Support my research and projects: ko-fi.com/econyt Hi! Awesome people of the internet. -Comments and suggestions are welcome. -Please share videos with people who you think might enjoy this content. -Don't forget to subscribe for more economics content! You are awesome :)

We are overly fixated on the idea that the economy will collapse. In reality, the economy cycles and always recovers, so I don't really care what the forecasts are; all I want is to increase my portfolio. I've read that some people are making enormous profits in spite of the recession. Do you have any advice on how they manage this?

Protecting your capital is much more important than making money. Basically because if you lose your capital, making money is much harder. ''Missing the train'' vs. ''losing your money''. There are a lot of trains, but if your money is gone, it's over.

Wish the same could be said about the American economy, more and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.

I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits despite the downturn. Any tips on how they do it?

People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?

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

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

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

I am a mechanical engineer working in manufacturing in Aus for last 20 years , can count at least 100 factories gone down because of red tape, unions, ultra high energy prices. We are dumb to sell coal to china so that they can run factories on cheap and we closed down our coal power plants which lead to manufacturing decline....

5:45 - "Australia has a diversified economy" 9:19 - "Australia's economy lacks both diversification & sophistication"

I disagree with some statements in the first half of this video, but the second half is 100% correct. Australia is a wealthy country, mainly due to digging stuff out of the ground that we cannot even convert to a finished product; Australia is a highly educated country (lots of people with University degrees); but Australia is technologically almost a third world nation. We make almost no tech, we don't carry scientific research though to products we can sell, we import almost everything more complex than a tomato or cardboard box from Asia. The problem is that it is possibly to live an affluent and comfortable life in Australia after getting an easy degree (ie little science or maths), such as law, economics or commerce. You don't even need a degree to get rich; just become a tradesmen or a real estate agent. 80% of the Australian economy is housing. To get rich, you borrow as much money as you can and purchase as many investment products as possible. Why go out of your way to set up a high tech factory or do complicated and expensive medical research? Australia is heaven for rent-seeking capitalist. And hell for those of us who aren't.

I am a born and bred Australian. Excellent video. A number of points well made, particularly around the selling of raw materials rather than doing some processing here and hence value-adding to create industries and jobs, and then selling that processed stuff for much more (ie dumb and getting dumber). You missed a couple of points. By and large Australia is virtually giving away its resources. Our governments give overseas (and Australian) companies licences to mine, but then allow those companies to pay only pitiful royalties back into Australian coffers. For the amount of natural resources we have and the relatively low population we should be by far the richest per capita nation in the world. Yet we have homeless people and many people living below the poverty line. This is all because our govts kowtow to rich industrialists and give our wealth away to them in return for their personal and political support. Another big miss in your video is around housing. We have a tax rort called 'negative gearing'. It is a shocking and unethical tax evasion scheme that encourages rich people to keep on buying property, which has now made it virtually impossible for regular a Australian to buy a home. It is disgraceful. Yet again, our govts won't end the scheme because they kowtow to the demands of the rich who donate to their political parties. It is corruption writ large. There is a lot good in this country compared to many others, but like most western economies, our wealth is rapidly being concentrated into the hands of the rich few to the massive detriment of the majority average person who is struggling terribly with costs of living and housing. It is immoral what is going on here, and completely preventable if our govts weren't so weak and corrupt. We could have the greatest and fairest and most 'looking after everyone' country in the world, but our spineless politicians over decades have buckled to the rich and screwed over the rest of us. Deplorable

00:07 Australia's economy is rich due to natural resources 02:10 China's demand for raw materials fueled Australia's iron ore exports boom. 04:05 Australia's economy grew due to migration and resource management 06:28 Australia's economic growth is fueled by immigration (asians mainly then europeans) 08:31 Australia's economy is rich but lacking in diversification and sophistication 10:39 Australia's low productivity growth is hindering its economy. 12:47 Rapid urbanization in Australia strains housing affordability. 14:46 Australia's economy heavily relies on housing and resource extraction.

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

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

Fantastic video! I have incurred so much losses trading on my own....I trade well on demo but I think the real market is manipulated.... Can anyone help me out or at least tell me what I'm doing wrong??

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

Your understanding of the term "The Lucky Country" is wrong. It is a quote by Donald Horne to explain that Australia's economy seems to keep succeeding through decisions that would sink the economy of other countries. From his book: "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." Also, Australia managed to survive the GFC not because of the mining boom, but because of economic decisions by the PM & Treasurer of the time, including borrowing from China to keep spending going.

