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

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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[abhigyanbg]

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

[nelsonvaz]

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.

[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

[Nebs]

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

[victord]

Australian are bless to lived in land down under.

[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.

[janemichelle]

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

[Sachin.Chandra]

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

[worldww_please]

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

[jeenallake]

*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.*

[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

[noelleggett]

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.

[poiuytrewqqwertyufy]

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

[mrpink]

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.

[australiacalling]

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 😎😎😎😎😎

[tomkelly]

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!

[emko]

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

[issacmaw]

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

[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.

[peanutbuttertv]

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