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I look at what Norway has done with their oil wealth and compare that to what Australia done to manage its mineral wealth and I cannot help but shake my head in
by hartror 12y ago
I look at what Norway has done with their oil wealth and compare that to what Australia done to manage its mineral wealth and I cannot help but shake my head in despair. Sure Australia isn't the same as Norway in many respects but the fundamentals are the same. Ensure you collect and save a fair chunk of the profits of your non-renewable resources for investing in a future that doesn't involve hauling large amounts of rocks out of the ground.
- vacri 12y agoThe difference is that when Norway runs out of mineral wealth, they have nothing unique to them (everyone can do a service economy), but when Australia runs out of mineral wealth, there is still a very strong, growable agricultural sector. Not saying that it's right - I prefer Norway's future fund method - just that there's not a mineral-dependent economy with a termination date in Australia.