My husband and I were fortunate enough to be able to pay off our mortgage early. We were both still working, and took the payment amount that we had been using to pay off our mortgage faster and we put it straight into investments. We were able to retire early because of almost 7 years of putting away what would have been our mortgage payment as well as maxing out our 401K/403B plans. Thankfully we were taught by both of our parents the value of living within our means. Thank you for your advice. I know it will help people. we are interested in investments that could set me up for retirement , I mean I've heard of people that netted hundreds of thousands during these crash, I listened to someone on a podcast who earned over $650K in less than a year, what's the strategy behind such returns?

As an Aussie in my 20s trying to figure out my professional career, I don't see much of a future here. We export a lot of raw goods and accept many skilled immigrants, leaving a lot of Australians without opportunities. I studied applied physics but our research sector is critically underfunded, and if we had a bigger manufacturing industry I could at least look for interesting work there. I'd love to be working in green energy but that gets suppressed for obvious reasons. It seems better to just resign myself to something basic to pay the bills, but I'd really prefer to be doing highly innovative work and earning enough to actually afford a home. Our economy seems absolutely rigged against poorer, younger and - rather surprisingly - highly educated Australians. And don't think that our government isn't corrupt, we give away natural gas to overseas companies for free and encourage the rich to speculate on housing. Foreign bribery is a massive issue right now.

I came to Australia back in 1995 , woked hard , had some deposite brought from oversise , bought my first house in year 2001 , for $198.000 . my weekly wages was about $650 . Today 25/07 /24 , my weekly wages is around $880 .same houst that I bought it's worth around $1.1 Million . Australia was great , not anymore .

Errrr as a 38yo Aussie I'm 5 minutes in and REALLY scratching my head. So much of this isn't true. We get so rorted by the resources companies who pay so little in taxes back to the Australian people. We're not all rich, but definitely agree with the dumb and getting dumber!

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

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

We aren't wealthy, we just raised housing prices to unfathomable levels. And we have no true wealth generating assets other than homes. People get rich in Australia through two means, hoarding housing or gambling.

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

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

Australia is NO LONGER the lucky country I can tell you that. When my parents and I arrived in the 90's it was, despite unemployment being 'high' it was the lucky country. Fuel - 40c per litre, Housing around 60k, full trolley of shopping

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

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

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

"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"

Australia is rich: John has 0 apples David has 50 apples. Each of them eat 25 apples in average!! Is true or not for Au?!

With an economy based largely on selling real estate and extracting resources from the ground, and with low productivity and low investment in R&D, Australia looks very much like Canada.

Australia is good country 🎉 We should proud of that We should help each other in society

Be Smart. Be organized. Be lucky like Australia. - Econ, 2024.

The comment abou transparent approval processes and no corruption is demonstrably false. Australia has an extremely opaque lobbying industry and continues to sneak in approvals for mineral projects despite a commitment to reduce emissions. Even though we might not be flagrantly corrupt in the same way as developing nations the pocket padding of politicians and their interests on both sides of the two major parties is still there.

Excellent summary and here's the money quote: "Australia's entire economic strategy hinges on just two things: selling houses and extracting resources from the ground". Yip, and the politicians don't seems to want to mess with this 'sound' strategy, seeing as it has worked well enough so far. They'd rather wait until it fails and blame the other party and literally anyone else before setting about doing anything to change it.

As an Aussie who believes in a free economy and has invested mainly in the share market, this dude hit the nail on the head! What we need is a conservative government for three terms to break the hold of the intellectuals and bludging parasites that inhibited any worthwhile legislation!

"Every time a kiwi emigrates to Aussie the IQ of both countries goes up." Rob Muldoon NZ PM. It's the age old problem: good times makes men weak in the head.

*Larry Burkett's book on "Giving and Tithing" drew me closer to God and helped my spirituality. 2020 was a year I literally lived it. I cashed in my life savings and gave it all away. My total giving amounted to 40,000 dollars. Everyone thought I was delusional. Today, 1 receive 85,000 dollars every two months. I have a property in Calabasas, CA, and travel a lot. God has promoted me more than once and opened doors for me to live beyond my dreams. God kept to his promises to and for me*

I love the grounded reality of this channel!!! Retirement took a toll on my finances, but with my involvement in the digital market, $35,000 weekly returns has been life changing. AWESOME GOD❤️

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

Each successive government seems determined to ride our once in a lifetime opportunity into the ground with nothing real to show for it but massively overinflated housing prices. The "lucky country" was a poke at how we've been successful so far despite some very questionable economic management.

