Two Economies, With One Set of Flaws: The Economies of Australia and Canada | Econ
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- Опубліковано 15 гру 2024
- Australia 🇦🇺 and Canada 🇨🇦, even though they're far apart, actually have a lot in common when it comes to their economies. They both rely a lot on selling commodities like minerals and oil, which can be risky. Also, both countries deal with challenges in their housing markets because of immigration 🏠, which drives up prices in big cities. Plus, they're both trying to figure out how to boost innovation and productivity 🚀.
Australia has seen some success with economic reforms that helped its economy grow, while Canada is still figuring out how to deal with its heavy dependence on oil and gas exports ⛽️. In a world full of uncertainty, both nations are working hard to make the most of their economic strengths while tackling their weaknesses 💪. #economy #canada #australia #canadaeconomy
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Subbed and liked man, enjoyed watching this you've got to a video on Egypt's economy it's a hot topic with its potential of the new capital and it's huge human capital it has the potential to skyrocket but it needs to open up its businesses. All the best man I'll catch you in the next video!
Outstanding presentation! I happily subscribed to your channel a few minutes ago after watching this video.
What makes you an authority on this topic? seems like an amateur channel.
didn't know that Africa and south America were countries lmao
Keynesian economics are shit
In Canada our quality of life is plummeting year over year. The government has sold out the working class to the monopolistic corporations. Wage suppression and increased cost of living due to unrestrained immigration. An oversupply of cheap unskilled immigrant labor is good for the corporations and rich, but bad for everyone else.
Sounds like the path Australia is on
Then how is it the so called "Immigrants" are one of the highest earners and most homeless people are "Non Immigrants". Blame it on immigration if you are incompetent
It’s actually kind of insane how much the Canadian economy is tied up and mega corporations, way more than the US. Is that why phone plans are so expensive in Canada?
Agreed. I am really sad that this country’s leaders have lost their way. We try to solve all our problems by throwing hugely inefficient Government money at them instead of inducing the private sector to step up with less expensive inducements. The trouble with Socialism is eventually you run out of other people’s money. 😢
The more immigrants the higher the debt burden on the country too
Both country's financial systems depend on their galactic sized housing bubbles to grow faster than their economies... forever.
Some might call that a flaw.
@@tonybloomfield5635 In years past, housing was reasonably proportional to the incomes of those who would be interested in buying them - it was not a bubble. It has only been in the past few years that local home prices have completely decoupled from local incomes. This is a new phenomenon in the Canadian experience.
Big flaw stagnant wages, rising costs of everything, overpriced homes and low productivity and no emphasis on corporate valuation like the US or China.
I wonder if that is in any way linked to the "deregulation of financial services" in the 1980s. 🤔
YES! This decades-long mistake could get bad enough to not only undermine hope and optimism, but to cause civil unrest. The nabobs don't talk about this nearly enough.
Flaw would be an understatement. Theres no point in saving for a home in Australia from my experience. You'd have to move several hours out of the city and commute hours each day. The US has 50 states to chose from, we really only have 5 capitals but most of the jobs are in Sydney and Melbourne.
Canada being next to the US is a gift and a curse because they do get the protection and safety of being close to the US but that proximity also means it's a lot easier for them to lose talent to the US
I forget the exact percentage, but a stupid high percentage of software engineering grads in Canada end up going to the states in stead of staying in Canada. With the salary differences, I don't blame them.
@@thereflextester_ with the amount of layoffs in the software industry right now, I bet a lot of them are regretting that decision now
@@sydguitar99 They still have more opportunities in the US than in Canada. In fact, this is a common theme across all industries. I just met a Canadian business grad who said most of his peers are working in the US, and he was among the last ones to move to the US.
