our economic wealth which subsidises the rest of the Country. We're pretty happy campers out West.

[@RDDHopsing77]

@@anireseegam6128 It depends on what one is mining for. Australia has an enormous surplus (not just WA) which is the point I was making. Having been involved for nearly 40 years in hard rock mining equipment development (particularly crushers) and installation all round the world, but mainly Australia, I'm well aware of what's out there.

[@unusualarcher2522]

Howdy Ryan. Thank you for doing content on Australia. We are a strange place

[@MyBelch]

In a west virginia sort of way.

[@JacTheGamer]

1:09 were about to go into one, not quite sure about how 2008 impacted us because I was young then and i haven't thought to look into it as I wasn't very interested in it but anyways it's expected that near the end of the year (possible from September) that Australia will see its next recession.

[@ferneysart]

Please watch the Australian KZbin channel called Bondi Rescue which is about Australia’s most active beach where many tourists go. The beach has lots of chaos. Make sure to click most popular of their channel and pick on of the popular videos with a good title

[@jazzymoon87]

Ryan love watching you realise stuff lol I remember the episode with the mining and you get it now. Really like your work

[@1978Prime]

It is a our pet hate when Australian own companies are sold off to a foreign company and how we gave up almost all our manufacturing in favor of over relying on imports. We once had many protection policies that leveled the playing field, but many of them have been stripped away over the years. We have a saying that they are selling off the country. It has always been a compliant that we sell iron ore cheaply and then import the finished product instead of producing and exporting the steel.

[@Brum711]

HAHAHAHA the narrator is talking about some in-depth economic talk and here is Ryan, "Can someone please nail down that board, it's really bugging me". Ive watched all your videos Ryan and love watching all your reactions and giving your thoughts. Coming from an Australian, Australia loves you!!!

[@PM-lz5gs]

In my sisters suburb in Melbourne (median house price $2-3million) most of the houses are sitting empty year after year. They are referred to as “Chinese money boxes”

[@charlesbrewer6552]

The term "The Lucky Country" came from the title of a book published in 1964 by Donald Horne/. From wikipeadia:- Horne's statement was an indictment of 1960s Australia. His intent was to comment that, while other industrialised nations created wealth using clever means such as technology and other innovations, Australia did not. Rather, Australia's economic prosperity was largely derived from its rich natural resources and immigration. Horne observed that Australia "showed less enterprise than almost any other prosperous industrial society."[3] In his 1976 follow-up book, Death of the Lucky Country, Horne clarified what he had meant when he first coined the term: When I invented the phrase in 1964 to describe Australia, I said: 'Australia is a lucky country run by second rate people who share its luck.' I didn't mean that it had a lot of material resources … I had in mind the idea of Australia as a [British] derived society whose prosperity in the great age of manufacturing came from the luck of its historical origins … In the lucky style we have never 'earned' our democracy. We simply went along with some British habits.

[@Aquarium-Downunder]

and wikipeadia gets it wrong again. The lucky country was used in the book "They're a Weird Mob (1957)" by John O'Grady, movie came out in 1965. it's a tag that was use long before that. John O'Grady was a friend of my father.

[@charlesbrewer6552]

@@Aquarium-Downunder My 70 year old memory is aware of "Their a weird Mob" but I have never seen it, although I have seen brief exerts. I am happy for you to correct me.

[@Aquarium-Downunder]

@@charlesbrewer6552 Chips Rafferty said it the movie "The Sundowners" so the statment "The Lucky Country" Would get picked and used as a book title at some point. The best part about been an old fart, we have forgot more than the young will ever know, (i'm always in the shit from my kids for not taking my phone with me) The good old days when you could go out and have fun with on one ringing you about selling you solar cells and you could fix your car on the side of the road with a bandaid and bootlace

[@charlesbrewer6552]

@@Aquarium-Downunder I'm with you on all of that!

[@rossawood5075]

Yes with you on that, As nation we are far less resilient people than we once were, having said that, universally worldwide rural people are more capable of many skills than urban dwellers who rely on specialsation. This is still certainly the case in rural Australia.

[@stevefoulston]

Australia was the only major economy to avoid a recession during the 2008 global financial crisis - mainly due to demand from China for its natural resources. Peace out.

[@jamesschroder2937]

I'd rather be broke than tied to China

[@jessicaalyse7]

$90k house? Wow, I live in a suburb of Melbourne Australia about an hour from the city and our house is valued at around $800k... I board from my dad who purchased it about 20 years ago at around $200k House prices here are ridiculous!

