The KEY factors behind AUSTRALIA's 🇦🇺 economic MIRACLE 🚀 - VisualPolitik EN

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Australia is one of the richest and most prosperous countries in the world. Until the coronavirus crisis, they could boast of never having experienced a recession. Australians enjoy public services, a free economy and a model democracy.
However, few would be able to name an Australian company. In fact, few people know what makes Australia so prosperous. What does Australia sell to the whole world that makes it so rich? What is the secret of this country's success? In this video we tell you.
Script written by Javier Angulo
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[@vickidianacoghlan8946]

Gday Visual Politics. Thanks for the heads up.

[@victord5868]

Australian are bless to lived in land down under.

[@abhigyanbg5764]

Because their economic policy is planned by Michael from Economics explained.

[@Keepmywifesnameoutyafucknmouth]

Shut up mate

[@theebs1]

@@Keepmywifesnameoutyafucknmouth why

[@soab2644]

Or Kevin Rudd

[@fanelemtshali8847]

Makes sense

[@YTho-ev1ej]

I’d like to see what criticisms Michael from EE has.

[@TheronDragoon]

You talk a lot about resources, but the third largest export of Australia after iron and coal is education, and the fifth is tourism. Well at least until Covid, pretty weird that the crisis made us less diversified. Also pretty damn bold for someone from the UK talk about accents :D

[@andrewosier614]

Yeah it's kind of funny as Australia's accent was once considered up until the early 1900's as one of the purest of accents due to all the blending it went through in the early colonial period. Some even regarded it, at the time, as accentless.

[@lamrof]

Australia God bless them they just poked the eye of the dragon that is China. An awesome mistake.

[@sjb2471]

@@lamrof oh I know! I mean, Australia is SOO out on its own calling China to any sort of account on anything at all..I mean no other (allied) county is doing this currently either…like, IDK, the USA, Japan, South Korea, the UK, Phillipines, India, ALL of Europe….shall I stop?if you think China gives a rat’s arse what Australia says in that constellation, you’re as deluded as the CCP 🙄

[@brontewcat]

@@sjb2471 If China didn’t give a rat’s arse about what Australian why has it imposed so many tariffs on Australia but to put it for speaking out.

[@daveamies5031]

@@lamrof A mistake? kzbin.info/www/bejne/q3jddISQitemaM0

[@poiuytrewqqwertyufy]

VPK: “Do you know any Australian companies?” Australians: “...”

[@thebusthatcouldntslowdown3612]

BHP Billiton is the second largest mining company in the world, Rio Tinto is the third. That's what i thought of

[@obyssey]

@@thebusthatcouldntslowdown3612 Yes, mining. Compare to other industrial countires, Australia's primary economy sector has larger portion, second sector is smaller.

[@Coolsomeone234]

CSL, afterpay, Wesfarmers, Woolworths group, Qantas...

[@zariumsheridan3488]

Atlassian

[@XSAoRAD]

Afterpay and A2 milk 😄

[@nelsonvaz4165]

You forgot to mention that Australia has a Real Estate Casino Economy. Most of its Citizens cant afford a roof over their head in the Capital Cities. Money is being diverted from Productive Use (factories/businesses) to non productive overpriced established Housing.

[@jair9926]

This. Will collapse soon.

[@Petethecoolguy]

Also the case in Canada.

[@HarrisSultanAtheist]

67% of Australians are home owners, that’s one of the highest in the developed western world!

[@andrewosier614]

@@HarrisSultanAtheist Yeah it's a fairly reasonable level of ownership. However on the flip side, depending on area, renting and leasing is not a very affordable option anymore, the market is very competitive and it hasn't really levelled off in a long time. I couldn't imagine renting a house on my own like I did in my teens and early 20's now days, while saving to enter the housing market at the same time.

[@nelsonvaz4165]

@@HarrisSultanAtheist 30% of houses are fully owned(no mortgage), 30% are mortgaged , 30% are renters(paying someone else's mortgage)= Banks are the owners of 60% Australian Real Estate that is the highest in the Developed World !

[@Sachin.Chandra]

Cannot help but wake up feeling grateful every single day to be in this glorious country. Australia has spoiled me rotten.

[@Sachin.Chandra]

@Bub Zilla Thanks for your opinion. Regardless of what the Chinese govt says I'm still grateful and proud. Cheers

[@kuepandan]

Yeah, I think living in Australia is already like winning $1million lottery. Literary.

[@australiacalling8869]

I have started three companies in Australia. One in manufacturing, one in retirement housing and one in agricultural processing. The future is very bright in business in Australia 😎😎😎😎😎

[@noproblem2big337]

Agree, if you pull your sleeves up many opportunities will arise...but don't forget to smell the roses🌹

[@cooper-lunayen1944]

good for you I am glad You are doing great service to Aussies, helping the young and the vulnerable, may the Lord help you so you could help others.

[@Karlettastar]

Oh, that's not helping now is it? Or is it? Helping well off people to get wealthier when they don't deserve it? Here's me, intelligent, articulate, but happen to have numerous disabilities so I'll likely be dead in the next five years. Enjoy your cash mate.

[@Karlettastar]

@@noproblem2big337 Pull up your sleeves? Dude, you wouldn't be alive 12 months into my life. Living in a derilict house because I haven't got a choice. Unlikely to own my own home. You've got no idea how much I've tried to better my circumstances. Pull up your sleeves? Get stuffed.

[@noproblem2big337]

@@Karlettastar ...I'm not sure where you live or what your education or job is I wasn't that great at school and just got to form5 (year11) but luckily managed to get into domestic refrigeration as an apprentice when I was 17, then got into commercial refrigeration (shop refrigeration repairs) and in Melbourne you could work 24/7 if you want...I was probably lucky I had a job with high demand and was good at it but remember there are a lot of opportunities in Australia as compared to the rest of the world all you need to do is to find out what you're good at, and don't give up!

[@noelleggett5368]

BHP, Rio Tinto (mining), Atlassian (IT), and a couple of Australian banks are among the largest companies of their kind. But many primary industry commodities, like beef, mutton and wheat, are not sold through large companies, but through publicly owned boards and private cooperatives. This way, the profits tend to go to the producers rather than distributors.

[@crouchingwombathiddenquoll5641]

I believe Rio Tinto is a British firm. They had a tailings dam failure in [I think Portugal] it contaminated a river, Rio Tinto means tainted river.