@@elifuentes7070 that's Business, your original example was about software developers who are pretty much expendable now bc every industry is having mass layoffs of devs in the US, the unemployment benefits are terrible compared to the EU and even Canada. Also most of these sw jobs won't return to NA bc companies can hire overseas contractors for way cheaper
@@elifuentes7070 It will be shot lived because of impending de-dollarization. Even experienced IT workers working for top social media giants can forget about high salaries
There isn’t enough competition in Australia or Canada to bring down prices for consumers. The consumers in those two countries pay some of the highest prices in almost everything compared to the United States. That needs to change if Canada and Australia wants to stay viable in this global economy.
Can't happen due to economics of scale. US is cheaper because it has the third highest population on the planet
Geography (distances) and climate impose additional costs that have to be covered - by the ultimate consumer. For Australia, not only are distances great (and transport networks terrible) north and south on the populated east coast, but also between the east coast and Perth on the west coast - a whole continent away. And in the middle (85% of the country) there’s no reliable water, a brutal climate and racist development restrictions, even before some crazy person decided to try to build a whole new industrial hub there. Why does Elon Musk think that Mars is the future, and not the Outback, where at least the atmosphere contains oxygen - because on Mars there’s no Martians (if you get my drift…).
Australia is also much greater distance than Canada from all the “workshops” of the world - China & NE Asia, the US and Europe.
The tyranny of distance applies not only to external trade, but also to internal. It’s a lose-lose, that can never be overcome unless productivity increases to a totally extraordinary degree. And that’s not happening…!
@@millenialmusings8451 This isnt true in the case of many Canadian industries. Grocer's sure. Not telecom, not healthcare. it would be relatively easy for Canada to heavily encourage diversification in this area. Nationalize the Telecom's infrastructure and rent it back to them. it never should have been built with private money in the first place. Heath care needs a rework top to bottom half of the issue is lack of Staff, raising wages to insane levels (travel nurses) and an administration wing that is far more interested in privatization than actually providing care. These issues aren't scale. its access restriction by the few who control the resources.
Did you hear about the grocer that was bought by a local council in the Western Australian town of Norseman? They're making a $3 million AUD annual PROFIT and reducing taxes. Should be a system rolled out nationally.
not that anyone wants the population for a bigger market
The largest problem with immigration in Canada is that for a long time is that it was left largely unchecked. It also left room for foreign investors to buy up land and generate an income flow that just funnelled into their own economy. It happened a lot in Ontario and BC.
Still happens here in Sydney. We have suburbs that are effectively empty. The rules for immigration were $5m in the bank. There you go!
Cash moves worldwide. Remember when Irish estates and Belgium castles could be bought real cheap???! You have a big country aim missiles at your little island you'd be looking for a safe haven, too.
Percentage of foreign real estate buyers made up 0.7%. That's not the problem
Lmao that has nothing to do with why canada is eating shit atm. It is to do with the monopolistic nature of businesses in canada and aussie, coupled with a focus on making sure most people rent for life to help bolster real estate corporations and an easily influenced political environment
@@Gossuarit That's for Canada as a whole.
You have to look at the statistics for cities like Toronto and Vancouver, where the housing bubble exist.
In other cities in Canada, properties are still very cheap relatively to other developped nations.
South America and Africa are continents incase you thought it was a country.
"Places" would have been a better word choice in that particular sentence, but I understood what he meant
@@nidhavellir Yes, he did. He called them countries in minute 7:00
“In countries like…” Instead he should have said “in countries OF Africa and South America” which is how I interpreted the statement.
@MarkBoda even then he ought to have said "in some countries in South America.."
Freudian slip. And of course, we knew what the narrator meant.
Similar economies, sure. But vastly different levels of prosperity.
Australia's median wealth per capita (in USD) is approximately $247,000, which is nearly double that of Canada's $137,000.
Canada also falls behind in other development metrics, such as education, healthcare, income inequality, life expectancy, talent competitiveness, etc. This is despite their incredibly strategic position of being next to the world's largest economy.
Pretty eye-opening when you think about it.
Most citizens being hundreds of kilometers within the ultimate brain drain vector isn't a clear "incredibly strategic position". Trade is more optimized around seaports than overland.