Australia has this real bad case of tall poppy syndrome which we use as a means of keeping eachother humble/grounded, but the truth is in many ways it stifles our innovation and often see's our best minds immigrate to the USA or Europe where there are more opportunities. It exists within every industry... no doubt

Electrican makes $AUD 56/hour. Pharmacist makes $AUD 50/hour. Don't waste your time with an education & HECs (student loan) debt in Australia

Who would have thought Aussie Little Brother NZ would be so innovative and send a rocket into space... Since Aussie is very capable of doing that.

I live in Australia and the advertisement after the video was from a real estate agency.

The funny thing about Australia is that a lot of university educated people Want to live here. So we end up with lots of engineers from developing countries managing products which are then made in said developing countries. The manufacturing doesn’t count as Australian according to economic statistics but the knowledge is here.

I came here in 2004, had a good run for 12 years, house, and small business tied to the resource sector. I'm done here. The lovely charismatic identity of the people is vanishing with this mad immigration. I know how a massive people problem looks like from europe. I didnt expect that this happens here in just 20 years. Incomes and opportunities have stagnated for too long.

Good presentation,but I was surprised the Norway comparison wasnt made.

I think Australia has one silenced problem - she's an extension of Western Europe just like the Americas. However, whereas the Americas are an ocean away from Europe, Australia is 2 oceans and 2 continents away. The fact that, with the exception of New Zealand, all her neighbours are poor doesn't help either.

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

I am an immigrant in Australia for 15 years and I'm living the dream.

Australian universities are more interested in DEI than developing technologies and combined with a poor entrepreneurial culture it is not surprising that Australia has fallen behind after advanced economies.

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

I can atest about dumb, particularly with how part of the country reacted to Covid. I keep telling people that we are VERY lucky here, being that at bottom of the world away from EVERYONE, but somehow still have a decent economy and not smacked by the resource curse. The mining boom could have set us up for ages if had a wealth/sovereign fund like Norway. Sadly due to the LNP governments the time it never happened. And when Labor tried it they messaged it so poorly, the conservatives were able to swing public opinion against the idea.

Lets be honest, if it wasn't for Asians migrating here, us Aussies would score lower in productivity, entrepreneurship and academically. One huge issue is that our news isn't free. Most 1st world countries have free news. Let it be online or tv. In Australia our tv news is full of commercials or garbage sponsored content and our online media are behind paywalls.

As long as Australia remains politically dependent on the US, it's future's going to look bleaker and bleaker. Remember, a great deal of Australia's much vaunted 'luck' depends on its not poking the Chinese panda in the eyes.

Im 28, live in Perth WA and thank god im in the mining industry. I can afford to invest in US stocks and at least ill be ok. Gen z here is screwed though. Unless they have major wealth passed down or manage to get a job with a competitive salary.

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

Big mining companies are profiting, the government is hardly taxing them. Give "Punter's Politics" a follow.

I might raise objection to the part about "getting rich" but dumb i can agree with.

It's called the lucky country because you must be lucky if you can survive here not because the country itself is lucky. And I'm sure the largest export is education not mining...

Hi, Australian urban development consultant and researcher here. Please note, it is a well researched and documented fact here in Australia that Council and state planning laws are not a key contributer to housing price increases. More prominant issues are labour shortages, underdeveloped building industry and construction material inflation combined with a near complete private developer lead housing market.

That first chart at 0:38 is almost certainly showing mean wealth, not median wealth.

Owning a house lets you exist, not be rich!

I'm Australian. I think you've done a great job of summarising the state of play. It's just incredibly disappointing that we are not adopting smarter strategies.

What about the fact we can’t afford anything nowdays, the price of food and houses are fast surpassing our wages but work places can’t afford to pay us more, which is an imbalance. Most of us are becoming poorer , the numbers of money doesn’t actually go to most of us anymore but even taking away , so we are becoming poorer

Aussie here. Two reasons our property prices have gone to the moon: 1. Like Canada, massive growth in rich immigrants. I say that as an immigrant myself and supporter of multiculturalism. The issue is extremely politically charged here. 2. The prime reason: growing Global liquidity. Central banks printing money that finds its way in to assets. This mechanism has exploded in the past decade. Every expensive city around the world blames local planning laws for rising house prices. That view is missing a trick imho