[@noelleggett5368]

@@crouchingwombathiddenquoll5641 Rio Tinto began when a British-led syndicate bought a mining complex on the Rio Tinto near Huelva, Spain, from the Spanish government in 1873. In 1962, Rio Tinto merged with Australian mining giant, Consolidated Zinc. Since then, Rio Tinto has been a major Anglo-Australian mining company, listed on both stock exchanges, with headquarters in Melbourne and London.

[@noelleggett5368]

@@crouchingwombathiddenquoll5641 Tinto is the Spanish word for red. Vino Tinto means Red Wine. Rio Tinto means Red River. It has been called the ‘red river’ for many, many centuries. The water has an orange/red colour due to the high iron content of the surrounding hills..... nothing to do with any mining activity in the 19th or 20th centuries.

[@noelleggett5368]

@@crouchingwombathiddenquoll5641 In 2019, a Rio Tinto tailings dam failed killing 19 people in Brazil. This was the second large mining dam disaster in Brazil within five years. Although Rio Tinto was not responsible for the earlier (Mariana Dam) disaster, the company has undertaken to decommission all of its tailings dams by 2023. Rio Tinto was accused of poisoning a river valley as a result of negligent mining practices on Bougainville Island (Papua New Guinea) during the 1990s, and is still facing court battles over this.

[@4kdefinition70]

a majority of australian companies have been backed from british from early stages. it literally is an arm of the commonwealth.

[@Nebs1]

Everything is so expensive in Australia. So yeah we have a bit of money, but we end up spending it all on living.

[@milk-it]

Couldn't agree more. Australia is super expensive to live in.

[@stoltobot]

You have to go on an overseas holiday to save some money

[@Nebs1]

@AR極樂世界 Past Life Alien if you own many business in Australia and think Australian business is shit, that must mean your businesses are shit. You're partly to blame. Pull your finger out and do something positive since you seem to know it all.

[@dama301]

@AR極樂世界 Past Life Alien yeah... I believe 0 of what you’re saying

[@timburnham1214]

@@milk-it Hell yeah.. Try buy a house.

[@Som3D]

As someone who lives in Australia and is not even Australian I am so proud of Australia

[@XSAoRAD]

If you're proud to be here, I think that qualifies you as being Aussie.

[@originalsusser]

I'd be proud to tell others your an Aussie as well, hope you do well & thrive, there's not enough like you here

[@MrDylsha]

@@colbey79 get over it, happened when no one alive today was a part of it. Not our faults.

[@MrDylsha]

@@colbey79 Mine weren't. My ancestors were Eastern European. None of them were "greedy colonists". Get a life. It happened, white people had better technologies. If it was reversed it would have been Africans colonising Europe. GET OVER IT

[@futurepk1701]

@@colbey79 imagine staring into your laptop all day reminding people what their dead ancestors did. Do you seriously not have a life? Nobody alive today is responsible for what happened to them, and it is a miserable part of world history, but it was kinda necessary for the invention of the laptop and internet that you are using right now.

[@janemichelle5292]

Things are expensive here in Australia.. that we end up spending the little we have on Living

[@milesemily2094]

That's so true

[@milesemily2094]

And there isn't any way of making MILLIONS in just few weeks... Lol

[@ellalily2109]

@@milesemily2094 Your wrong dear

[@ellalily2109]

@@milesemily2094 through forex trading and the right expert... You can earn millions in less than month

[@janemichelle5292]

@@ellalily2109 I've been hearing about forex trading for a while now and I don't have any Experience... Enlighten please

[@williammanning2938]

I've not missed a visualpolitik video in years now but I never ever click the bell for any yt channel and never will. I'm sorry the algorithm favors channels that get people to hit the bell but I don't need to know the moment a new video gets released I'll get around to it when I have time.

[@worldww3_please]

Dude it's note Australian farmers who are intimate with sheep that's New Zealanders. We love our kangaroos......

[@Battleneter]

Australia has 3x more sheep than NZ, most of Europe sees Australia as historic sheep country and of course the criminal thing.

[@davidb2331]

Are you comparing the love of kangaroos to the love of sheep in New Zealand? Analogy.. I did not realise Aussies also had sex with there animals when they get stuck in a fence! 😲😜❤️😁

[@woodvineandco]

@@Battleneter yes but 5x the human population of nz. So nz has a much higher sheep to human rate.

[@davidb2331]

@@buffaloliver728 only if they don't put out..

[@CohnmanTheBudbarian]

lmao, man, its only australians who think that, the rest of the world thinks its australia. 🤣🤣🤣

[@jeenallake1821]

*Poor mindset immediately sees a surplus as an opportunity for consumption.* *Rich mindset seeks to spend their time,* *Resources,* *And energy on work that continues to pay off long after the effort has been invested.*

[@samuelteddy.439]

That's true.

[@samuelteddy.439]

Anyone who is not investlng now is missing a tremendous opportunity.

[@josiegacia3397]

Yes. It's better to take risk and make sacrifices than to remain poor or settle for less..

[@josiegacia3397]

lnvestlng in financial_market is what all rich people do. This is not a living but to grow our portfolio.

[@patersondavis3858]

Can the real Constitution be restored? Probably not. Too many Americans depend on government money under programs the Constitution doesn't authorize, and money talks with an eloquence Shakespeare could only envy. Ignorant people don't understand The Federalist Papers, but they understand government checks with their names on them.

[@TrangNguyen-sz6xh]

Thank you so much for making this video I get more knowledge how rich Australia is I am proud and lucky to be Aussie

[@LinuxGalore]

You also skipped over how Australia has very high taxes and many commercial sectors are plagued by endless red tape. I was watching a story about a architect who designed homes that kept cool and warm with little if any power. The houses far exceeded the state and federal government green regulations. In the end he found he couldn't build/sell any of his designs due to government agencies using out dated 30 year old green energy policies for domestic homes. Last I heard he packed up and left Australia like so many innovative companies do. I have been in the communications industry in Australia now for over 30 years. I have dealt with some incredible clever people and products but time after time they have packed up and moved off shore. The problem isn't a lack of innovative people and companies, it is Australian government agencies and endless useless red tape.