The wealth per capita point if substantial, even if slightly weakened by Australia having 10% higher household debt.
@@TSI9001 Fair point on the brain drain, but the figures I mentioned represent net wealth, which already factors in household debt.
That depends how much Australia can sell to China as coal and iron ore. Canada has no such dependence. Also median income has no significance since most of the money sits with the "mining barons" and flows out of the country.
@@lakeofbays1622 Australia has always been at the top of median wealth statistics, even during bearish commodity years (e.g., 2012-2019). UBS keeps a record going back quite a bit.
Contrary to popular belief, mining only represents 14% of Australia's GDP. The country's wealth can be attributed to its robust (compulsory) superannuation system, high minimum wage (highest in the world btw), and for better or worse, some of the most expensive property valuations around.
The average Australian also spends much less on healthcare than the average Canadian, so there's that.
Most of that wealth is tired up in a house a lot of Australians can't afford there rent each week
Canadians are clever innovators but we seem to lack the business smarts to sustain world-class businesses. Blackberry had the world by the balls but they blew it. Other great Canadian technology (whose R&D is subsided by taxpayers) are quickly bought out by US firms who are far more willing to take risks. It's tough to grow in the US' shadow.
I think Canada has a better position geographically to piggy-back off the USA. They can encourage US business to move there and stay on their same time-zones. They can boost more tourism and encourage it. They can encourage more US citizen tourism simply because many can drive over the border.
They have the largest fresh water reserves in the World. They have no droughts unlike Australia.
Australia is remote from most of the World and no one can drive in-out of it. It’s highly restrictive compared to most other nations.
Canada is only 23rd for doing business north macedonia is 17th Mauritius is 13th Australia is 14th
Look at the company Nortel. Canadians learned any lesson out of it?
@@helloworld6126 What about Bombardier?
@@jean-louislalonde6070it is beyond me how the Quebec government continues to bail them out…
I always knew these two countries were similar but after this breakdown I’m like damn…the British really did make two twin countries on opposite ends of the world 😅
Yes to send the convicts across at that time.
@@helloworld6126 I know they did with Australia but did they also bring convicts to Canada? I know the British made sure to settle enough people (mostly rural peasants) that it would outnumber the amount of French-speaking habitants in Canada but never heard about there being any prisoners
@@Entername-md1evThe British never really brought convicts to Canada, in fact it was the opposite as some Quebecois rebels were actually sent to Australia as prisoners.
I'm surrounded by Australians, and one Nz'r, ..........in Canada!!
@@Entername-md1ev The Brits dumped convicts in what is now the US for around 150 years until US independence in 1776. Meanwhile, the first British convicts didn't arrive in Australia until 1788, and that continued for 80 years. That's a "first" for the US that most Americans are likely not aware of, nor keen to publicise.
As a dual Canadian-Australian citizen, I find this pretty interesting and mostly accurate. However, prosperity in Australia isn't as rosy as suggested here. Salaries are higher, but cost of living is also higher. Like Canada housing prices are insane, and unless you work in mining or a big investment institution your salary probably won't have gone up relative to CPI in the past 7 or 8 years. Overall, I think both countries suffer from their reliance on abrogating governance to powerful resource giants, who often pay little in tax. Also, apparently 15 of Australia's top 20 businesses are majority US-owned! But really I'm commenting to mention that Africa and South Ameria aren't countries.
which Australian companies are owned by USA?
@@neddiego2570 He meant that 15/20 of the largest companies operating within Australia are branches/subsidiaries of American companies.
My (Aussie) daughter lives in Canada…. like many, she is leaving soon.