As an Australian, i think most the stuff in the video is spot on. the problems I see with Australia's economy is: 1) export, it is slowing down because China's development boom is slowing down. Maybe India will replace China for export of Iron ore and other materials? idk how long this will last, eventually the export rally will slow down. 2) houses/apartments prices are ridiculously high (Sydney is currently ranked 2nd most unaffordable place behind Hongkong, and we are not even a top tier financial center country like Hongkong or US). we are in a weird situation that we need immigrants to fill jobs such as construction to provide housing supply, but more immigrants also drive the demand of housing causes housing to be more unaffordable for Australian. Me earning 100k+ aud, i feel like it takes forever to save up for upfront payment for a mortgage given the rent is high. The boomers who bought their properties early are sitting on loads of equity (rich just get richer) 3)education - we have a lot of international students which they pay crazy amount of tuition fees (good for us), however, this also drive the demand of housing. In addition, I have seen a lot of local Australian complain that some of the international students compete with the locals for jobs after they graduate, which the competition causing the goal post of owning a property even further away. In conclusion, I do think Australia as of now is one of the best country to live in, even with those problems above. open to discussion, keen to hear everyone's perspective.

Great video and solid narrative - “Australia is a lucky country, run by half rate people who share its luck”, Donald Horne in his 1964 book ‘The Lucky Country: Australia in the 60s’ - this is the book shown in the first few minutes of this video …and yes, as an Australian who chose to permanently move to the US because our household income of over Au$300,000/yr would have only gotten us a third rate million dollar house and our kids would have only gotten an average education - I agree …Australia is rich (on paper) and dumb, going on dumber 😢 the houses and holes economy is taking its toll …the only dream young Aussies have is to own a house one day and the economy has been stagnating for a decade now. Public services are being de-funded and healthcare quality is fragmenting. Infrastructure isn’t being built/maintained and the state of the country reminds me of South Africa in the 1990s - even crime is going up now.

It's in the weeds a bit, but the capital gains tax reduction has also been a huge factor in pushing house prices up. It financially makes much more sense to push the price of an existing house up and pay half the tax than if you were to build a new one and sell it. The structural incentives to force housing prices up while suppressing supply here is an absolutely insane policy.

Who remembers those merry go rounds that as children we climbed on and spun until those on the inside stayed on and those on the edge fell off? Well, you better make sure you are frugal and stay off the edge because a lot who are not are going to get flung off real quick real soon 😢

Sadly this is all true. Our economy is fairly simple and it's difficult to see how we'll compete in the future as we don't actually do or offer that much. We had a lucky 30-40 years but we'll most likely stagnate from here.

This is silly. Australias third largest export is education to international students. It even said the economy was diversified then the opposite later in the video.

We are not rich we are poor housing wealth is not rich we are income poor, yeah we have commodities but we get nearly 0 royalties from it. Gas we pay more than most countries even tho we are the 2 or third biggest exporter. This country is rich for the rich not for an average this is a poor country with high asset values not high income we are cash poor. Most are

This is a fair summary tbh. You understate the housing problem though - it is catastrophic. Middle-class people in fulltime work are living in their cars because there are either no available rentals, or the greedy investor landlords are raising rents beyond reach. People can't plan a life nor have children if they don't have stable nor fairly priced housing. There have been warnings about lack of skills for decades. Australia's impending dire situation is a symptom - the disease is government after government grasping while in office and not thinking beyond its three-year term. Leaders have failed us.

I’m always coming and going from Australia in intervals of 5 years for the last 20 years. One can easily tell Australians are too busy enjoying the good life! It’s a big luxurious condominium the size of a continent. Let’s hope Ray Dalio is wrong about his description of the big cycle…

Who is responsible for driving innovation? The citizens, the government, industry? Regardless of which political party you vote for, you want the government to strengthen the economy and increase individual prosperity. Government is responsible for funding science and technology. Government is where the levers are to direct and regulate industry. In Australia, we seem to have a political system ingeniously designed to 'take the easy option' when it comes to making difficult or unpopular decisions, regardless of how those decisions may improve the country.If any facet of our country is in desperate need of innovation, it is our system of governance.

Only certain people benefited from the mining boom, and it wasn’t average people

Australia may be rich but majority of its people are suffering on most levels. Australia needs to bring back manufacturing.

We used to make things...... Australia 's manufacturing sector and thus our production capability was decimated after the federal government signed us up to the "Lima Declaration" without any public consultation in the 1970's. We agreed to wind down 30% of our production and to import it from overseas instead. This included primary produce like meat and fruit etc... The 30% disastrously blew out to a whopping 90% of production capacity gone....

