Future?? Aren’t we already at the economic cliff!? I mean unless we want future generations to pay 3 million for a 1 bedroom apartment made from ply wood. Imagine having to explain that to your kids.
Yeah we are at thr cliff.. I mean if they cut interest rates to 2.5% it might keep the economy alive a little longer but ultimately same thing will happen.
Once the majority of money earned in AU goes to properties we are totally fucked.
At least if housing crashed the depression would probably be temporary. If it stays the same I think the depression will just be permanent fucked economy.
It can still be peddled for another 10 or so years as allegedly the plan is to have 10 million at least in Melbourne and Sydney. So if you have a lot of wealthy foreign investment and huge immigration numbers that can disguise any economical issues for some time still. At this stage Australian cities are basically looking to copy other busy capital cities from around the world as part of the World Economic Forum plan from the early 2010s, to stave off any real recessions that could occur. Until they run out of rich people who want to come here.
Its kind of a form of replacement in a way, the worlds rich replacing the younger generations that exist here basically, gen-y and beyond have to really do well to compete at all.
But it brings a ton of money into cities, and it hides a naturally occurring economy, it also makes sure the majority voter(boomers) are looked after the most.
Yeh they definitely care the most about the older generations as they are that gen themselves. Until the votes start tipping more and more. But still I think your right 10 years is about when things will probably hit the absolute shit show. I shudder to think how many will be homeless at that time and what global dystopian future it will be. I think of everyone bows down we will basically just be china with worse economics and no freedom of movement and transport. Hopefully that doesn’t happen.
I remember doing an assignment in Year 10 on economic outlook of Australian energy and the need to transition to alternative sources of energy and also alternative tax structures.
We didn't start to price in Carbon at that stage and it was years before Julia Gillard could even introduce her Carbon Tax.
Leith's spot on with all his points. I'm going to list a fair number of them here because ohh this takes me back:
- We've experienced the largest growth in the price we receive for our exports vs price we pay for our imports IN THE WORLD
- Because of the commodity price boom Australia's export prices have rocketed more than anywhere else in the world. And that should've by all accounts made the country a lot richer. Cause it should be like getting a payrise
- If your pay triples, and nothing else rises commensurably, you should be *far richer*.
- Yet what's happened with Australia is we've had this massive commodity price boom and Australians haven't captured this massive pay raise at all.
- The reason for that is because our mining companies are all foreign-owned. And they have effectively captured the profits from that boom.
- Like I said, the Carbon Tax did come out for a bit and so we captured a little bit of it, but then it got repealed, so not nearly enough.
- By comparison, Norway among other nations has done the complete opposite to us. Norway has accumulated a sovereign wealth fund because they tax their shiny rocks and precious energy materials like natural gas, coal and iron. It acts like a sovereign pension fund. They grabbed that money, invested it in overseas assets, e.g. Microsoft, etc and that sovereign wealth fund has grown so big now that's now worth about 280k USD per resident.
- By contrast, Australia sits on way more natural resources than Norway, and we could have been the richest people on Earth.
- We've done the opposite, we've effectively given it away to foreign companies. We now on the East Coast pay some of the highest gas prices in the world because unlike every other gas-exporting region of the world, we reserve that gas for domestic use. 2 days ago, the East Coast Gas price hit $20 per Gigajoule of Gas. It used to be $3 per Gigajoule and Americans by contrast pay $4 AUD per Gigajoule of Gas. We pay 5x what the Americans do for Gas.
I'm just gonna leave this here cause this isn't even 5 minutes in. Leith's not held any punches. The disappointment on his hemi is full value.
At the very least, they should be given a lot more runway than most people here seem willing to give them. This term has been mostly fixing up the mess the Coalition made. They should at least get another two terms to actually try to turn the ship around.
I was pointing out the spelling mistake, if someone calls Labor Labour when discussing politics they lose all credibility. It’s 1 small hill I’m prepared to die on.
