Why Is Australia So EXTREMELY Rich - The Lucky Country

Even though about 2/3 of the country is desert, Australia is one of the richest countries in the world today. But how?

The Aussies are among the world's wealthiest citizens. Close to 10% of its adult population is worth more than $1 million in US dollars, not Australian dollars!

However, according to the median figures, Australians are the richest citizens in the world.

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[harryhatter]

It is also the largest world exporter of Uranium and is now the largest exporter of LNG as well it has passed to No 1 in gold production as well.

[emceeboogieboots]

The vast arid and desert regions make mineral exploration and exploitation far easier than in a heavily forested land so that is lucky
It makes those same areas far less productive for agriculture though, making it hard to support much in the way of large inland populations...
But that is also lucky😁

[aero.l]

Sees like everything that's great about the Australian economy is due to the immutable characteristics of the land rather than on any innovative industries. Taiwan has a similar population size but the economy is based on high-tech exports like advanced chips and precision manufacturing whereas the Aussies merely dig up stuff.

[overworlder]

Much of it is a housing bubble, same as Switzerland, the country Australia competes with for top spot on median wealth. And a bubble can pop at any time and may be, right now. The other part, which is legit, is the compulsory retirement savings system, which at A$3.4 trillion has invested serious amounts at home and abroad. But other countries have different systems, which don't rely on individual savings or home ownership. Many European countries including Germany have low median individual wealth despite being wealthy countries, but that's because housing and social services are subsidised. Australia is a sort of halfway-house between the American and Euro models, with a mix of private and public provision.

[forbaldo]

a little bit more to what I've said below if you were an investment fund in Switzerland would you invest in Germany, France, England, or Italy today or would you go to Australia and see what they've got

[davidhoward]

I live in Western Australia its one very large opencast mine, makes up a third of country with only 2.5 million inhabitants, Gas, High Quality Iron Ore which has a huge Chinese market, Lithium, Gold.. its also the richest state in Australia as for the political class will leave that judgement to others

[jeremyandmichelledevereux]

A lot of whinging sooks in the comments. I guess they haven't travelled the world and seen what life is like out there and how good we Aussies have it. We have, and I can tell you now that this place is the promised land.

[richardbryan]

I've been considering buying ETFs/SCHD stocks for retirement, I have set asides $100k but somewhere along the line, I get cold feet maybe because I'm a rookie and have no idea what I'm doing, please I could really use some guideline

[drcharles]

Unbelievable simplistic view of the Lucky country. The term "Lucky Country" describes a hedonistic, materialistic, lazy society. Second-rate leadership and triumphant mediocrity are the modern reality. The coming real estate crash will bring about the end of Australia. Australia is in the wake of the Mega-depression of China.

[yugandhargundelly]

what would be australia without great britain

[SunRise-ulko]

You need to be rich, just to afford a dilapidated dog box in Sydney. However, your quality of life as a debt slave in Sydney is a whole other story.

[srjwaugh]

It is sad that USA has decided to move away from this model. Hope you do well with your new model.

[sprig]

I always felt lucky being born in Australia.

[gus.johnson]

This video about Australia being the "Lucky Country", quite interestingly ends with a drawing of a Viking ship...
Firstly, the full quote in Donald Horne's book, “The Lucky Country”, was in fact: “Australia is a lucky country run by second-rate people who share its luck.”

Secondly, the reason that Australia never got the “Dutch decease”, is that Australia never shared to its fullest the enormous wealth of its natural resources (like the Dutch did with theirs, but which also created that term) and that's all thanks to the country being “...run by second rate people...” where political point scoring exceeds the national interests.


The Australian people quite simply never really got their hands on the profits from what was actually THEIR'S, the country's natural resources...
And not only that, not a single dollar has been saved on behalf of the owners of what has been extracted and carted away... it's more like a robbery!

Those second rate people have managed to allow foreigners to literally cart away chunks of Australia, leaving gaping holes in the countryside and in return only having to leave some crumbs (commonly referred to as royalty) behind and just to put some topping on the cake, not paying tax at all or at least next to nothing.