[@LoveLaw]

The tax is high but at least you get education, medical service, muinicipal service, in-tact roads. Here in South Africa we pay very high tax (40% of any bonus you earn is taxed) and yet we still don’t get service delivery. Our electrical systems are shot, we have water a few hours a day and our roads are so bad its not even funny.

[@deniseproxima2601]

The red tape will stay - you want sell the resources from the land and build houses and abolish all worker and humans right.

[@mrpink8951]

Yes, Australia has one of the largest minimum wages, BUT they also have a pretty high standard of living. It more or less evens out. When I lived there, I would receive comments from some people about how they were envious of the fact that a lot of products were much cheaper in the States.

[@somethinglikethat2176]

I think you mean cost of living. But yeah you're right.

[@DarthAwar]

We also tend to have one of the largest Tax Returns per person compared to UK, US, Germany etc at Tax Time! We do need to adopt the France system of listing where every dollar is spent of our Taxes on our Pay/Tax Slips!

[@RandomDonkey0016]

@@DarthAwar I don't think its every dollar but the ATO usually provides tax receipts when you do your income tax return. You can call the ATO if you need it re-issued. It's not as nice as having it on your pay slips, if that's how France does it I grant you that. www.ato.gov.au/Individuals/Your-tax-return/In-detail/Tax-receipt/

[@DarthAwar]

@@RandomDonkey0016 I was talking about how/where the taxes taken from our pay goes too by percentage in France every Euro is broken down into percentage for healthcare, military, education, welfare, etc not about the group certificates themselves in Countries like Australia Uk and US we get told very roughly if at all where the money is spent while in France you get told exactly where every euro goes!

[@traceyboyer2244]

@@DarthAwar Spend 50% of my life in France the other 50% in Australia. I,100%, prefer Australia, especially the tax system. Also , less intervention from the government into your private affairs.

[@dmenace2003]

Australia’s greatest resource is its people. To prove my point: You will never see any other country - who swears so much at you, because you’re his special mate. 😂

[@danielrowe4073]

Yeah guess you don't go to new Zealand or northern England then

[@jjtamj261]

@Peter Smith fucjing right lad, where do you think you inherited it from 😘

[@danielrowe4073]

Working class people swear alot regardless of location, it's just a way of releasing stress or just laziness if you can be bothered with other words in English.

[@nelsonvaz4165]

Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise. "Donald Horne"

[@benmadden9413]

@@nelsonvaz4165 He said in the 60,s ? its been true and currently is but Keating and Hawke arnt second rate !

[@ShinobiHOG]

Australia will definitely be on the front line in the struggle for dominance over the Indo-pacific by China and the US. With how westernized it is, and how geographically close it is to Asia, I'd say its poised to be the UK of the 21st century in terms of importance to the US. For the UK in the 20th century that was a step down but for Australia in the 21st century that would be a step up to the big boys club......

[@dan7564]

I think Japan and South Korea are going to get stuck in between as well.

[@JoelReid]

Australia is already invited to most of the big boys club events.

[@bneskylights1152]

Yeah, personally I think if ww3 breaks out with china northern Aus and Indonesia are going to be major battle fields.

[@JoelReid]

@@bneskylights1152 not sure indonesia has to worry. it has the man power and western nations will support it technology wise rather than rsik losing weight in the region. Indonesia really is in a great position to take advantage if China pushes forward.

[@caffemocca8855]

@@bneskylights1152 Indonesia, being gigantic in population as a battlefield would be very bad for business. Both China and Australia (and the US) needs Indonesia as their consumers.

[@issacmaw3344]

Also forgot about Australian Compulsory Superannuation Scheme which is worth billions of dollars for the economy.

[@issacmaw3344]

Sorry it is actually worth 2.9 trillion dollars at the end of June quarter 2019

[@Mark-Ozi]

Which the current conservative government is trying sell off to its corporate mates

[@issacmaw3344]

@@Mark-Ozi It already is in private hands. Has been from the start. You can choose whichever fund you like banks, Industry Funds and even a self managed fund yourself if you like.

[@talentedmrcollins4923]

And trade union officials

[@Stanthemilkman]

@@talentedmrcollins4923 what? Trade union offials are what stealing superannuation? Can you please expand on that?

[@tomkelly8827]

Well you know as a Canadian I can say that like us Australia has an advantage by being an english speaking country, so it is easier for knowledge and business to happen with countries from all over the world who have chosen english as the language of international communication. Also being a young country, there is a whole lot of internal investment that happens to create infrastructure that may not be so necessary in the old world. Water seems like a key issue though since it is so dry there... Sounds like a sweet minimum wage though! May my Aussie brothers and sisters live long and continue to prosper!

[@aguafria9565]

If you think the language is the main reason, I'd beg to differ with you and rather say that the UK was always successful at colony building due to the cultural institutions it put into place. (Common law, freedom of speech, etc).

[@faridjafari6356]

A lot of poor African countries which were also involved in horrible internal wars and genocides also were English speakers but apparently the English language did not help them very much.

[@quatreunhuit]

Language has nothing to do with this, everyone speaks english, nowadays. Puis tu oublies que le Canada n'est pas un pays cent pour cent anglophone, mon ami ;)⚜️.

[@feikotemme8736]

Indeed,everybody does.A direct result of the Anglo-Saxon countries winning the war.Having spent most of my working days (I'm retired now) in a major engine overhauling company,aside of German most technical data and shop instructions were in English since besides several German makes our company had dealerships of and/or repaired Cummins,John Deere,Perkins,GM-Detroit and Caterpillar.

[@michibraun3063]

@@faridjafari6356 : Small countries like Germany and Japan don't have lot of resources but they're one of the five biggest economies where mostly people don't speak good English.

[@fredsmith4134]

i am glad my parents emigrated to australia, i have relative that went to america, and i fall to my knee's and thank god i grew up in australia, life is easy here, we have a high minimum wage, a strong safety net and welfare system that stops people from being crazy and desperate like in america, if you get sick you get free medical care for all. australia is a well kept secret, it never gets cold enough to freeze water and the weather is good, because the people are not stressed or under to much financial duress, people are friendly and generally trustworthy !!!

[@OrcHead]

Great video yes Australia is the best you forgot to mention clean air/low pollution :) keep up the good work

[@michaelfung4629]

Huge land mass, low population surrounded by ocean.

[@Battleneter]

WTF Australia emits among the highest levels of CO2 emissions per head of population on the planet, 80% of electricity is generated by burning coal for a start.

