Australia's Economy: What Went Wrong? & Are We Doomed? | Punters Politics

Why Australia ranks 93rd in economic complexity, trailing behind nations like Uganda and Armenia, and what does this mean for the country's future.

[punterspolitics]

What did I miss? Fact checks below👇 Citations necessary 👍

[AveryFossen]

My greatest concern is how to recover from all these economic and global troubles and stay afloat especially with the political power tussle going on in Australia.

[justintoeverything]

Our beautiful country has been sold to the lowest bidder unfortunately

[lincolnscott]

The only “high-tech” industry Australia has left is speculative investors working out with their accountants how to evade their tax obligations... 🤦🏻

[JohnH]

Australia used to be called the 'lucky country' now we're lucky to be still here.

[darrens]

I bet we rank #1 in giving politicians and bureaucrats big pay rises

[bretloyd]

The Australian economy been driven to a houses and holes only zone. . .

[brad]

Our governments have been letting us down since the 70's.
We need a HUGE change to start manufacturing again.

[choopa]

What a disgrace. Our politicians for the last 100 years are a disgrace

[igorbaltic]

We are going to be in shambles when commodities fall in price. We had 20 years in booming commodity prices, and we did nothing with the profits

[jpinkertonable]

I work in the drug development space. PhD trained in Australia and bugger all opportunities once finished. What did I do after years of government investment in my education? Left overseas unfortunately 😢

[KA-kvkq]

Australia only has one trick: land. Digging it up, farming it & developing it. While that's a pretty good trick, economic diversity contributes to economic stability, resilience and innovation.

A common finance joke is that Australians just renovate and sell houses and serve each other coffee.

With such a simple economy any talent we develop locally will naturally go overseas for better opportunities. Resulting in brain drain and a stagnant economy if/when one of our land pillars fails.

This has been a longstanding problem in Aus politics. Australia (one of the first offered) refused to invest in the first computers because of the heavy reliance on the wool industry at the time (approx 1960/70s. Australia runs on the sheeps back to paraphrase their quote.

This is increasingly frustrating for younger voters / generations as they feel increasingly technology inferior and handicapped.

[oldfashionedwrx]

funny we're so simple, selling houses to each other.
LOL we're below central/south america, eastern block and africa

our economy is a joke, look at top asx 50 then do a piechart break down of the sectors.

HOUSING loans, mining, selling coffees to each other .... bugger all manufacturing (WHICH WE NEED)

[capmarketer]

I used to work at NAB. They wanted to diversify their investment holdings. So they bought Canadian Covered Bonds. I argued it was like doubling down on Australia because the economies are so similar.

[alexanderpaterson]

I’ve been a caravan salesman for over 12 years now and it’s sad to see how it went from 100% Australian manufacturing to being flooded with Chinese imports. They’re pretty much all manufactured down in Melbourne and when ford and Holden closed their doors in Australia a lot of the workers went over to building caravans in Geelong. Now where are they?

[JustinMarriner]

Why invest in risky R&D when you invest in real estate instead? That was one of the points of the Henry Tax Review. We don't reward investment in productive things.

[iceize]

I don't think any of us realize how important this video is. Great work on this one mate, but more needs to be done and im not sure where to start.

[mkuc]

Let me give you an example close to home. Dad worked as a mech engineer. He helped design plane parts for Boeing, manufacturing processes for Toyota, did some work for holden, and his last contract was with Bombardier which make Trams and Trains in victoria. All these companies have shut down. If you're a mechanical engineer, leave the country immediately.

[Bigblackdilly]

Don't worry, we got a bunch of houses no one can afford.

[Sol-jywl]

the cost to create in australia is too much,

the banking system is sucking the country dry from the ground up, trying to pay the rent, everything goes up, from there, its just too hard to compete, technical people go to opportunities overseas

we need a better system, more transparency, more accountability