[@ronsta2552]

Your $90,000 dollar house in Indiana is worth at least $500,000 over here! I could have bought 2 houses in Indiana, when I couldn't buy even 1 here for $200,000

[@Bitz00.]

i live in sydney and you can barely get a good quality 1bed 1 bath apartment for 500k

[@glennboyd939]

Every person driving to work can get Macca's, keep the receipt, and claim it as a working expense. The petrol to drive there, repairs on your car, lunch, the list goes on... Just keep your receipts, and use an accountant.

[@denisemangan1413]

I remember in high school Geography, 🐨that our exports have generally been poor. I recall when I was a kid & products starting to filter through: ‘Made in China or Japan’

[@Quinctili]

Western Australia, with only 10% of the population, provides almost 60% of Australian export income. This vid is faulty. When WA secedes, Australia will fall to about 15 on the global wealth scale. The State of WA, (remarkably, WA would still be the 10th largest country in the world!) at number 1, will lead Qatar and Switzerland quite easily.The average income for every man, woman, (plus other variations,) and child, will exceed $150,000 per person. By next year, the average wealth held per person in WA, as a separate country, would be be soooo close to a $million. EACH. This dude a makes the mistake of assuming this country won't divide. It will. WA has had enough of getting nothing back, of propping up States like Victoria which only exists on handouts. Only 2 States positively contribute towards the Commonwealth, NSW and WA. WA contributes 8 times as much per person as NSW. All the other States and Territories are parasites. Enough.

[@paulwilliams5208]

(4:23) "crazy bridge is called the Kurilpa bridge (abor* for "place of water rats") this is one of 4 solely pedestrians & cyclists bridge in a 3km stretch of river in Brisbane (only 2 bridges 4+km apart for cars -toll/motorway)

[@BradGryphonn]

Back in the early 2000s, I worked in Infotech at a local university. The uni had its main campus, as well (from memory) four or five campuses around Australia, and at least four campuses run by independent contractors overseas. They were rolling in money from fees paid by international students both here and abroad...until the degrees for dollars scandal hit.

[@Ausecko1]

1:24 - I love how he leaves New Zealand off the map when talking about our neighbours :D

[@fergo7010]

0:53 the entrance to Sydney Harbour

[@ariadnepyanfar1048]

Basically we are only 26m people exporting a continent's worth of minerals and that's kept us wealthy per capita compered to most nations. We'd be fucked if not for that. We keep letting international companies buy out all our medical and technological innovations instead of hanging onto shares. We're not educated enough to invest in Venture share portfolios. The one smart thing we did was the Labiur government sent every taxpayer $1,000 in 2008? 2009? when the Global Financial Crisis happened. Putting spending money into people's hands right at the moment a lot of jobs were on the brink of being lost meant that Australia was the only nation not to go into Recession when the banks in the USA crashed and needed a bailout.

[@artistjoh]

While there is not so much traditional large manufacturing, there is a lot of growth-industry manufacturing. For example KZbin content creators and Indie film makers use Rode microphones and Atomos video recorders, and DaVinci Resolve editing software, or use BlackMagic video cameras which are all Australian products. The defense manufacturing industry is also growing. Last year Australia was the 11th largest arms exporter in the world, just behind the UK and ahead of Israel. This sector is rapidly expanding. Just 5 years ago Australia was 19th in the world.

[@bloozee]

A fried of mine who used to run the music and lighting at a nightclub in Canberra moved to WA to make a lot more money in mining.

[@garywatson5617]

We used to be an advanced economy. We manufactured our own cars (engines, gear boxes, diffs) now we make nothing. We used to build our own.....buses, ferries, trains, trams etc, now we make nothing. We used to manufacture tools (Sidchrome), lathes (macson) now we make nothing. We use to make brass fittings........Heldon (Refrigeration, plumbing) now we make nothing. We used to manufacture electric motors, Refrigeration compressors, stainless steel sinks, electric elements and (refrigerators at Orange). Orange is a big country town in NSW. So the list goes on. I can recall during the 60s and 70s when we had all this manufacturing. We had 11,000,000 people, less than half of what we have now. Since the early 80s when back stabbing Bob Hawke started selling of everything, the place has gone down hill. Oh and yes......we used to manufacture tyres, Parramatta Rd Auburn. And....we used to have some oil refineries.

