The 'Dirty' Economy Of Australia | Economics Explained

The economy of the land down under is reliant on dirt. Yes, literal dirt. Here's why.

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[jonosimpson]

My tutor once summed up our Economy in the following sentence "we are a first world country with a third world economy and a bunch of rich people on the coast just buying houses off each other to feel richer".

Seems like that also summarises your video hahaha
Great stuff as always, from a fellow Aussie!

[adamiotime]

As an Aussie who //doesn't// yet own property, I think about this all the time. The only way to forge out a meaningful existence in Australia is through property ownership, and it makes everything feel like the country is just dumb as rocks. How do we go about addressing this, bringing back domestic manufacturing and entrepreneurship, and moving away from property investment dependence which only seems to make housing unaffordable in Australia.

[Jakekhalid]

It amazes me greatly the way I move from an average lifestyle to earning over 63k per month, utter shock is the word. I have understood a lot in the past few years to doubt that oppor-tunities abound in the financial markets, The only thing is to know where to focus....Thanks so much Rahul Sahil Gupta....

[skipaddle]

Canada has a similar profile. Overly dependent on dirty resource extraction. Overheated urban real estate. A history of innovation that we can't hold on to. Declining industrial base.

[jeffeveritt]

To sum up Australia's mining and real estate economy in a single sentence:

"Australia is blessed with vast natural resources, the biggest of which is a bottomless pit of stupidity we can mine forever"

- mdsee, Marcobusiness commenter, 2019

[Zorcon]

Australia is the world's oldest and best prison.

[ashkumar]

Please do a "dirty economy of Canada" next because it's pretty much the same. Oil, logging, education as a commodity and real estate.

[BrusselsBlog]

as a UK resident the whole concept of depreciation of a house, and it having a nominal 20 year lifespan before needing to be rebuild just fries my brain! Where I live, a 20 year old house is viewed as 'nearly new'... and houses don't depreciate unless they 'actually' fall down

[jeffbenton]

"If you love something, you want to make sure it doesn't hurt itself"

Shows koala

[CHPossebon]

"Imagine a country whose exports are almost entirely made up out of raw materials and live stock. You're probably imagining a developing country at best, but more realistically you're thinking of an undeveloped country"

*cries in brazilian*

[dimplesd]

I married a Aussie and have been there four times in 10 years. The growth of Sydney from 2012-2019 is amazing BUT the population isn’t really growing so I can’t figure out who lives in all the 100 story high rises in the major cities because all our friends and family live far outside the CBD’s of Sydney, Canberra or Brisbane, even though they work in the CBD, because it’s too expensive. Thank you for explaining it to me.

[StevenSmith-qzcl]

Great content. It will be interesting to see your take on the economy of the Anglosphere (Australia, Canada, NZ, UK, USA) and its possible impact on the global economy.

[SpencerGD]

Ah, so glad to see EE uploading something! I was probably checking back at least weekly to see if there was any new content

[invin]

Why does learning about economics bring me so much joy? This channel always brightens my day. Maybe it's the feeling of armchair criticizing entire countries despite my not knowing anything about the subject matter. "Haha! Foolish economies!" *sips beer*

[joebloggs]

I'm an Aussie, and the cost of property here was eye-watering for me, even 20 years ago! I decided no to, putting money into non-tangible assets that follow me wherever I go on the globe. I think Asia will be good to retire in, on AUD, and get more for less.

[sonyablack]

With the way the markets are moving, I think a video on "How to profit from the present market amidst the recession" will be more appreciated. I mean, I have heard of people still making more than a 100K within a few months, and I'd like to know if it is still possible in these times.

[EdwardJWhiting]

Those who are interested in how Australia's politics and economy work may find the book "Game of Mates: how favours bleed the nation" (Murray and Frijters, 2017) useful. It explains why most Australians don't benefit from mining exports or the increase in land values in capital cities, and estimates how much it is costing the public purse each year in foregone revenues.

[carolind]

Thank you for this video. I am from Canada and I can see a lot of parallels between the two countries. As for criticizing your homeland, I say do it, I always do! It is because we love our countries and want it to be the best it can be.

[oliviaralston]

You work for 40yrs to have $1M in your
retirement, meanwhile some people are putting just $10K in a meme coin from just few months ago and now they are