[@flopunkt3665]

@@Battleneter electricity by coal is really bonkers for a country like Australia

[@robman2095]

@@Battleneter CO2 does not detract from the air being clean. Whether it constitutes pollution depends upon how you define pollution, but in terms of the cleanliness of the air that we breathe it is non-polluting by definition since it forms a natural part of the air we breathe.

[@Stanthemilkman]

@@michaelfung4629 also don't let parasite in.

[@DxsPro]

A bit of a simple analysis - other things include that one of the main exports of Australia is education, that is international students studying at Australian universities. Also food exports are huge, meat, diary, vegetables, fish - especially to Asia. Also tourism is another thing. Also, having good welfare reduces social issues which aids the economy (health care, unemployment etc). Australia also has good medical research. Being a democracy, and an island makes Australia politically sensible and low level of political corruption.

[@Stanthemilkman]

Also we are big international travellers. We lost 25billion in tourism but gained 45 billion because we are all grounded. Thank be to the great and merciful Corona Chan.

[@DxsPro]

@@Stanthemilkman Yeah. And also Australia being multicultural would result in diversity of thought which would bring economic benefits.

[@rick7081]

“Low level of political corruption” ? Are you kidding me ? Australia is rife with corruption at both state and federal level and both our major political parties have their snouts in the trough . I suggest you start reading contemporary political analysis - the protection of Rupert Murdoch, the Murray darling basin scandals, water buy backs, secret land deals, endemic police corruption, the political and covert financial support of the coal industry, secret show trials of whistle blowers and their lawyers etc etc. Give me a break.

[@BettyBettyBoBetty]

@@rick7081 Australia's corruption Index score puts it at 11th place world wide - that's 11th out of almost 200 countries

[@atheistsgod]

@@rick7081 that Australians know that Australian politics is corrupt is why Australians rank low in political corruption compared to other countries. #privilege

[@francisconnellan350]

There was a wool boom after the Falkland war as armies around them replaced their uniforms with natural fibres. This was due to synthetic uniforms melting on human skin in fires.

[@flopunkt3665]

A lot of our clothes are still made of inflammable synthetic fibres.

[@oliverfreeman1042]

Ouch! Thanks for the visual there and the history lesson.

[@francisconnellan350]

@@flopunkt3665 true but not in military uniforms.

[@flopunkt3665]

@@francisconnellan350 still it should make people worry that a lot of our regular clothes are easily inflammable.

[@samrenton7872]

i liked the part with snow 7.55

[@anthony9tt]

great and good value information

[@witchdoctorbrods]

Australian government: “hold my beer, not anymore”

[@azaanlone4566]

What

[@witchdoctorbrods]

@@azaanlone4566 lockdowns and the inflation rate, champion.

[@ferdinandfernando1739]

In conclusion, Australia is stable and rich because it is Australia 🇦🇺. It is wonderful to watch a video about Australia on the bank of the Yarra River.

[@DEVILTAZ35]

Australia is pathetic and run by morons only interested in lining their own pockets at the expense of the worker. Something as simple as upkeeping a road results in slugging the motorist consistently even after said road is paid for.

[@originalsusser]

It's even better from the beaches or harbour foreshores of Sydney

[@stevedavenport1202]

Nah, it's the accent, mate.

[@lookingforplaces]

interesting video! Greetings from Italy

[@endintiers]

Programmers are cheaper in Australia than in the US or UK, but have a good level of training and skill and a similar enough cultural awareness to build products for those markets, barriers to startups are arguably lower, so yes - its a good place to start a company that needs code.

[@NizamKhan-fu2ki]

I love Thursdays. It’s the best day in the week! Go Australian go!!!!!

[@MatthewKnighton79]

Great video. Check our agricultural output. It's big. Wine, beef, grains, dairy and lamb. With solar and high dc cables we will likely become a big renewable energy provider too. I'm an Aussie so our = Australia.

[@JackSimpsonJBS]

You showed footage of Robert Menzies when you quoted Harold Holt.

[@JackSimpsonJBS]

@UC1qaslsgge-DKTI3I4vWJyQ I could be wrong, it's just when I pause it and step through frame by frame the person in the footage appears to resemble Menzies more. Wonder where they sourced the original footage - you're right given the grainy footage I could be wrong though.

[@johntom5049]

@@JackSimpsonJBS I agree that is mostly Menzies, pause it at 5:57, you can tell from the eyebrows, I think that footage is from the day Menzies stood down as PM, he retired whilst in office due to old age, his than deputy Holt took over as PM. If this is from the footage I think it's from there both in the footage looking very similar.

[@glennwright3391]

@@JackSimpsonJBS Harry Holt dissapeared, not alot of footage of the bloke.

[@dmenace2003]

Holt went for a dip, and took a bit too long.

[@JackSimpsonJBS]

@@glennwright3391 I'm sure there must be some footage right? Plus wouldn't this be like using footage of Lyndon B. Johnson when talking about JFK?

[@alessandrofrau327]

Lots of love to Australia, I spent 1 year there and hope to go back one day ❤️❤️

[@klyvemurray]

Hope you make it back to Oz...We'll welcome you with open arms, Alessandro 🦘🦘🦘 .

[@justincase6803]

Couldn’t tell if it was just my TV playing his teeth that green & yellow or if it is

[@ufosrus]

Well, Brits have had that reputation for bad teeth for a long time...

[@ozmeks86]

thank FUCK you said melbourne correctly every time

[@facethefacts9014]

What is a melbourne?

[@simont2440]

I was on edge was waiting for him to pronounce it correctly

[@emko3117]

Australia has high taxes - benefiting our Hospitals, Infrastructure, Technology Development, Schools, Universities, Social Security. E.g. Last year I've earned $152,000 of which I paid $58,000 in tax. Absolutely love it

[@danielbroomhall8882]

True, I made $280,000 and paid $95,000 in tax alone!

