UnSubRocky wrote on May 10^th, 2014 at 7:44pm:


When resources becomes the major part of your economy you have become a third world country because there is insufficient jobs to go around and manufacturing is uncompetitive because wages are high and exchange rate is high.

In such a circumstance, the only way to keep a lid on the A$ is by capital investment in other countries so you export capital instead of goods and services. The lucky country is becoming the dumb country.

Australia was 7 th in OECD's life satisfaction index.

7. Australia
> Life satisfaction score: 7.4 (tied for 7th)
> Self-reported good health: 85% (4th highest)
> Employees working long hours: 14.2% (7th highest)
> Disposable income: $31,197 (4th highest)
> Life expectancy: 82.0 years (7th highest)

More than 14% of Australians said they worked very long hours, more than all but a few other nations. Residents were rewarded for their hard work, however. Per capita disposable income was $31,197 — fourth highest after the U.S., Luxembourg, and Norway. Additionally, the average personal earnings in Australia was $46,585, among the highest of all nations reviewed. Residents were also heavily engaged in politics last year. Australia’s 93% voter turnout, likely the result of compulsory voting, was the highest in the OECD. Possibly also contributing to residents’ happiness was the size of their homes. Australians live in especially large homes, averaging 2.3 rooms per person, among the most of any country reviewed.

On the basis of purchasing power parity Australian incomes fall considerably and are comparable with UK and behind USA.

http://247wallst.com/special-report/2014/05/05/the-happiest-countries-in-the-wor...

The_Barnacle wrote on May 10^th, 2014 at 11:08am:



Because Howard understands what happens when the Middle Class is diminished.

John Smith wrote on May 11^th, 2014 at 9:28am:
good point, the answer is its not working. Many middle class households are now entirely dependent on welfare, I think i read the other day that 50 percent of households pay no net tax.

Laugh till you cry wrote on May 10^th, 2014 at 9:12pm:


You said that mining has the lowest number of employees per million dollars revenue. It stands to reason that mining is the most cost efficient business, if you are raking in more money per employee, in spite of high wages. Miners make near (and in some cases, over) 6 figure yearly salaries. That's working for a company that operates at a decent profit. Compared to essential services (which in some cases sees employee numbers cut to save costs), which operates at a loss. I confuses me that you would see the mining industry as a bad thing. Plus, it doesn't even cross your mind that mining is only one industry in Australia that employs people amongst numerous other industries that work interdependently with the mining industry.

If Australia relied solely on mining, we might be another Iraq with no real prospect of diversifying our economy. But it's pretty much a thriving economy, when you have 5% unemployment, numerous industries to work in, and a moderately to highly educated workforce that even works in industries that they are considered over-educated. Things should be looking good for us for the next 20 years.

UnSubRocky wrote on May 12^th, 2014 at 9:21pm:


Economies evolve or devolve just as societies do.

Romans in 800 BC thought life couldn't be better. But then their relative well being compared to other developed societies diminshed to its lowest point post WW2 with some recovery since until GFC.

Also consider Greece, the birthplace of philosophy.

They did not evolve to the stage of flipping mud huts like Australia has as an economic basis.

Soren wrote on May 13^th, 2014 at 12:48pm:


I am sure that excludes council rates which are a tax on property ownership, GST and taxes on petrol and other hidden taxes.

If your assertion is true, the Australian economy is underwater with the tsunami of baby boomer retirements about to deliver the coup de grace.

Soren wrote on May 13^th, 2014 at 12:48pm:

Hows abouts we talk about net subsidies: something soren and his little 'friend' culture tryhard something something will never acknowledge??

The world runs on environmental subsidies that were never there to give. Wealth, and most aussies have some experience of it in the family, rides on the back of a free kick! The subsidiary industry all rides on that free kick...

That is inefficiency written into the system: why not attack the attack I SAY, but who cares because Hollywood just tells us to f that and f this and drink that and smoke it up cuz yehhhhhh cos like we is dat rich and cool and sophisticated and it's all honest to goodness like productivity bro yeh  with our long weekends and 38 hour weeks and stuff lol