Why Australia’s Economy is Doing Surprisingly Badly
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Australia’s economy has long been the envy of the Western world. But it seems that in the past few months, it looks like Australia’s luck has finally ran out. So, in this video, we’re taking a look at what’s going on with Australia’s economy, and why things might get worse.
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1 – https://www.datawrapper.de/_/VEEir/
2 – https://twitter.com/JosephPolitano/status/1805636271370391654
3 – https://www.economist.com/the-economist-explains/2017/09/05/how-australia-broke-the-record-for-economic-growth
4 – https://treasury.gov.au/sites/default/files/2019-03/round3-9.pdf
5 – https://twitter.com/mlanetrain/status/1828581509873230030/photo/1
6 – https://theconversation.com/prepare-to-hear-about-an-official-recession-unofficially-weve-been-in-one-for-some-time-224963
7 – https://tradingeconomics.com/australia/monthly-cpi-indicator
8 – https://tradingeconomics.com/australia/interest-rate
9 – https://www.theguardian.com/business/grogonomics/article/2024/jun/06/australia-gdp-figures-recession-fears-rba-spending-too-much
10 – https://www.morningstar.com.au/insights/personal-finance/250560/australian-housing-is-twice-as-expensive-as-the-us
11 – http://www.demographia.com/dhi.pdf
12 – https://tradingeconomics.com/commodity/iron-ore
13 – https://thekoalanews.com/education-as-an-export-for-australia-2022-23/
14 – https://www.theguardian.com/education/commentisfree/article/2024/aug/28/australias-proposed-overseas-student-cap-isnt-just-about-dollars-its-about-people
00:00 – Introduction
01:06 – Context
04:01 – Australia’s Economic Crisis
07:28 – Sponsored Content
31 Comments
If WA left the federation the rest of it would be in deep poo. Our dollar is worth far more than what it sells for?
We never learn. We relied heavily on wheat, then wool, now resources and failed to see the China problem on the way and market to other nations eg India.
Australia's economic problems are self inflicted.
1/ In 1946 the NSW branch of the Australian Labor Party, in government in NSW and Federally, agreed the Commonwealth could permanently have income tax, but not take on responsibility for infrastructure apart from Defence, Post and Telecoms. The Commonwealth collects 80% of Australia's tax, but gives very little to the states for infrastructure. As a result, Australians retreat to capital cities driving up real estate prices. Migration is on top of insufficient infrastructure to support life in the regions.
2/ The second issue is Australians want live near a beach on the east coast between Adelaide and Cairns, and between Perth and Margaret River. To support regional cities along those coastal strips, we need a four-lane divided road and 200 kmh double track railway around the coast.
3/ third issue is street type in local centres. We favour very low density and high rise, both of which produce sterile centres.
We need six-storey buildings that form walls along the streets of our local centres, like in Europe, to bring our streets to life with social and econonic activity
Thanks Albo…
If people didnt all want to live in 0.5% of the land mass prices would be cheaper lol. Pleanty of affordable houses in fringe suburbs and regional towns. I don't see a crisis.
The term "lucky country" wasn't coined as a compliment but actually a criticism and a warning that Australia is too reliant on its primary industries.
So much talking but you could summarise it one sentence. The real reason is that Americans back stabbed Aussies making them bark at their biggest customer China. China then cut some imports from Australia hence the economic crisis. Visa for students were also cut because of this pressure.
Lot of bla bla bla but don't know the real reason.like mainstream fake news media
Yep , I agree. australia not so lucky any more 😔
USA printed lots of $ and when they started getting inflation in the commodity prices. They transferred it to the whole world. RBA is following federal reserve and keeping interest rate high. Australia and most countries are facing ripple effects of higher interest rates in their respective economies.
Is it fair to say then that Australia allowed housing to be seen as an investment, thus people with crap loads of money already bought the limited supply and now those very people are blaming immigrants for the lack of housing? And not that housing shouldn't even be an "investment" in the first place? That's wild
Australian here. I would like to point out that during the 2008 financial crisis we had Kevin Rudd as prime minister and Wayne Swan as treasurer and they delivered economic policy during that time that weathered the crisis and is now actually the standard response to such a crisis around the world now because of how successful it was
The housing bubble is disgusting. Given that MP's directly benefit from higher property prices, its unlikely to ever change.
This is why I don't sub to this guy. He is a poor researcher.
Looks like that the far left radical Islamic Marxist Laborgreens bots are in full swing atm
Plenty of niggles in the comments here but I"ll add mine – a large factor in weathering the 2008 financial crisis was some highly controversial government stimulus, which was touted to be the ruin of our economy by its political opponents but ended up being the saving grace.
Factually wrong 1 min in. Trash video
Sucks to be Australian lol… Wait thats me
Recession! Crash! Inflation! It’s getting depressing. I have about $100k in emergency fund and I have been seeing good news about the stock market and would like to gain from that since I can’t let my savings be corroded by inflation. What stocks should I into as a newbie to safely grow my money.
theft and control
Immigrants don’t go to Australia for the sun- otherwise they would choose to live in the desert. They go to improve their lot like immigrants everywhere.
Tall poppy syndrome, xenophobia, the resources curse, and no sovereign wealth fund despite all the natural resources
This is lucky? 🤡🤪🤦♂️
can't talk about Australian real estate without negative gearing mate.
That's why: Question : Where are your sanctions???
Putin travel all over the world
His family travel all over Europe
Putin's friends travel with diplomatic passports all over tge world 🌎,USA,EUROPE
Мляди Путина летают по миру и греются на морях и океяньях по дипломатическим паспортам,сынок Дмитрия Медведева отдыхал в Франции март 2024…ГДЕ ВАШИ САНКЦИИ😂😂😂?
four whole quarters??? doesn't seem that much… hehe great video though
Wife and I are from Taiwan. We had a swell time visiting Australia, and saw some remarkable animals. Hope to see the amazing variety of beautiful animals in Australia continue to flourish. 😊
I was laid off for the first time in my career from a high paying job under a labor government and now struggling to find a new job. Won’t forget this whenever I vote in future.
Things are just as dire in the UK, vote left and lose your job free speech.
Cutting student visas was more complex than a total cap or cut. There was an issue of scammy "instututes" and fake education providers which were literally empty shop fronts so that people could obtain a student visa, with a view to applying for a work visa or permanent residency thereafter. In the media they were calling it "visa jumping" or "visa hopping". As the aim of student visas was to attract and retain a skilled labour workforce, these fake education providers came under government scrutiny.
As an Australian from the economic powerhouse state (Western Australia) and having owned a home I made the decision with my wife to move to the US. Australia is not affordable for those who want a family and with one child we both had to work full time to get by. In the US I can work and my wife can stay at home whilst living in a bigger and nicer house closer to a major US city. I love being an Aussie but it is a country destined to economic stagnation and the destruction of the middle class.
I think all it takes is good government and she’ll be right.
'Australia is a lucky country run by second rate people who share its luck.‘ Donald Horne, 1964