Australian politicians have turned housing into a investor mania capitilistic house flipping high rentals business. End of story.
My mother-in-law died in 2013. My wife had a $500,000. life insurance policy on her. My wife rejected the proceeds. The money went to our two daughters ($250,000. each)...They both are pretty responsible. They both went and bought a home in nice areas. Both owned free and clear with no mortgage...
Australia’s property boom making the nation poorer https://www.bloomberg.com/news/vide...ralia-s-luck-ran-out-video?srnd=homepage-asia How Australia’s Luck Ran Out Australia has long been known for its prosperous economy, with many calling it “The Lucky Country.” But that luck may be starting to change. While the overall economy is not in recession, its people are. (Source: Bloomberg) April 18th, 2025, 5:00 AM GMT+0800
See how many properties your MP owns – and their other financial interests By James Massola and Cindy Yin https://www.smh.com.au/politics/fed...ancis-early-voting-opens-20250421-p5lt9n.html Today Australia’s 226 federal MPs own 459 properties across the country – an average of two per person – and more than half are property investors as the country prepares to go to the poll in a campaign that will focus on the growing inequity in the property market. An analysis conducted by this masthead of the register of members’ interests found that more than half the MPs representing the major parties, the Greens and independents own at least two properties each – and the largest property holders in the 47th parliament own between five and seven. Search for your MP in the interactive below by electorate or name. It will show their registered interests including real estate, trusts, share holdings, company directorships and more.
Why don't resource rich countries take that money and invest in modern industries to get away from their reliance on commodities? Seems like the real problem in AUSNZCAN is they have no diversity in their economies since they just sell oil, NG, copper, wheat, etc. Canada occasionally has tech companies like RIMM, Shopify, lululemon,etc but not consistently like in the US or EU. I'm guessing it is culturally driven. I've been to Australia (Gold Coast) & Canada (Toronto) and they are both very laid back countries whereas here in US (sf bay area) people are always late going to their next job or trying to make more money working multiple jobs. Of course California is a state full of carpet baggers (no body is really from California).
Laziness, entitlement, I think the term is 'Dutch disease' Singapore has no commodities, has bare minimum land, everyone is housed there, and wealthy, not sleeping in cardboard boxes.
Australia has/is trying to become more Services based - the Smart State as one State tried to proclaim in its quest to move that way. But the public didn't like the catch cry, go figure. We were a strong base for Academics. Not sure if that's still the case now.
What happened to AU's movie industry?? Mad Max? The Man From Snowy River?? Crocodile Dundee?? BLIMEY!!!
In tatters. Even restaurants are closing down left and right, people have no spare cash any longer. Covid was the knockout blow.
I remember in the 1980s Aussies had great pop music as well. Men At Work, Real Life, INXS, The Ward Brothers, Icicle Works, Dragon, Midnight Oil, Rick Astley, Bee Gees, the Minogues, etc. Montreal had a great dance music scene with Trans-X, Rational Youth, Giorgio Moroder, etc. Swallowed by US & UK exports I guess.