[@RDDHopsing77]

Australia. The wealthier you are the less tax you pay. I'm now retired, but when I worked I paid no income tax. (unfortunately I couldn't avoid GST, except for business reasons eg petrol, car). Thanks to little Johnny Howard and his middle class welfare I worked 25 hours a week and earned on average $180K no income tax. Despite paying no income tax I received $3,500 Family Tax Benefit, $1500 entrepreneur's allowance, $1500 p.a. ($3,000 some years) co contribution to superannuation for being a low income earner !!!!! I did this by putting heaps into superannuation for myself and the wife, investing in companies that gave Franking credits, negatively gearing property investments, and having a state based tax free pension, working as a sole trader as well as some other gifts from the Liberal Government. This was all done without the biggest rort of the lot used by the wealthy..... Family Trusts. Anyway probably the biggest con is that jobs are important. As professor in anthropology at the London School of Economics David Graebner explains in his book around 50% of all jobs in developed countries are Bullshit. His book "Bullshit Jobs. The rise of pointless Work and what we can do about it." is worth a read. To paraphrase Kerry Packer, one time wealthiest Australian. If you pay taxes you need your head read.

[@danielbroomhall8882]

@@RDDHopsing77 so you did not declare your income where you were supposed to. You should be ashamed of yourself by doing tax evasion. Nothing to be proud on here mate.

[@RDDHopsing77]

@@danielbroomhall8882 All income declared but due to the legal loopholes afforded to the financially well off it did not count as taxable income. I listed some of those lerks most of which I don't agree with. Labor was going to do something about some of these rorts but the average voter who cannot access these rorts believed the scare campaign by the Liberals.

[@jameswright2974]

Still 1 million people withiut proper housing iat 77 still waiting fir decent housing while 4 Australians earn more money in a day than 5 million Earn in 10 yrs run by the American and israeli lobby

[@craiggillett5985]

You should do a similar story on 🇳🇿 New Zealand 🇳🇿 that’s an economic miracle

[@peanutbuttertv4927]

I've lived in Europe and the USA, definitely prefer life in Australia. The quality of life isn't comparable.

[@royceliveley2688]

I’m Aussie and this video is spot on, we have no manufacturing industry. it doesn’t impact us until an importing company/country decides to reduce/cancel goods then we have very limited alternatives

[@robman2095]

According to the Reserve Bank, manufacturing provides 9% of exports, rural 10%, services 14% and resources 64%. Most people think that Australia produces a lot of rural exports but manufacturing exports almost the same as rural, so while there is room for improvement it is certainly not the case that Australia has no manufacturing industry. Yes, we import a lot of manufactured goods and pay for them with money earned by resources and other exports. But that doesn’t mean that we don’t export a significant amount of our own manufactured goods which are clearly different to the ones that we import.

[@EatMyShortsAU]

Yeah it wasn't a problem until Covid hit and Chinese tariffs. Luckily, the massive Iron Ore exports at record prices is propping everything up.

[@ChineseKiwi]

this is incorrect. We *DO* have a manufacturing industry. Only it is in things that are not consumer based as that makes too little profit vs. industrial. Australia are leaders in petroleum and mining equipment manufacturing for example. There's a solid damn reason why you don't see Philips consumer products anymore but you see Philips everything in a hospital.

[@ChineseKiwi]

Australian FinTech and software development is top class as well. the biggest example being Altassian. If you don't work in IT, you would have never heard of them

[@EatMyShortsAU]

@@ChineseKiwi Heaps of people have heard of Altassian.

[@RafaelLima-hg8kz]

Excelent video.

[@brendanlorenzo7298]

I feel like I won the genetic lottery being born Australian. Such a small population allows us to have quality over quantity. Onya mate!

[@brendanlorenzo7298]

@@vikassharma8139 Sorry but I’m not going to sign marriage papers to give you citizenship. All the best though!

[@PeterKato83]

Same, so grateful!

[@ThylineTheGay]

"quality over quantity" i doubt you live in Australia lolll

[@raccoon2505]

The aboriginal people can't say the same.

[@PeterKato83]

@@raccoon2505 yes they can. They don't even need a job to survive.

[@nadflower]

He: Why Australia is so rich ? Me : why he speaks so richly fast ?

[@bradmcrae]

why are his teeth so yellow?

[@spennie3607]

Not having suffered any economic crisis ? Guess you've never heard of Jack Lang then and his fight with the banks

[@michaelfung4629]

You Aussie? I am, and I'm sick of people thinking we have it easy.

[@spennie3607]

@@michaelfung4629 Naw Scottish. Love Jack Lang

[@sutherlandA1]

Not to mention the 1893 banking crisis, the great depression, early 50s inflation crisis, 1970s stagflation, the late 80s bubble that lead to the early 90s recession, although we rode out the GFC better than most there was stagnation and of course the current crisis ending decades of prisperity

[@schumanhuman]

@@sutherlandA1 Australia is likely to suffer a fairly deep recession/depression when it's already large housing price bubble bursts, this is likely to be around 2026/7 when interest rates terminate the global 18.6 year cycle. In a way it is a victim of it's own success, Rudd stimulus plus the credit bubble/resource demand from China allowed Australia to escape the worst of the GFC, but the relative lack of correction in house prices has left a residual problem of household debt. The Henry commission correctly recommended implementing land taxes as the only tax which actually helps the economy, NSW is implementing them to replace stamp duties, but these should be rolled out nationally at a high enough level to reduce speculation and prices.. As this is very unlikely politically , even Labor have dropped scrapping negative gearing as a vote loser, and given China is slowing and Australia no longer has a buffer of relatively higher interest rates, it is inevitable imo that Oz will ride the price boom into a fairly severe bust this time.

[@dxbmick]

@@michaelfung4629 Look at his teeth. Must be a pom.

[@johnscanlan9335]

One of the biggest Australian companies is BHP, a mining company.

[@Bill3528]

The story of comparative advantage. You get richest by specialising in what you’re most efficient at producing. Resources and agriculture are therefore the leaders. But also education, tourism, software. Manufacturing in Australia isn’t as big, but what we do have are very sustainable as a result.

[@h3llb3nd4]

There's a huge fear of the Dutch disease in Taiwan as well, egged on by the Semi & IT boom during Covid and the inability for an environment conducive to Software Startups to be cemented.

[@franz8461]

@@PumpkinEater-dm1xx no, but Taiwan has become too dependent on Semi that if something were to happen to it it will have a huge effect on its economy. Hence, the Dutch disease.

[@zeitgeistx5239]

@@PumpkinEater-dm1xx Taiwan lacks the raw natural resources for semiconductors and most white people don’t know but it’s pretty intertwined with Chinese subcontractors as well. Rare earth minerals like Cobalt and others are mined by child labor and bought by Chinese and Taiwanese middle men and washed of their origins.

