Australia’s $145BN (Wasted) Opportunity
By Hindsight
Australia has an abundance of natural resources, and rapidly rising commodity prices have been the biggest driver behind Australia’s GDP growth in the 21st century. But a massive opportunity was wasted.
Here’s what others had to say:
@bluemm2852
I kept waiting for the “missed opportunity” from your title but it never came so I’ll tell you what it is. It’s that we didn’t make a wealth fund with mining royalties like Norway. The Australian people have been robbed blind!
@glennmcinnes4742
Australias mineral wealth is overwelmed by the stupidity of our politicians.
@mrmoneyhacks5480
Just don’t talk about Natural gas. We’re the 2nd biggest exporter, but receive no royalties, no taxes, no discount for domestic consumers (we have the world’s highest gas prices) and it employes like 200 people. But at least some US companies are making A LOT of money.
@Louis4.
Australias biggest problem is it corrupt government, no matter who rules, all they care about is making their pocket deeper
@alexanderzohrens2945
Tungsten is not rare. It is used in high quantities for tools for decades. US is buying it from china only because of the low price.
@philipmassey3281
This is grubby It wasnt till the end that you find it all about the USA should mine our tungsten. We can do without the BS from that particular country. BTW we already mine and export tungsten so we dont need an American companies help in that.
@PaxAlotin-x2s
Comparing Australia’s economic strategy to Norway – leads to a series of false conclusions
Australia is 20 X the size of Norway. It requires 20X the cost in transport costs, as well as power infrastructure..
The market for Norway’s Iron ore (Europe) is on it’s doorstep – whereas Australia’s trading partner China is 6,600 KM away.
Norway’s has 5.5 million people, whereas Australia has 5X (27 million) that require $ billions $ maintain links between distant cities.
@BIG-Jared
They have made their bed in regards to being functionally a Chinese mining and agriculture colony. Only now when they’re lying in it do they see the problem.
@rmar127
Just my personal opinion, but australia should have put a greater emphasis on building its sovereign wealth fund. Having a robust sovereign wealth fiund that helps fund the national budget would have lead to higher investment in national infrastructure, manufacturing and a quicker pathetic to a renewable economy.
@MRSLAPPYFEET
But yet we are becoming a third world country with way to expensive cost of living so where has that money all gone….
@VenturiLife
Australia’s rising homelessness, relationship breakups, people losing their homes, might disagree about how the system is operating in their favour in a nation so rich in natural resources… Population being replaced with people that won’t complain. It’s incredibly evil.
@paulmurphy3838
Great expose, every Australian should view your presentation.I notice that Norway (a nation of 5 million people) has Trillions in it’s sovereign wealth fund to the point where it could in future provide Ukraine with some fighting funds. Australia could have done the same. I always thought when the minerals boom started in Australia we could have set up the companies ourselves and at the outset granted ourselves a 51% controlling interest in every mineral development venture in the whole country for $1 each. We get 51% of the dividend every year as the profits rise and fall. Instead it appears (correct me if I am wrong) we have this royalty system whereby the mining company Chairmen decide what percentage of profits the Australian Government receives at the annual AGM. In most of the Asian countries any foreign corporation must have the Government of the nation in as a partner of any venture not just mineral mining. How the Australian people and it’s Federal Government missed out on this is just too dumb for words.
Original source: https://www.youtube.com/watch?v=kdDazbIzyZ8
