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'Remarkable' Australian economy steams ahead

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Well done Australia.

This is what happens when your government is responsible and does not constantly borrow (issuing bonds) . Government borrowing is what causes the nation to drown in debt ... Australia has one of the worlds lowest debt levels...

-3 ( +1 / -4 )

i live where all the action is...here in western australia.. this state alone could probably support the entire country...but on the downside...it is now sooo expnsive to live here

1 ( +2 / -1 )

It would be better if they dug it out of the ground and instead of sending to the world, turn it into real useful things like cars etc.

2 ( +2 / -0 )

Some of the main reasons why Australia has a bright future! having one of the largest coal & iron ore reserves in the world also being the largest exporter of these in the world, having 3 trillion cubic/m of natural gas/coal seam gas reserves (about 80years worth) thats been found so far, 30% of the worlds known Uranium reserves, large rare earths, gold copper zinc diamonds opals etc reserves, about $500billion in resource projects and growing, also being one of the largest exporters of beef, lamb, wheat, sugar. one of the most food self efficient countries in the world produce 5 times what it consumes, most being exported, food exports will continue to grow with the opening of the new Ord 2 farming development in North Australia estimated 400billion KL of reserve water every year. and the government taxes generated from all these projects only has to be distributed to a population of $22million, understandable why Australians are one of the highest paid in the world.

2 ( +2 / -0 )

must be great to be from one of those countries where the wealth comes out of the ground or trots around on four legs bleating . good on the aussies.

2 ( +2 / -0 )

Australia can credit their recent economic success to their abundant source of raw materials. How would've things turned out for the Aussies if they didn't have the whole periodic table under their land? my best guess is New Zeland.

-4 ( +0 / -4 )

there are only three types of countries that will prosper in the future, 1. countries that manufacturer the worlds goods, 2. countries that supply the raw materials/energy 3. countries that supply the food for the worlds expanding poplulation. Australia being a major exporter of 2 & 3.

1 ( +1 / -0 )

Patty cake NZ has a large natural resource much like aussie but on a size of NZ , difference is aus is mining it flat out NZ is stuffing about coz the greens dont want to dig holes in nz land to get the resources. The opinion is changing tho and soon the kiwis will get their shovels out too.

0 ( +1 / -1 )

Patty cake NZ has a large natural resource much like aussie but on a size of NZ , difference is aus is mining it flat out NZ is stuffing about coz the greens dont want to dig holes in nz land to get the resources. The opinion is changing tho and soon the kiwis will get their shovels out too.

Hopefully those shovellers haven't migrated across the ditch by that time. I met so many good young Kiwis during my assignment in Australia.

0 ( +1 / -1 )

Here in the Hunter Valley I can see the effect that the mining mentality has had more than many.While no work has been undertaken to develop light rail or small subway networks, it seems that every family has about 2 cars, petrol and electricity costs are through the roof.Farming land has been given over to mining magnates and they are even fracking under some of the best vineyards in Australia.There is a shortage of male teachers because the mines attract the young men, the supermarkets are full of imported foods (compared to ten years ago) and I would assume that is because the farmlands are being dug up. The coal trains that go past my house all day long are about as long as a Japanese traffic jam in GW. The New England Highway is congested at any time of the day with massive road trains and miners going to and from work.More impatient drivers,more accidents,more speed cameras.. The mine workers are on huge wages and can afford the unbelievable prices of everything here but I think it is becoming really hard for a lot of Aussies to afford good health insurance and quality food.The supermarkets are now 60% processed food and that is what people are buying. My dad was a miner and I don't blame the miners but I think Australia continues to have a very backward and short-sighted approach to development.There should be more manufacture instead of digging everything up and selling it wholesale at the cheapest price. I don't think the current 'way of life' here is sustainable, to be honest. The cost of living in most places here would make most Tokyoites surprised. And nobody is regulating the mines really.You could buy a rural block of land and find an opencut mine next to it the next month, blasting out toxic powder and having the sound of explosions all day that crack the wood and the windows.Indeed this is already happening in the Upper Hunter.

3 ( +5 / -2 )

Australia can credit their recent economic success to their abundant source of raw materials

Mmmm, that's an overly simplified analysis. The country's economic structure is also well designed and managed - Australians pay pretty high taxes (Japan, The US and the Greeks should be taking notes), the big banks are stable and prosperous, the superannuation, medical, and social security systems are sound, the major political parties are not too different in policy and approach, the education systems are relatively strong - churning out skilled professionals, unemployment is pretty low and Australians generally have a good balance between work and play partly due to the effectiveness of Unions who advocate for such things. It's a lot more than just digging stuff up.