[@EatMyShortsAU]

I guess it was less of a problem before Covid and Chinese tariffs. China doesn't want our coal anymore plus the tourist and students are no longer coming. Not to mention the agricultural tariffs. VP is right, we are like Saudi Arabia rich people but instead of oil and gas we are reliant on Iron Ore and Gas..

[@kymlardnerofficial]

@@zeitgeistx5239 Money is more important than children, especially in China where they have so many of them and not much of the other.

[@Zuschauerquaeler]

Australia should buy foreign currencies then and invest in other countries, just like Norway.

[@DUCKVILLELOL]

That would require our politicians to care about more than their 4 years in power. Which they don't.

[@yeahnar1684]

this has been talked about but the average idiot will only vote for the person who hands out money to them. no long term thinking.

[@Zuschauerquaeler]

@Peter Smith jfl

[@peterschmidt1453]

Australia does indirectly, we have one of the largest retirement fund industries in the world and it invests heavily in foreign business, which is not helpful for our local businesses that would like better access to funds.

[@Mattb81]

Already does!

[@jamesg2382]

Strange, I was unsubscribed. Thanks for the vid.

[@petercummins1097]

3:14 a Scotsman having a dig at the Australian accent 😂😂😂.. that's a bit unreasonable 😉.

[@brontewcat]

I didn’t think it was a dig.

[@danielguo1033]

Go Australia 🇦🇺！Advance Australia fair! Aussie Aussie Aussie oi.oi.oi.... 👍👍👍💪💪💪

[@gerbrandvisser]

Thnx for making this video full of challenging ideas! An important difference between the Australian and Dutch economy is that the Netherlands economy has an important transport sector that mainly serves German industry. The port of Rotterdam exists for that purpose. The natural gas from Groningen was exported to a large extent, but it was the only exportable basic material in the Netherlands; it does not have a large mining sector. Another difference; in the Netherlands the natural gas has run out. Gas is now imported from Russia.

[@jeromelay5861]

Miss you, Harold Holt. Hope you're at peace, where ever you are

[@M2KKA]

Bhp and Rio tinto own both of the tallest buildings in perth wa which is the heart of Australia's mining industry

[@adamknight5089]

Australia's Google is Atlassian, Australia's BMW used to be Holden until GM pulled the plug on us

[@DEVILTAZ35]

Now it's the Stinngggger well according to fanboys :)

[@AZZA5102]

It's the floating of the middle class that keeps the money circulation. Good business model

[@alileeisonethebridge]

Aesop was founded in Australia I believe and it's quite huge.

[@Dreamer10888]

Loves

[@Lukeyson01]

PWR - does the cooling systems for all of the F1 teams, Nascar, MotoGP, Indycar , DTM and WRC - it is Australian

[@samiraschafer2533]

Nobody becomes a millionaire or a billionaire by working for others and depending on them, good investment bring millions of dollars, and consistency brings billions, the market is all about BTC at the moment now....

[@billysandoval1892]

speaking of investing, forex trading is the best business in the world right now I know a couple of friends who make a lot of money weekly trading the financial markets

[@billysandoval1892]

people are scared of investing because of high rate of scammers on the market.

[@johnryan5173]

@@billysandoval1892 You’re right Sir

[@johnryan5173]

@@billysandoval1892 But of a truth they are scammers but real brokers there too waiting for investors

[@nicholasgarza4979]

@@johnryan5173 That is why I had to start forex trading 2months ago and now am making benefits from it

[@adriank2433]

Superannuation is Australia's insurance policy against Dutch disease. $2.7 trillion, forecast to grow to $4.8 trillion by 2035. When it's time to diversify from mining, the government will create the right conditions for the mega funds to release that tsunami of money right into the veins of the Australian economy.

[@wirrinwibbi-ko801]

About 50 % of this super is invested overseas. You'll find many Ozies own chunks of the world.

[@Mattb81]

@@wirrinwibbi-ko801 Both of you are right! lol

[@anderms1234]

I've always said this

[@bravohotel]

Huh? It's released into retiree's bank accounts dude when they hit the age of retirement.

[@OnOrbit360]

It's held by massive superannuation companies that invest it so that it grows over time, it doesnt just sit there. The decisions that these superannuation companies make are important at scale. It'd be easy for a government to just say, okay now super companies, we need you to invest x% in the Australian economy over the next 5 years or you lose your license (stick) or we'll give you a tax break if you do X (carrot), or match you dollar for dollar..... @@bravohotel

[@sjb2471]

That as a big call with your accent, buddy!!

[@calky360]

This video makes it seem like we currently have no other industries/exports outside of mining. What about tourism, education, livestock/produce, financial/professional services?

[@nickteoh5089]

I have lived here for 8 years now. It is my utopia.

[@JoelMatee]

Cringe comment

[@oliverfreeman1042]

Where were you before, Nick?

[@hesh2892]

Yes, from asia..it is utopia. But now when i go to india for holiday, i see all folks in my town own houses. Fishermen, clerks, toddy tappers, even single women laborers have own house !! While In rich australia, 1000s are renting for whole life !!!

[@jasonmason6910]

Cmon man, people still struggle here! It’s not always sunrise and rainbows. Just look at the remote aborigines communities

[@DEVILTAZ35]

I'm over it after 50 plus lol

[@stephengreater1689]

It's called heavy taxation. Could have also mentioned Bonds going abroad. Thankfully, we still have Flume and Cate Blanchett.

[@ufosrus]

😄

[@originalsusser]

One wouldn't guess Bonds are manufactured abroad judging by their exorbitant pricing. Their products now made in Asia lasts less time before wearing out compared to same country made no name brands sold for much less. I don't buy Bonds any more

[@devonmckinley]

That thing about the mating of Australian farmers is actually the New Zealand thing I know, half my family are farmers

[@felixguilbeault6329]

There is a new brand of boots and shoes from Astralia called Rockrooster that I really like. That may seem small, but they are really compeditive.

[@petersinclair3997]

If the domestic Australians economy is too small to support consumer manufacturers, go for enhanced manufacture; Machines that make Machines, Robots, Industrial Lathes and Satellites.

[@alexandermutune6131]

Or even better the Microchips.

[@hourbee5535]

Because Chy-Na

[@somethinglikethat2176]

And it was Japan before that and America before that and Britain before that. Next will probably be India.