[@kerrydwyer1879]

What about Rudd. ???

[@garywatson5617]

@kerrydwyer1879 every government since Hawk has sold us out. I stated Hawk because that's when the rot started.

[@jefftyson4061]

Ryan I've been trying to catch you live missed by 3 hours .. Love your reactions to us Aussies. you 14 hours behind me. will keep trying. please dont stop

[@AUmarcus]

Australia was the only major economy to avoid recession in the 2008 GFC. The aussie dollar was actually worth more than the US dollar there for a while.

[@SilvanaDil]

But now it's only 64 cents USD.

[@Sgt.chickens]

@@SilvanaDil yeah thank the coalition for that one

[@julienyholm1056]

You need to listen to the song I was only 19 by Redgum. You need to listen and watch till the end then comment.

[@pixl8me]

I remember we all got $900 cheque that year, out of the blue ‘08-‘09.

[@SilvanaDil]

The Aussie Dollar is in deep doo doo. Worth only 64 cents USD.

[@zombiemeg]

I remember in 1995 it was worth 74c USD, so we’ve gone backwards quite a but.

[@petersinclair3997]

@@zombiemeg The Reserve Bank is allowing the AUD to float. Over the long term, the Aussie dollar sits around .75 USD.

[@rossawood5075]

You misunderstand why various nations exchange rates differ, not long ago the A$ was US$1.10 for a short time. Most Australians still live better than most nations regardless of what our $ translates to a USA $. Money markets are manipulated to stimulate investment and exports.

[@Scooterboi60]

Hey Ryan, negative gearing is not a loophole; it’s law! Designed for investors and the Labor Party considered re-writing the law to wind gearing back because of the gap in the housing market. Investors can easily outbid your average Aussie first home buyer who has actually got a decent enough deposit for a bit of real estate thanks to gearing. Labor had to take the policy off the table because of the backlash it caused. Your average Joe can’t save enough of a deposit to put down on a house/apartment/unit anywhere in the big cities anymore.

[@sniper.93c14]

To clear up the Belgian investment for anyone concerned, Belgium has huge clearing houses for debt securities and most of Belgium's direct investment in australia is in the form of holding australian government bonds.

[@agunners9491]

Love the channel! Negative gearing is well known and understood amongst Australians, not a loop hole for the savvy 😊

[@BradGryphonn]

The fear of political parties removing or reducing negative gearing perks has lost political parties elections here in Australia. It is a game for the rich, and they have the power to lobby politicians, and spruik propaganda through the media. It should be no surprise that politicians are some of the biggest housing investors in the country.

[@justincarlzwartkruis5605]

Iron ore is a massive industry in Western Australia. All the red dirt is basically a sand pit or iron ore. Coal was a massive export until very recently.

[@Lolliegoth]

Apart from our 'big' resources we have shown, for a small population, we compete on the world stage. From sciences to sports we rank up there. We have a reason to feel some pride. We are not perfect yet I wouldn't want to live elsewhere.

[@sandgroperwookiee65]

🤣😂hahaha Ryan. " Ya better teach him not to ride towards the blue"!🚴 Hahaha Thks for the laugh mate! 😄 🍻

[@mickvonbornemann3824]

Yes, problem with exporting holes in the ground is that they can only be exported once, so logic dictates we should only export minerals when prices are at the top of price cycles & mines should be mothballed when it's not, problem is we're too cowardly to thumb our nose at the business lobby to actually do this. Also tax payers would be way better off if mines were nationalised, seeing as all mineral wealth is owned by the crown, but having an export excise on minerals would be a good 2nd choice. Also the big 4 banks should be nationalised, so everytime those banks lend money they don't have, the taxpayer will directly profit from the downstream money creation - something like 99% of money only exists as entries on hard drives & is created by banks lending the same money many times over - which would be fraud if anyone else does it.

[@CohnmanTheBudbarian]

Economics explained is such a great channel, Economics is not a big topic in Australia. Were you thinking about GGG gaming company? They make path of exile but they are NZ.