Cost of living in Canada is a LOT more than australia, local taxes are high, groceries ($4 for a litre of milk, $1.50 in Australia), mobile phones, car insurance, all higher. Then add in Canadian rents and house prices (esp Vancouver and Toronto) are massive - way worse than even Sydney
taxes are much higher in canada, not a single good is cheaper in canada compared to australia, cost of living is not much different but wages are far higher in australia... a blue collar worker can easly get 30 aud net per hour in australia but the same job in canada dont even get close to 20 CAD net... a lot of low wage jobs in canada are in the 14-15 CAD NET range.
tell me what gets more affordable in canada adjusted by net wages compared to australia... the only thing that came in my mind is maybe rent in edmonton (cheapest city in canada) with oil industry wage but that's it...
@@Tonyx.yt. correct. The only thing cheaper in Canada than australia is beer!
petrol (depends which province) is approx the same, but otherwise it all seems to cost more. Canadian rents are ridiculous, many food items are eye watering (Canadian govt controls milk production, so consumers pay 2-3 times the price of milk than Aussies do) , mobile phone data plans are a blatant rip off (seems CAN govt knows about the monopolistic behaviours of Rogers and Bell etc - but won’t take them on…) , cafe / restaurant meals are (once factor in the tip…. Is no real tipping culture in Australia so no tips added) are expensive, car insurance, property taxes (council rates) would make you cry…
Canadian income taxes (fed + provincial) work out approx the same % as Australia…but then Canadian workers also have 5% CPP (pension, super) deducted from their wages (Aussie employers pay all the 11.5% super seperate to wages …none is deducted from Aussies employees) . plus the EI etc
Sydney and, in parts, Melbourne house prices are high…but still nowhere near Toronto or Vancouver. I’m in Perth - average salary is $100k (C$90k) and average house price is around $800k (C$720k) - tough for youngsters to get started buying a house but not impossible. Adelaide, Canberra, Hobart and Brisbane would have similar ratios .
It’s a pity…great people, great country, but impossible to live. Aussies will go for a backpacker year after finishing Uni, work the ski resorts (on min wage, high rent, just about break even….they soon learn why not many Canadians will work the resorts!) but then head home - no interest in staying longer / getting PR. If Canada was affordable I’m sure a proportion of those Aussies would be tempted to stick around (Uni educated, adaptable, hard working…. would’ve useful to Canada?) but they know there is a better way to live back home.
I have lived in Australia for 25 years now.
It is not the country it used to be a quarter of a century ago. Basic every day use products, services, are a lot dearer now when compared to average income. Average property was between 4 to 5 average national annual incomes, now it is more than 10.
If you plan to immigrate to Australia don't bother if you won't get an income of $AU200k per annum minimum. You buy an average home and the bank loan for it will enslave you for decades. In that situation, by not coming to Australia, you will not sacrifice family, friends and an environment you are familiar and comfortable with for the same or larger economic challenges than in your place of birth.
Australia is simply too expensive these days.
Thats quite a pessimistic view of one of the best countries to live in, in the world.
@@coma3550"one of the best countries in the world to live in" only if you can afford to.
I always think in this regard Australia is smarter than Canada.
Why Canada allows the people to migrate - for those who cannot afford the cost of living in Canada such as Vancouver? The poor immigrants cannot resolve the shortage of labour problems but introduced the housing and other cultural and social problems.
Quality is far more important than Quantity.
For Canada’s case, US is the brain drain. Immigrant just uses Canada as the stepping stones.
As a Canadian living in Australia, I'd have to say Australia is a far cheaper place to live than Canada. Canada has really shat the bed in recent years, went back to visit this past winter and the price of everything is insane. Rent is more, houses cost more, food is more expensive, phone plans are downright predatory, and petrol is a luxury. Not to mention I get paid $15AUD more in Australia for the exact same job I was doing in Canada. Hoping for a brighter future for both our countries!
I'm doing okay on just 75k pa at the moment, only because I live 40min from the CBD (Sydney), but yes, I definitely remember a time when it was MUCH cheaper and easier to live, even just 5 years ago. For example, adult movie tickets being $25-30 nowadays is just insane. I remember just 3 years ago when I spent $17 on the same thing and I thought that was crazy. You can barely treat yourself to anything these days.