[@EatMyShortsAU]

@@somethinglikethat2176 Have you seen youtube videos of India lately? China is more high tech than Japan whilst in India they are running out of places to cremate people on the streets. People are attacking hospital staff and people are literally dying on the street..

[@henrylawson430]

The largest company by market cap in Australia is CSL, which is a biotech company.

[@HookstergramTM]

Impressive vid

[@timgooding2448]

We don't have a lot of water down here.

[@tomkelly8827]

You live on an island..

[@timgooding2448]

@@tomkelly8827 More of a continent. And I meant fresh water.

[@faridjafari6356]

@@timgooding2448 Instead you have a lot of empty land and sun which by using solar panels you can make enough energy to desalinate sea water but after you optimized your current water consumption and water recycling although due to your very low population density, water won't be a problem for you at least for a foreseeable future...

[@mikespearwood3914]

@@tomkelly8827 Kalgoorlie is a large gold mining town in WA that solely relies on water being pumped from hundreds of kilometres away to sustain itself. Australia is 70% desert with basically flat land with no mountain ranges.

[@mikespearwood3914]

@@faridjafari6356 Water is a massive problem in Australia already. The capital cities are all overpopulated.

[@nevilleabbott2330]

Why is Australia so Rich, one reason, ' the people,' we work hard, , 'the people', is the reason, that's it, as a collective of awesome citizens we have made this country great

[@EatMyShortsAU]

Hahahahaha sure. We are rich we because export all out goods to Asia and we have a relatively low population. Our institutions are great and so is this country but people in other countries work way harder than we do. Do you know why? Because in other developing countries, you don't work you don't eat.

[@EatMyShortsAU]

@William Santos Yeah true man.

[@originalsusser]

@@EatMyShortsAU you & your co-hort have a very superficial perspective. Our Uni's & mining sector are generations old, they weren't created for overseas consumption but they were sure as hell ready for it when it came.

[@originalsusser]

@William Santos Also when some of our Uni's were established places like China & Brazil were still in the dark ages & today nobody is lining up at these places for an education, you don't have to wonder why

[@originalsusser]

@William Santos don't get me wrong I live in an area with many Brazilian people, mostly young travellers who would like to stay & they are enthusiastic & vibrant & are friendly & I have to admit the woman are particularly beautiful. But words are cheap when generalized like yours. The fact is many of their mines are Australian owned & I can imagine their engineers are thrown a few crumbs occasionally. It really wasn't Brazils fault it was settled by the Portuguese who liked using slave labour & sucking a land dry without a concern for anybody but their religion & themselves

[@veronicalogotheti5416]

Thank you

[@mdart2003]

You've got a bit of an Austin Powers situation going on... It ain't the 60s anymore :P

[@kumikoOG]

*Key success factors are necessary conditions for superior performance, compensatory key.* *Success factors open up for choices, of areas of excellence and hence for the formation of strategic groups.*

[@Marxistsrcnts]

Atlasian, your Jira tickets. Canva is another one. But overall, theire are very very few global level disruptive busineses. Most Aussies who are born into money go back into money. Its easy to get a well paying job in Commerce which is linked to Resources.

[@EatMyShortsAU]

True. The big companies in Australia are mainly Mining, banks and big retailers like Woolies and Coles. AfterPay si doing well too.

[@tsubadaikhan6332]

I'm Aussie. Wish I was born into money. I have to work for a living as an Electrician. Remind me to charge you more if I ever work for you...

[@virangaabeywickrema3901]

BHP and News Corp were both Australian companies

[@kingedward6146]

Australia's mining contributes about 8 per cent to Australia's GDP and around 60 per cent of exports. ... Australia is also a major exporter of aluminium, copper, gold, uranium and zinc. One of the great benefits of having such a strong mining industry is the job creation it facilitates.

[@fcosta94]

Wasn’t a similar video made in 2018 with Simon whistler?

[@tianmingchen6438]

A group of robbers were saying, "Why is the place we robbed so nice?"😂😂

[@kell7195]

@@lintoppthomas Yep the people who were ethnically cleansed from the Scottish highlands and Ireland

[@crouchingwombathiddenquoll5641]

Slavery had just been abolished in England. how to establish the new colony ? Make poverty crime punishable by transportation to Australia for a minimum of 7 years indentured servitude and hard labour. The slaving fleet was sitting idle, this new policy of shipping political dissidents and poor people was a win. Real nasty criminals were sent to Tasmania.

[@noelleggett5368]

@@crouchingwombathiddenquoll5641 Real nasty criminals were executed. The last person executed in Britain was in 1964. The death penalty was not completely abolished in the UK until 1998. The Van Dieman’s Land colony was mainly used for repeat offenders. Prisoners from other colonies who had committed misdemeanours were sometimes sent to the new Model prison at Port Arthur for improved methods of ‘correction’ between 1848 and 1877.

[@tsubadaikhan6332]

Except for our entire history growth is fueled by immigration. 50% of Aussies have at least one Parent that was born overseas. Not that many of us actually have convict ancestors. There's a strip 10 minutes from my home that, if you threw a dart at a map of the World, whatever country it hit you could find a restaurant serving their cuisine. It's pretty awesome really.

[@kell7195]

@@crouchingwombathiddenquoll5641 Poverty is a given when the Govt mandates all food be given to the government - this was Genocide! Check out the Irish famine and Highland Clearances for the details.

[@kanewaterworth3711]

News Limited was the company you were looking for

[@wintensisty3443]

Education standards going down, labour costs going up and tech companies leaving land down under.

[@chrisschneiders6734]

Rubbish, are you a spokesman for Tony Abbott and the liberial party... we survived abbott and morrison..now to get back to the 21 century and new reality.

[@timothydevries383]

It's a catch 22, high minimum wages means high cost of living and inability to compete internationally. Most of Australia is a service economy, which is fine if you want to do that.

[@DEVILTAZ35]

The minimum wage is not high , the average wage is too high though.

[@chrisschneiders6734]

Yep, a country's own economy drives 80 percent of demand..you could export every last resource in your country and be poor..