3 ( +3 / -0 )

actually NZ resources while substantial are nothing compared to what Australia has, also most of them are located in protected wilderness areas or are on indigenous land which makes it very sensitive to mine especially since NZ moto is 100% natural/wilderness, most of Australias resources are located in semi desert areas or with the natural gas out at sea. so not many people to pee off.

1 ( +1 / -0 )

@Darren unfortunatly at the rate there going around 15,000/month kiwis migrating to Australia, there wont be many kiwis left in NZ, currently around 500,000 kiwis in Australia with a population of only 4 million you can see there is a drastic talent drain on the NZ economy, average kiwi earns around 30 less than a aussie doing the same jobs.

1 ( +1 / -0 )

What happens when the iron ore and coal run out?

0 ( +2 / -2 )

Oz needs to remember commodity prices are cyclical, when they go down..........it will hurt, enjoy the ride while you can tho

0 ( +1 / -1 )

In addition, the population of AU compared to the U.S. is quite low, which is why mining is able to be done. Not so in the U.S. Corporations are now turning their sights to National Parks to destroy to mine...or farmland and our gov't is selling to the highest bidder at rock bottom prices.

US has almost 300 million more peeps than AU (288,665,780 to be exact).

1 ( +1 / -0 )

Great write-up Darren, I agree with you!

1 ( +2 / -1 )

Darren Brannan is on the mark. I some times hear OZ 18-25yos here in Jpn complaining about prices here but they never realize that they would be paying such high taxes( if they ever had a job before in OZ) that even the price between Oz and JPN is comparable.Meanwhile the mining magnates dig it out he ground and sell the country all over the world. What will be left for future generations? The Govt like the mining taxes but do nothing to help advance industry in OZ. How much is a car in OZ? $$$$$$$$ What about a house mega$$$$$$$$$$ What about Interest rates on houses$$$$$$$$$ in Oz

It would also suck to lose the great wines from the hunter also.

2 ( +2 / -0 )

@serrano iron ore & coal reserves are estimates to last 100-120years gas reserves around 80years at todays known reserves, then Australia has all the beef lamb ,wheat ,sugar, agricultural products which are renewable & food being arguably more important than resources & energy exports in the coming decades.

1 ( +1 / -0 )

Having an abundance of natural resources is not necessary in the slightest to have a booming economy. Low trade regulations and a government that doesn't print or borrow money is. The fact that Australia has plenty of natural resources is simply a coincidence. Japan has no resources to speak of, neither does Hong Kong, but that didn't stop them from becoming economic powerhouses.

The current problems Japan is having have nothing to do with a lack of resources. It has everything to do with a fat fingered government trying to get its hands in everybody's pie, while also protecting it's industry from competition.

Open borders, free trade,and a minimum government will make any country rich.

1 ( +1 / -0 )

gaijininfo

Having an abundance of natural resources is not necessary in the slightest to have a booming economy. Low trade regulations and a government that doesn't print or borrow money is. The fact that Australia has plenty of natural resources is simply a coincidence.

This is supported by an article on the BBC today that says this:

It showed that sectors such as professional, scientific and technical services and the financial and insurance sectors contributed as much as mining to overall economic growth.

Scoobydoo

Meanwhile the mining magnates dig it out he ground and sell the country all over the world. What will be left for future generations? The Govt like the mining taxes but do nothing to help advance industry in OZ.

The reason the ALP is imposing the Mining Tax is actually for that exact reason - to ensure that the resources aren't just drained out of Australia by foreign owned corporations with no benefit to the Australian people. And that money is then cycled back into wherever it needs to go. It's a very ballsy move by the ALP and certainly one the Liberals would never consider in a pink fit.

1 ( +1 / -0 )

Aus is a great place. Booming like SanFran in the Gold Rush.

2 ( +2 / -0 )

"While fragile global conditions are clearly weighing on confidence, trade and financial markets, today"s report is a resounding endorsement of the strength and resilience of the Australian economy," Swan said.

Australia never got involved in the "sub-prime mortage" debacle. OZ never offered the "no money down" home loans that were never verified as to validity. Australia never bought up the repackage mortgage "investment" products that crippled so many other countries economies. Good for Australia.

Slow and steady growth (the turtle) beat the "everyone's making money, let's not rock the boat" (the rabbit) mentality that affected other countries fianancial stability.

Australia has enough natural resources and food producing land, plus hard working people, to survive the "global" economic problems.

-1 ( +1 / -2 )

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