"In countries like Africa and South America"... for real?
🤣
Yup - tbh the moment I heard that I lost interest - such a simple thing to get correct - if he`s got this wrong, what else?
I was looking for this comment. I was flabbergasted when I heard that.
@@SimonTmte Yes, two, definitely not one. Sub-saharan Africa already has a big problem with Arabs coming down from the North and literally going on raids and enslaving the Africans. In the current year. It's insane. Not the borders seem to stop them. And no one in the west seems to care because it's not a fashionable cause with ivory tower egg heads and their students. Sigh.
@@clarissagafoor5222 As a Canadian I can confirm that he made our economy sound WAY better than it actually is. Notice manufacturing was only 15%. Not a big chunk of the economy, is it? So what are the actual major "industries"? Basically, a Ponzi scheme real estate market, and car theft after that are the two largest sectors of the Canadian economy.
I never realised how similar the economies of canda and australia are, good video
@@SathyaswamySwth 🤔
Indians have become the Uber Driver service class in Australia. The amount of Indian engineers and accountants who drive Ubers in Australia is off the charts.
@@Superclip2543 He/she is here to stir trouble. Channel has no content and is less than a month old.
It shouldn’t really be that surprising, the British essentially made two twin countries on opposite ends of the world 😅
Geographically, both AU and CA complain about the concentration of political power in their eastern cities. Additionally, Canada has an relatively poorer Maritime provinces, and Australia has the poorer Tasmania. Both countries also have sparsely populated expansive northern territories. The two countries are eerily similar.
Excellent analysis - as an Aussie I’ve long thought Canada most comparable to us - this vid nails it!
I think Canada of the same way, but in some regards we are like the kiwis living next to the USA instead of Australia.
Don't believe everything an American tells you...
Don't come to Australia now, the real estate prices have about doubled in the past couple of years. There aren't enough homes for people anymore. Some suburban houses are outrageously priced now and there are none for new home buyers. Also, it seems there are no builders left either.
My friend and his wife bought a house in Brampton, Ontario, Canada in 2012 for $320,000. Ten years later it was valued at $1,000,000. It is a small 1000 sq. ft. home. Absolutely insane.
Don't come to Canada for the same exact reasons, wildly overpriced housings.
Double is still cheaper than canada mate
@@crosswire7777 When a three bedroom house now is reaching over a million dollars in the suburbs, and I'm not talking about Sydney.
It's happening in all English speaking western countries- get out of your bubble and take an interest in the world
Commodity exporting countries are often looked down upon compared to manufacture based exporting countries. However, you can't move mining industries overseas to countries where there are no commodities. Manufacturing is notorious for being at the whim of labour costs and being moved to the current lowest cost countries - the latest example being Germany where it's car manufacturing is being severely impacted by Asian cheaper labour and industrialisation.
Part of that is tariff barriers in the Asian nations.
For example, if you don't do at least some work in China on a car, the Chinese government slaps a scaled tariff on it.
It means its simply impossible for all but the most expensive cars to be exported there.
An op-ed in my country's newspaper also thinks Western countries have less political courage to cut back on welfare benefits so as to make them more economically competitive
As a Canadian 🇨🇦 who loves Visiting Australia 🇦🇺 often, I love this video
Are grocery store prices and food cheaper in australia?
@@crosswire7777 Maybe its just me but I have noticed that prices are very similar, little more cheaper in Canada for Dairy and fruits.
@@sunny2355 thats good for australia because incomes are higher
@@sunny2355Dairy is heavily subsidized by the government in Canada that's probably why.
I’m Canadian and my dream would be to move to Western Australia. I absolutely love that place.
Being a resident of both Australia and Canada gives me a clear insight of what Canada can learn from Australia and vice versa. I just wish Canada has a pay scale like that of Australia and that would make Canada more desirable to Australia. That said the Grass is always greener on the other side until you experience it. I love both the countries, but love Australia more for their wine industry, so underrated, but always does magic on your pallet.