[@rosscoe3005]

Well you cant get a house in Australia for 90k unless its in the outback.. My 30 year old two bedroom unit from hell in a shit area is 300k

[@elizabethblackwell6242]

For all the keyboard economists out there who think Rudd saved us from the 2008 GFC, here's what happened: It was the pre-existing strength of the Australian government's finances which saved us from a catastrophe. Australia hit the 2008 crisis in rude financial health: debt-free, growing strongly with significant assets and running surplus budgets. It is these robust foundations, along with very favourable terms of trade, which guaranteed Australia survived the crisis in good shape. All Rudd did was get us into debt which will take generations to expire. Howard’s success was built on the structural reforms of the 1980s and ’90s when trade barriers crumbled and foreign-exchange controls were removed. A floating dollar cushioned the economy against external aches; inflation stabilised around a target band of 2-3%; and government finances greatly improved. By the time the global financial crisis hit, Australia had enjoyed over a decade of budget surpluses and net debt had been eliminated. It helped that China’s demand for commodities was fuelling a mining boom that created jobs and pushed up wages. Australia’s terms of trade soared as it churned out coal and iron ore to feed its neighbour’s factories. By 2013 household incomes were about 13% higher than they would have been without the bonanza.

[@jenniferharrison8915]

See ya Ryan, you are welcome in Australia! 👍

[@desmondo7042]

The very reason young people can't afford a home definatly a growing housing problem needing a fix. housing is a human rite and a country that doesn't recognize this is not a democracy

[@kerra3699]

The tag The Lucky Country isn’t recent, I remember hearing it in the 1960’s. Australia was brilliant, it was a country where anyone could make their own luck, own their own home, and live a quality life, sadly not any more. We are no longer the original Lucky country we once were.

[@ian7033]

Not the Australia I grew up in the 60s. Life was a struggle and most people were poor. Not lucky at all.

[@BassMatt1972]

We got through the GFC by brave decisions by our ALP Party. Our economy actually grew 2.6% that year..

[@grahamjeffries1058]

Australia is indeed very lucky to be blessed with great resources. Not only metals and petroleum but in 'soft' agricultural commodities such as wool and wheat. Exports of iron ore were nearly $150B in 20/21 but are expected be much less this year as the price has fallen by 60% since it's peaks. Australia is the leading producer of gold also. Both mainly from W.A. Property prices have become quite unaffordable for so many Australians now with rises of 25 to 30% common throughout the country in the 2 years following Covid starting. Prices have retraced 10 to 15% in Sydney but still average close to $US1M. Melbourne about $US800k. Often on smaller blocks than other capital cities. Chinese investment has been substantial. The 2% figure stated here is more so investment in stocks not property. The $A is commodity related but in times of volatility, money flows back to the Reserve currency in the $US and why the $A trades for around US62c. Residential property is not subject to Capital Gains tax (CGT) and it is discounted by 50% with investments in stocks and property if held for 12 months so the tax payable will never be higher than 24% in these cases. Corporate tax is 30%.

[@kayekaye4251]

Yep you are right, the rich get richer

[@vivienneholmes7151]

And the poor get poorer

[@kerryannmyway]

The commentator is wrong about the dollar conversion. $15m American is about $20-25m Australian depending on the actual rate of the day. When I buy goods in American dollars it costs me more, but I like it when I get paid in American dollars because I receive more...

[@bevhowell7665]

lithum we have plenty Australia supplies about 60 per cent of the world's lithium in the form of a mineral concentrate called spodumene. With an abundance of 'hard rock' lithium, we are amongst the countries with the largest lithium deposits globally.15 June 2022, US is very much involved

[@gregorygant4242]

But China controls 80 % of the world's lithium today !

[@julienyholm1056]

You should listen to the I was only 19 by Redgum.

[@beajay1179]

Hey Ryan. You have a package to pick up at your PO Box. Interesting video

[@Bambi_Sapphic]

All I'm saying is you should check out this one one tiger Quolls the odd spotty Australian marsupial carnivore with the second strongest biteforce to weight ratio on earth for mammals

[@Bambi_Sapphic]

This one kzbin.info/www/bejne/p3WtlmybbdSHmKM

[@fergo7010]

4:17 Brisbane .... 4:55 Surfers Paradise (Gold Coast ) Queensland...

[@mauricen9688]

The lucky country has been and gone. I used to manage the largest business intelligence system in the southern hemisphere. The important trends were always down. Over-population is a major problem. The federal government decides how many immigrants the country will accept each year. However the state governments are responsible for providing the housing, the extra infrastructure, the jobs, dealing with the extra greenhouse gas emissions etc. The result is unaffordable housing, jammed up freeways, insufficient railways - you name it, it's a problem. Melbourne had to build a sea-water desalination plant and yet-to-be-built wind farms to offset the energy generation required. Cost $5000 per person. And at the rate that Melbourne is expanding a bigger plant will be required. It's California all over again, except Melbourne isn't located in a desert.