[@schumanhuman]

Australia has avoided a technical recession for 30 years pre covid, but on a per capita basis was already in recession in 2018. As well as the lack of complexity Oz's biggest problem is the growing land price bubble which moderated a little as both the Royal banking commission and rising global interest rates but the bubble under pressure, as well as the fear that the Labor party would reverse the negative gearing subsidy (they surprised many by failingto win, partly because of that, no one likes having subsidies cut even if it would actually be good long term for the economy). Covid has pulled global interest rates down and Australia having avoided the worst of the pandemic now has headroom for further credit expansion away from the most over priced areas like Sydney and Melbourne which will likely go sideways. But when global interest rates rise again, the US Fed may reach around 2% by 2025 causing yields to invert around that time , Australia will likely be near the most leveraged housing markets on the planet, and thus suffer their deepest and longest recession in the global GFC which follows around 2026/7. Demand from China will fall too in this period, meaning Oz will not have a get out of jail free card this time round.

[@schumanhuman]

@@user-zy7gh1yh5y They did pretty well regarding the pandemic for sure. I wasn't predicting that Australia will collapse, only given that only New Zealand, Canada and Sweden are ranking above Australia in terms of housing affordability, that it will likely have one of the most painful crashes in the next GFC which given the average 18.6 year land price cycle is due around 2026/7.

[@compoundingpacfair612]

You showed a visual of Robert Menzies then quoted Harold Holt

[@ManpreetSingh-fm3pz]

People can do amazing things when they are happy, Australian will be a medium level powerhouse in many advance industries like fintech, SAAS, hitech agri, solar energy distribution and many more, and most importantly with our kind of population we don't need that much.

[@hasanmatloob3788]

Australia's biggest asset is its isolation. It keeps it away from conflicts. Just like it helped USA to be far away from Europe and its wars in 19th century, Australia's isolation ensures that its not forced into armed conflicts, espionage, proxy wars or major territorial disputes with any other nation. Also being majority white helped alot since British were willing to give it way more autonomy unlike India or Malay which remained complete British colonies till the end until independence.

[@mikespearwood3914]

The problem is we join the US and UK in every dumb war since the Boer War, at the end of the 19th century.

[@hasanmatloob3788]

@@mikespearwood3914 True, but always as a support act. And always with the British by your side. So all those wars didn't break your country or economy on permanent basis. Ask us Pakistanis. We have India, China, Afghanistan and Iran as neighbours. Lol. Either we are fighting directly or fighting a proxy war somewhere all the time and it hurts our people, our businesses, our future generations. This isolation is a prime reason for sustained Aussie success.

[@HinduPAGANcowpissdrinkerRAKESH]

Lol! Australia has a housing price pandemic for almost a decade! The middle class is struggling

[@philoslother4602]

Same in UK, Canada, NZ and the US friend, nothing new , the whole world is fucked , except if you don't like houses and live with your parents

[@Battleneter]

This has been caused by banking deregulation in the late 1990's that occurred around most of the developed world, they went too far. Now with $Trillions of so called stimulus being printed that filters through the worlds banking systems, money is even cheaper, hence a runaway housing market.

[@philoslother4602]

@@Battleneter and we are doing the same in India now, Cheers !! But yes, you are right, housing market was actually pretty affordable from the 1960s to the 1980s and only in the 1990's and mainly the early 2000's was the time when shit hit the fan and now we owning your own home has become a pipe dream in the Australia and NZ, still some chance in Northern UK or US ( South US and midwest )

[@ratemate458]

@@philoslother4602 Not in Norway though :)

[@philoslother4602]

@@ratemate458 median house price : 5.9 million Norwegian or 700,000. Median wage : around 60,000k EUR pre-tax. Bullshit

[@blackieblong8334]

A fantastically (and I mean that literally) British-centric analysis. Quoting Harold Holt? Dude.

[@chanceseken812]

Good vibes

[@australiacalling8869]

New Zealand ‘love’ their sheep...not us 🤣🤣🤣🤣🤣

[@wirrinwibbi-ko801]

Ozies love beer cans instead.

[@originalsusser]

That is a well known fact, not enough thick green grass in Australia for sheep lovin' here

[@myday805]

There's a lot of Australian companies that people think are American.

[@darks1933]

Name 10

[@vkt2805]

03:46 lol 😂😂😂🤣

[@kuepandan]

You overlooked superannuation fund and Australian attitude of fair go.

[@coreybell8781]

Actually the service sector makes up about 75% of the Australian economy (was before Covid). Mining isn't the backbone of the economy, but was the backbone of growth. Manufacturing has been at around 15% of GDP or less for quite a while.

[@DEVILTAZ35]

Well it's not an infinite resource and the problem is Australia has nothing to offer once it runs dry.

[@neddiego2570]

@@DEVILTAZ35 It affect others as well. Not only Australia.

[@tonybloomfield5635]

Sorry mate, but that is a really poor analysis (or lack thereof). Along with it's abundant natural resources Australia and Australians are highly adaptable to change and I believe the shrinking of the previously over subsidised manufacturing sector is a good thing. Why compete in an area that you are not so good at. If I was good at swimming, football, sprinting and basketball I would not be trying to compete in equestrian. Australia adapts well to what works in the short and medium term and is not reliant on any one sector to be prosperous.

[@nathanjohn7138]

Well we are completely reliant on our mining sector. We don’t make anything and I mean anything. If you think not having a manufacturing sector is a good thing and that we will adapt in others area then you’re sadly mistaken. And it what other areas have we adapted I would like to know all I see is we take resources from the land and sell it overseas even our agriculture industry is dwindling. I don’t think Australia is in a good position and many Australians are completely docile to what the big corporations and politicians are doing. Maybe I am pessimistic but a country that relays solely on Mining and has no foreseeable future is only thinking at short term gains.

[@castorchua]

We'll miss those car factories if war breaks out

[@sachahawkins-oldognewtrix3270]

It's rich from iron ore, next is coal, gas, gold yes as you mentioned, BHP is a large global mining company one of the biggest in the world. But the real richness is its multiculturalism and proper governance on corporations, banks and laws... Basically will get richer due to APAC locality...depends on your point of view, personally I think it's because of its health and education makes it one of the best, the other is its geographical size. It ain't perfect but it's works, and really well.

[@lukebrinsmead]

I’m an Australian living near Brisbane. Australia has been the mine and farm for Asia for sometime now and will continue to be because of Australia’s high quality and quantity of resources, large land size and low population.

[@howardsimpson489]

Until climate change hits.

[@midlandgeordie]

Fossil fuels are history