Australian wine, and in particular South Australian wine isn't underrated. We have won best wine in the world for many classes. The only country to not recognise our wines is the US. Saw a post by Forbes recently re carbenet sauvignon and all in the Top 30 were from the US except one, Penfolds (South Australian). The American arrogance and ignorance continues.
Magic on your pallet? You must drink a lot of wine 😂
Im in the same boat - aussie living in canada. Canada seems to struggle with its infrastructure because of their winters. roads get chewed up by salt and plows and it looks run down.
Then you also have the tipping culture in canada, wages are skewed more towards tourist spots - the same office job in canada vs australia would be 50k vs 80k respectively, but a 50k job as a waiter/ress in australia could net you between 35k-100k in canada depending on what price your food is listed for and how busy you are
Cost of living is similar between both from experience, australia being higher with housing, but canada has surprisingly high rent for their house prices (in ontario at least)
@@EndlessApocalypseI lived in Toronto in the mid 90’s. A long time ago but I generally found wages a bit lower, housing a bit lower, cost of mass produced goods quite a bit lower. I would characterise the difference as Canada having a slightly higher standard of living and Australia having a better quality of life due to weather, freshness of food etc.
I've lived in both and Australia is a fucking mess, the people are rude and abusive and Aussie corps are terriblke
Solid analysis.
The thumbnail showing multiple cities on the West Australian coast was pretty funny though 😂
love from Perth
Liked from Melbourne ❤
Important to note also that in Canada, high end manufacturing like aerospace and robotics have been actively dismantled by international competition and acquisitions. The canadian workforce can be creative and is highly educated but the global markets act like they don't want it.
That’s the curse of living in the shadows of the US which is a formidable machine
Issue also arises when Canadas who are high skilled are better off and feel more appreciated and welcomed in the US. Anyone working in aerospace is better off going to the US where they will have a more consistent cost of living and better quality of life
You have good Maple syrup. Just export that to US.
If UK is the motherland, Australia and Canada would be like her children (Commonwealth) and thus siblings to each other. Both similar, just different in terms of weather and geography.
The us and canada have way more in common then Australia and Canada do hell even more then the UK and Australia do with one another
We in the US are the kid she had in high school who was a teenager when AUS and CAN were born.
A 250 yr old foundation of sluvery & gonocide
@@eighty88eight considering that the US economy is larger than both United Kingdom, Australia, and Canada combined and the United States is the security guarantee for all three nations. It’s a really big pimple.
@@pepperonish yeah and new Zealand was a fetus
The problem with growing a business in Canada, or even starting one, is that success breeds predation. The US just has a vastly larger economic base and buys anything successful. All those foreign investment rules were created for a reason. But, for what they can't just buy, the big US corporations lobby their government to institute trade restrictions that make real competition impossible.
There are some sectors where Canadian corporations have done well, such as banking and forestry, where many US companies have been bought by Canadian ones. But, in general, the way in Canada to survive is to just build and sell, make your money, and then start again. Americans own the results.
Unfortunately, that's the big advantage the big players like the EU, US and China have, they can change the rules in their favour to benefit them and put other countries at a disadvantage.
Having a big consumer base market is a massive advantage as it basically means they can make the rules however they see fit, it also gives individuals and companies in those markets a big advantage as they can play by different rules compared to the rest of the world by having easy access to a big consumer base.
The irony is, in the case of the EU, if the members got their act together, create a capital market and other reforms and integrations, it would allow the EU to do a lot of the same that the US and China does when it comes to big spending and investment in many sectors, including high-tech, that would be a major advantage for the EU but it would put other countries like Australia and Canada at a disadvantage.
Today, the world is ruled by two things, the size of the economy and the population size which creates a big consumer base, those two factors allow them to make the rules up as they go along and it's more or less what the EU and US does when it comes to international rules and regulations.