[@davidjohnpaul7558]

Actually, Credit Suisse just named Australia as the richest nation per capita (due to cost of real estate)...

[@solreaver83]

Been moves I australia for new chip manufacturing recently and defence spending has grown the weapons manufacturing here too. Thales, BAE, Boeing and many more have Australian business here and along with contracts for development of the newest hypersonic tech and missiles will generate huge money with our allies like USA and UK. Problem with normal manufacturing here is the high overhead associated with our high minimum wages so it's often cheaper to move industry elsewhere where employees are cheaper and the end product is closer to larger consumer populations.

[@solreaver83]

Saying all that I missed that our natural resources are far more then iron, we uave coal, zinc, natural gas, uranium, silica, much much more. We also have more then cattle. Sheep and wool are huge markets that grew this country for a century.

[@dmisso42]

How do you export Education? Just tell other people how to be smart-arses liike us. But seriously? We speak English. The rest of the world wants to speak English. Most of our current knowledge is either primarily related in English or relates to the History of the English language (sorry China,Spain and Portugal). Go into any Pub in England and the guy who will educate you on the variety of English Ales will invariably be some Aussie passing through!!!

[@whatdoiputhere1694]

That Australia is one of the highest taxing countries in the world is a bit of a myth.. For instance a person earing 60,000 Euros in Germany ($93,000 AUD) will be paying tax a 42% rate, they will then have to contribute about another 15% of their income to the national pension and health insurance schemes, so you are looking at effective 57% tax rates, before you even take into account the 19% VAT. An Australian earning 93,000 AUD will be paying at 37%, be required to kick in an extra 2% for for Medicare, and be paying a 10% VAT. The total tax revenue to GDP of Australia is 27.6% for Germany its 38.34%

[@jessicaalyse7]

I believe Aftershock gaming PC's and systems are a Melbourne based company, could be wrong though

[@skullandcrossbones65]

G'day, It is not just high imcome people who can get a long term benefit from having a home that you don't actually live in, It does not have to be a high value home in a major city. I think one thing is just to have the home for a long time. Yes there are risks and expences as well as stress associated with having that home. If at all possable I think it will be a benefit to nearly everybody to have a "Second House".(having a home that is vertually paid off makes purchasing another one much easier).

[@shauna1103]

Oh and Java and Jakarta are in Indonesia and yea I lived in Newman there is NOTHING there but you just get everything mailed to you. Although today it DOES have a Gloria jeans or is it Starbucks 🤔

[@lynneianhooper2695]

Apart from negative gearing, there used to be very generous salary sacrificing to superannuation at 15% tax rate. Recently, it has been capped, but Boomers were lucky to take advantage of it.

[@blobfishking9143]

Negative gearing has forced up house prices in Australia. Most Australians take the “Lucky Country” as a compliment but it was initially an insult meaning we don’t deserve our wealth and are just lucky we are not like say Argentina.

[@kaielafeen1417]

I would not call my Country an advanced economy.... thousands of impoverished and homeless humans and rich homes . 😮such as it is.

[@jasonhunter3429]

Don't ride towards the blue 🤣 As for negative gearing, this is very well known to all home owners, I have one (small) investment property and earn under 100 000 a year, by no means is it just the fat cats taking advantage of it, and it also means that people will buy houses to rent them out. (new laws recently brought in kneecap the benefits if the house is 'for rent' but sits empty )

[@kerriwithall3931]

G'day Ryan . Watch The Kingswood Country. Now that is bad ass.

[@PlasmaMongoose]

We have a lot of Asian students come here to get a high quality education in Australia because it is often cheaper for them to go to Australia and go to college or uni down here than it is to stay in their home country and go to college or uni up there.

[@Dr_KAP]

It’s definitely not cheaper for them. The wealthiest Asian families send their kids to get a Western education as it is much more highly valued than in their own country. An average university degree in China for example would be a very small fraction of the cost for a degree here. International students pay full fees, so while a business degree is $7,500 per year for a domestic student, it’s $21,500 a year for an international student.

[@durv13]

how long can a person stay rich , if he keeps selling everything he has ? thats what australia does . i mean australia has its own ABN . it can be sold . which no doubt they'll do once theyve used up and sold all the resources .