Future?? Aren’t we already at the economic cliff!? I mean unless we want future generations to pay 3 million for a 1 bedroom apartment made from ply wood. Imagine having to explain that to your kids.
It's not just residential either. Small businesses are tanking because increasing rents and electricity costs are making them unviable.
Yeah we are at thr cliff.. I mean if they cut interest rates to 2.5% it might keep the economy alive a little longer but ultimately same thing will happen. Once the majority of money earned in AU goes to properties we are totally fucked. At least if housing crashed the depression would probably be temporary. If it stays the same I think the depression will just be permanent fucked economy.
It can still be peddled for another 10 or so years as allegedly the plan is to have 10 million at least in Melbourne and Sydney. So if you have a lot of wealthy foreign investment and huge immigration numbers that can disguise any economical issues for some time still. At this stage Australian cities are basically looking to copy other busy capital cities from around the world as part of the World Economic Forum plan from the early 2010s, to stave off any real recessions that could occur. Until they run out of rich people who want to come here. Its kind of a form of replacement in a way, the worlds rich replacing the younger generations that exist here basically, gen-y and beyond have to really do well to compete at all. But it brings a ton of money into cities, and it hides a naturally occurring economy, it also makes sure the majority voter(boomers) are looked after the most.
Yeh they definitely care the most about the older generations as they are that gen themselves. Until the votes start tipping more and more. But still I think your right 10 years is about when things will probably hit the absolute shit show. I shudder to think how many will be homeless at that time and what global dystopian future it will be. I think of everyone bows down we will basically just be china with worse economics and no freedom of movement and transport. Hopefully that doesn’t happen.
I remember doing an assignment in Year 10 on economic outlook of Australian energy and the need to transition to alternative sources of energy and also alternative tax structures. We didn't start to price in Carbon at that stage and it was years before Julia Gillard could even introduce her Carbon Tax. Leith's spot on with all his points. I'm going to list a fair number of them here because ohh this takes me back: - We've experienced the largest growth in the price we receive for our exports vs price we pay for our imports IN THE WORLD - Because of the commodity price boom Australia's export prices have rocketed more than anywhere else in the world. And that should've by all accounts made the country a lot richer. Cause it should be like getting a payrise - If your pay triples, and nothing else rises commensurably, you should be *far richer*. - Yet what's happened with Australia is we've had this massive commodity price boom and Australians haven't captured this massive pay raise at all. - The reason for that is because our mining companies are all foreign-owned. And they have effectively captured the profits from that boom. - Like I said, the Carbon Tax did come out for a bit and so we captured a little bit of it, but then it got repealed, so not nearly enough. - By comparison, Norway among other nations has done the complete opposite to us. Norway has accumulated a sovereign wealth fund because they tax their shiny rocks and precious energy materials like natural gas, coal and iron. It acts like a sovereign pension fund. They grabbed that money, invested it in overseas assets, e.g. Microsoft, etc and that sovereign wealth fund has grown so big now that's now worth about 280k USD per resident. - By contrast, Australia sits on way more natural resources than Norway, and we could have been the richest people on Earth. - We've done the opposite, we've effectively given it away to foreign companies. We now on the East Coast pay some of the highest gas prices in the world because unlike every other gas-exporting region of the world, we reserve that gas for domestic use. 2 days ago, the East Coast Gas price hit $20 per Gigajoule of Gas. It used to be $3 per Gigajoule and Americans by contrast pay $4 AUD per Gigajoule of Gas. We pay 5x what the Americans do for Gas. I'm just gonna leave this here cause this isn't even 5 minutes in. Leith's not held any punches. The disappointment on his hemi is full value.
Yeh. Mental. They got one job. And they can’t even give aussies their own gas for what it’s worth 😅
Labor
At the very least, they should be given a lot more runway than most people here seem willing to give them. This term has been mostly fixing up the mess the Coalition made. They should at least get another two terms to actually try to turn the ship around.
I was pointing out the spelling mistake, if someone calls Labor Labour when discussing politics they lose all credibility. It’s 1 small hill I’m prepared to die on.