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Australia is like the Saudi Arabia of mining. Such a big continent with very few people. Politically stable and smart enough to exploit itself and keep most of
by rr808 4y ago
Australia is like the Saudi Arabia of mining. Such a big continent with very few people. Politically stable and smart enough to exploit itself and keep most of the profits. The lucky country indeed.
- dalyons 4y agoMmm idk about keeping most of the profits - we could have done so much more in that regard over the last two decades. Missed opportunity to create something like Norway’s national oil wealth fund. Instead of offshoring most of the gains.
- spoonalious 4y agoThere is one: https://www.futurefund.gov.au/ https://www.futurefund.gov.au/
- hyperionplays 4y agoit got raided by successive governments and the royalties we charge are tiny relative to other nations. For example: Australian Gas consumers pay more to use natural gas in Australia, than people in Japan, using Australian LNG.
- consumer451 4y ago> For example: Australian Gas consumers pay more to use natural gas in Australia, than people in Japan, using Australian LNG. Would it be fair to call that blatant corruption, or could some argument be made that it is not?
- fjdiccf 4y agohttps://www.thejuicemedia.com/derp/ https://www.thejuicemedia.com/derp/ Yes.
- 0xy 4y agoOnly if you can show a population dense country like Japan spends comparative amounts on infrastructure to supply the gas than a population sparse country like Australia. In other words, only if you're lying is it corruption. Costs are not like for like, not even close. The gas itself is relatively cheap. The infrastructure and OpEx is not.
- Panzer04 4y agoI imagine this is usually because these countries sign long-term supply agreements at fixed prices. This is good because it guarantees stability of demand for companies, but obviously bad if gas prices go up after signing said agreement.
- rr808 4y agoI'd have to see a source for all three of those claims to believe it.
- EdwardDiego 4y agoI'm a Kiwi, and our cheese is cheaper in Perth than anywhere in NZ... ...I feel like our governments had the same neoliberal consultants come in.
- Grimburger 4y agoThe future fund exists solely to pay public servant pensions and even then by it's own account it won't be enough to fund expected liabilities, the average person will never see a cent of it.
- deleted 4y ago[deleted]
- EdwardDiego 4y agoAussie and NZ are rather alike. We sold nearly all our sawmills to overseas owned companies that only bought them for the associated contracts to purchase timber. The sawmills were promptly closed, and the raw logs exported in bulk to Japan and China as a form of protectionism / subsidised employment. They take the inefficiencies to keep portions of their population employed that might otherwise not be. Then there's the fact that nearly all of our dairy exports are milk powder. It's hardly value add.
- rospaya 4y ago> The lucky country indeed Great book. Written in the 60s but it still holds today. https://en.wikipedia.org/wiki/The_Lucky_Country https://en.wikipedia.org/wiki/The_Lucky_Country
- robbiep 4y agoThe true quote that coined that term is Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise. Maybe we’re a bit better now (particularly after the last election) but it doesn’t really mean what everyone thinks it means. Basically, historically, we have failed upwards. Still, there are very few places I’d desire to live in
- golemiprague 4y ago
- chris_wot 4y agoOur leaders are way more aware of events that surround them now. But we do have a first rate health care system, high employment, decent weather and relatively stable government. We didn’t do anything stupid like leave important regional organisations, nor have we ever had our leader forment violent insurrection.
- nikau 4y agoI'm hoping this is sarcasm, or you are Gina Rinehart.
- zaphirplane 4y agoAnd like Saudi leaving massive amount of money on the table by exporting raw materials and will crash when it runs out
- mrkeen 4y agoGina Rinehart sells Australia bit-by-bit to Chinese manufacturers and Australians buy back the goods.