Even the largest mining company, BHP, or “The Big Australian” as they like to tell the Australian people in order to con them and pull the wool over the Aussies' eyes, and doing so very successfully, but which is in fact about 85% foreign-owned AND has been caught cheating the Australian people by price-transferring exports through Singapore to avoid Tax in Australia.

Another nifty little trick, as apparently done by the largest gas extractor in Australia, is to borrow money from its overseas head office at a ridiculously high interest rate so after paying that interest it has no profit in Australia, so no tax...!


And, just to rub some salt in the wound; as probably the largest exporter of gas in the world by now, we haven't got gas for ourselves, just like some underdeveloped banana republic; and both foreign and local gas-extracting companies are having a field day; break-even cost at about $3.50, but selling at $35.00, a staggering, incredible, unbelievable1, 000% profit with next to nothing paid to the owners of the gas; the Australian people!!

Australia is like a prostitute, with legs wide open inviting anyone overseas to come in for a free ride!

The Vikings were NOT just ferocious raiders, they were great traders and negotiators, as well, and if one compares the way the Norwegians have managed their natural resources over just a few decades and how these “...second rate people” here, “down under”, have managed Australia's natural resources over the last Century and more, Australia is actually “down AND under”.

When foreign companies were given the so-called "10 Oil Commandments" by the Norwegian Government (Commandment number 2 should be of great interest to most Aussies!) and told they would be taxed 50% (it's now 78%!!) they threatened to leave the country, but not ONE member of parliament went against the Government and the foreign owned companies caved in; not like in Australia where The Big Australian, with some help from the Liberal Party, went on a national advertising spree and was hell-bent on making sure the Australian people would not get a tiny larger share of what belongs to ALL Australians!

Norway's attitude was quite simple; all natural resources belong to the people and that is why they have taken what is their fair share of what has been extracted and stashed it away for a rainy day, but Australia never did and, as recently as only a couple of decades ago, when extra money was rolling into the Government coffers, the Howard Government squandered it to win election AND sold off the people's assets, like Telstra, and put money into the "Australian Future Fund", .

BUT, ufortunately for the rightful owners of Telstra, the Australian people, this "Future Fund" has nothing to do with THEIR future, but EVERYTHING to do with Politicians and public servants' future; it is THEIR SUPERANNUATION FUND!!!
And, as for sure less than 1% of Aussies would know that THEIR money went straight into the politicians' Super trough, less than 0.01% would know WHO is running the Fund, such is the apathy of the Aussies!

Australia is nearly a trillion dollars in the red, but Norway, with a population exactly the same as Sydney, could wipe that debt overnight and incredibly still have another half a trillion in the bank... and all thanks to making sure they taxed the extraction of THEIR natural resources to the hilt... AND, that's just over the last 30 some years!

Not only that, but thanks to the Norwegian Government's rules and regulations relating to its natural resources, that country has free higher education, free medical and now more engineers per capita than almost any other country and has a thriving industrial base; Australia's has been allowed to erode, thanks to those “second rate people”, and yes, Australia is a lucky and rich country, but not anywhere near to what it could and should be and that is to the detriment of huge sway of struggling Aussies!

[Stretch-xded]

Also the biggest killer of native wild life and ecosystems.

[postdylone]

Only an American could be so blind to the issues within the Australian economy

[marcusversace]

The importance of Australia's mineral resources to foreigners is exaggerated Manufacturing makes up the majority of the Australian economy, and mining ranks fourth. Mining is also restricted because, as we all know, minerals only increase in value over time, and its extraction is purposefully kept to a minimum to draw out the mineral wealth over the next 300 years, giving the country a consistent baseline income. secondly the country is particularly well governed, supported by a good tax regime -providing state and previously federal surpluses, excellent government funded medical system, modern reliant legal system and high Australian regulatory standards -exceeding the best on the world including higher than European or American standards.

[jonnelacecodog]

I love this country of the kangaroo riders because it has very high HDI, love from Philippines!!!

[Duft]

Ask the people who's interest rates are going up
Ask the indigenous
Ask the homeless
Not so lucky mate !

[bongerworld]

It was a lucky country until they gave it away to the Chinese.