[@jenniferharrison8915]

The Western Australian's refused to pay a Carbon Tax, apparently their profits and massive lands belong to them, not Australia! A few years ago Sydney's Real Estate market was falsely inflated by rich overseas buyers, acquiring existing houses and lands and building multiple story units buildings, with eager Council Approval despite resident protests! Tax 😋 Empty, tax right off, units during a large homelessness etc economy! Then buying up existing houses to cheaply renovate on re-sell in highly popular areas, massively popular auction crowds and massively inflated market rises! So, real estate became unaffordable for everyday people and less rentals! Darwin must be required for and by Australians, it's history is fragile! 😠 Tax, tax, tax the rich and Annex Foreign company assets in Australia!! Australian taxpayers need to support our people first, then our needy refugees, not foreigners!! 🤬

[@khaansulu5695]

We're rich? Maybe if our politicians stopped lining their pockets

[@illawarriorhill70]

Negative gearing is NOT an obscure, unknown "loophole" .... the more relevant issue is that average workers struggle to buy their own homes, and can never aspire to an investment property, to which this applies.

[@nevyn_karres]

Never forget that mining employs hardly any people in comparison to agriculture. Labor tried to do something about the whole real estate loophole, but got destroyed by the many rich Australians who take advantage of the loophole. It is wrong and needs to be fixed.

[@lotharney1196]

G'day Ryan. I just want to say that nobody says "happy avro" It's used more like, ; later this arvo, or in the arvo. . Anyway Adelaide. You've probably got the pronunciation right by now but the first time I heard you err fumbling with it was on the Hey Hey it's Saturday Red Faces segment compilation. They actually said it a few times but you missed it as you were talking. I don't want to sound like I'm nitpicking but this info should help you.

[@trevorfaith180]

The whole housing thing is really starting to hurt the average Aussies with housing affordabilty getting lower every year. The foreign ownership and their trend of leaving them vacant is helping fuel a national rental shortage coupled with high inflation and energy prices soaring there is ALOT of people on the lower side of the income spectrum really starting to hurt and homelessness is rapidly on the increase.

[@elizabethblackwell6242]

"Normal folk" are the biggest real estate investors in Australia. It's a not a loophole, it's tax law to which all Australians are subject.

[@paulpetersen6539]

GDP per capita: in US like AU, is a vastly askewd view on everyday local living. Because of the HIGH number of million, multi-milion, billion (& multi-billion)aire ppl calling both these places a home (or home away from home). 62,000 On the street, I'm willing to bet Au is something closer to 32,000. And USA more or less; probably less overall under an accurate cut-off of what constitutes opulence offset by mean population positioning - in wealth. A,U-S' might be akin to a less millionaire prolific, or more millionaire prolific, city within your borders. Effecting the mean average 'GDP Per-capita'. But your enormous population leans my estimation toward your kinsman being the more deserving of attention and praise, for being the more resilient and productive.

[@kennethdodemaide8678]

We have invented a quantum computer chip this year, the first in the world, but I can guarantee it won't be manufactured here.

[@gregorygant4242]

Then it's pretty useless for Australia , except those that invented the thing. Even those that invented it won't get much back, only the banks and investors in it will get anything back in return .

[@kerriwithall3931]

Hey Ryan. So watching your videos you are not sure oh teams. So Adelaide Football club is south Australia. Brisbane Football club is Brisbane. Port Adelaide Football club is South Australia. They have 2 teams. Sydney Football club is Sydney. West Coast Eagles is Perth. The rest are Melbourne teams going by suburbs. Example. Collingwood Football club is a suburb Collingwood. Hope that helps.

[@horatiomh]

Australia was called the lucky country by Donald Horne in his book of that name. He intended it facetiously.

[@ronaldhammer5186]

We used to ride on the sheep's back, then we got into mining.

[@Aquarium-Downunder]

and that is a good thing, sheep are too slow, better to drive a car than ride a sheep 😝

[@deborahcurtis1385]

Intelligent reactions. We've had a good ride but we're very linked to the market in China for exports, both iron ore and education. Now that's coming off the boil it's going to get much more 'interesting'.

[@davidr7813]

We come up with world changing innovation but because the Government doesn't invest the owners go over seas.

[@amandast100]

Hi Ryan, Actually millions of Australians take advantage of negative gearing…in particular retired baby boomers. Negative Gearing is very well known about here and every accountant knows how it works.