Honestly speaking, I don't get impressed when some poor country hits the headlines as being the fastest growing economy and such. This is because, most of this so called growth is just paper growth with little to no real improvement in an average person's average income and standard of living. Thanks to rapidly growing population, per capita income shows negligible growth. Despite reporting high gdp growth, several of these poor countries don't have any improvement in basic amenities and infrastructure, don't have any major reforms Implemented, can't stop brain drain, sees worsening social order, sees increasing corruption, sees increasing income inequality, poor social security and don't have any plans for sustaining the high growth. Average incomes of the people may increase, but the costs increase faster resulting in negligible improvement in purchasing power or savings. Increase in unexpected costs and weakening currency add further fuel to the fire. There is no improvement in the quality and variety of products and services, education, healthcare and human capital development either. A lot of these countries are destined to get stuck in the middle income trap and face resource shortages and climate change effects as well. Some of them are doomed to face some economic crisis as well. Hence, before getting overhyped about a poor country being the world's fastest growing economy, dig deeper and find out whether these underlying issues are getting solved or not. Mere GDP growth does not make a country developed. It involves solving the underlying problems mentioned above as well. These overly long term economic forcasts by corporates and economic think tanks are ridiculous as well. For an example, people who lived in the US in the 50s or the UAE in the 80s and 90s know what real growth and development is. This real development is not experienced by people who live in these so called fast growing economies.

An excellent video and spot on , as an older Australian I have been saying for years our stupid politicians have run the country down into the ground and squandered its wealth. Even our manufacturing industry our stupid politicians sacrificed over the decades to become “ a trading nation” for short term gain . A lot of our industry that supported engineers and a wealth of skills were thrown out with the bath water to become a trading nation favouring imports. This is the problem when you have a relatively wealthy country with leaders that have less intelligence than trained monkeys . Albanese and his minions are in a club of politicians that have been lack lustre and let the population down. Bring on the next election.

I'm a millennial Australian. This is a perfect description of my experience.

👏 👏 👏 This was a great video, really balanced reporting, and a flawless analysis. Spot on mate love your work keep it up! 😊

Talking about Australia without talking about Indonesia or ASEAN for that matter is a flaw

Some points you overlooked include Australia's strong and in many Ag industries, world leading producers. True that these industries are restrained by the urbane folies you described. However, as a technology leader in this sector, with good resource management and an excellent capacity to grow, Australia can (and I hope), will recover from the Canadian disease you have described

One of the major steps forward Australia can make is to introduce nuclear power. The cost of power and focus on renewables is holding us back from manufacturing and business development. The next election will be over this very topic. We should have had nuclear power here decades ago. This story would be very different and a lot more positive for us today.

My daughter and son-in-law returned home after failing to fund reasonable jobs in Australia. They did very well in a top Australia university but had no future there.

Major problem with many wealthy countries is their immigration business model is not only not working but also become a liability. Because the world is moving rapidly towards AI.

The very last line did it for me. "A serious vision on the future". This is not only missing in Australia but also in my country, the Netherlands. What mining is for Australia is export and import for the Netherlands..... With the declining economy in Germany we will soon have a big issue as well. Apart from that, we have a number of looming problems. The general population here don't see or don't want to see it but that does not mean that these problems are not there. Heere in the Netherlands the population is literally getting dumber. This is mainly due to influx of people from countries where education is on a lower level and because the quality of education here in the Netherlands has been on the decline for many years. Like in Australia, real estate is seen as a form of wealth but what people do not realize is that the house that they live in is in fact a liability (with one exception). Thank you for this short, compact and concise insight.

South Korea when it was transforming its economy had an isolationist policy, i. e. its economy was closed to external influences and competitors. Australia is an open economy and it just can't compete with cheap labour in other countries where the manufacturing moved to. Australia should be investing much more in R&D and into developing of high-tech products, sell intellectual property and expertise.

Half your footage isn't even in Australia, you are showing the UK city streets. So much for factual reporting - lazy!

Most Australians are old people, most kids are from immigrants

Australia is a great country

Nailed it mate! The fact that neither major political party want to support project iron boomerang underpins the commentary of this video. PIB is making first stage steel in Australia. It can produce steel 20% cheaper than the Chinese can. Yet people like Senator Matt Canavan think we should have 2 steel mills in Aust and transport iron ore by ship. PIB has 5 stages, each stage is worth $21 billion per year. Amazing! Qatar makes $76 billion on the exact same amount of lpg exports as Australia and Aust makes only $2 billion. Dumb! China manipulates trade agreements and Australia wont even put tarriffs on its iron ore. Dumb! One Nation is the only political party supporting increased royalties on lpg exports and supporting PIB. Says a lot about Australia. Great video, thank you.😊

Many in Australia have been getting poorer because the price for basic things like housing and groceries has inflated so much