Nobody's forcing Canadians to sell anything to the Americans. Business is Business. I assume that they sell because the price suits them. That also works both ways. There's nothing to stop Canadians from buying or investing in American businesses.
@@fernandoamy8278I would much rather invest in big corporations even US ones over Canada's overpriced housings.
@@fernandoamy8278 you say that but any time the US doesn't get what it wants it imposes a tarrif or embargo on an unrelated industry as a form of economic warfare.
So true
In the March jobs report, the US added 303,000 jobs, while Canada shed 2200 jobs for their March jobs report. So, yes people in Canada will go to the US for jobs.
The US jobs report is BS. At that rate, there should never be unemployment in the US.
And Australia added 133000, not bad for a country 1/15th the size of the US.
And this is while Canada is importing close to 35,000 immigrants per month.
The lack of tech development in Australia is even worsewhen you remeber that the CSIRO, Australias national research institute, developed WiFi. Its just that our past governments have gutted its funding.
True, various Aussie Fed governments have whittled away at the CSIRO budgets for decades. But, correct me if I'm wrong, the CSIRO still reaps ongoing financial rewards for their WiFi golden egg.
Literally, no one realises how much we as a country have contributed especially in tech, medicine (invented IVF), etc etc. however because we don’t like to monetise our science and advancements we’re somehow a shithouse country. Wifi ffs…like really…no thanks given though.
How are you guys coping with this inflation? Even with the downturn of economy and ever increasing life standards
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Australia is Canada with Sunshine and sand ☀️
And poisonous things! lol
@@Metalblaze124 And alone in the middle of the ocean.
@@dan__________________it's nice watching other countries stuff up from a distance.
Most likely unlivable by the end of the century though
Or is Canada Australia with snow and mountains 😉
damn, the economic similarities i never thought about. love live canada, long live australia.
I hope Canada democratically joins the US and becomes the 51st State one day.
Australia is best in the world.
@@Jack-mb8bu What is best then usa 140% gdp to debt or canada 110% gdp to debt. If you don't know Aus is only developed country lowest debt 35% in the world & since 1990 to 2024 No recession. Where as usa canada had 4 recession in this period 🦘🇦🇺🐨💪🥊
@@BDee3126 Doesn't make economic sense for the US. Canada's GDP per capita is about as low as (or even lower than) the poorest American states (Mississippi, West Virginia, etc.). That huge amount of land up north requires enormous budget to defend, especially since Russia will be able to more conveniently attack the US from the arctic.
@@hello855 Water and natural resources.
The capitalist here in Australia have moved all our major manufacturing off shore because of the higher wages here in Australia. We don’t even refine our own petroleum products
Not yet. I think Geelong and Lytton are the last two. The others have been/will be closed or converted to import terminals.
You can thank the moronic unions for that. They are too stupid to understand that they have made themselves uncompetitive. So the smart people with money go where they can make a buck and not get held to ransom by unions.
Get rid of the globalist government labor. Albo is the worst prime minister...vote 1 nation 🇦🇺
Capitalists?? Majority of manufacturing across the western world have moved manufacturing to third world countries.
One of Australia's biggest problems is State Governments (along with Federal Gov) continue to make life hard for companies that want to invest... Governments need to stop fixing problems by raising tax revenue
Rudd sold Australia out to China
Canada used to have world-class high-tech companies like Nortel and Blackberry, but Nortel was sunk by terrible leadership and fraud, and Blackberry by not anticipating how the market would change.
Canada's three biggest problems are lack of competition, the housing crisis, and a crisis in our healthcare system. In particular, large companies have the ears of politicians and have convinced them to keep competition suppressed.
Canadas problems are caused by leftist/socialists
Canada's three biggest problems...? JT.... JT....and JT.
@@DutchVai Aussie here. What's the issue with JT? I keep hearing this stuff all the time, but never any specifics. Serious question.
@@Puppydoug”JT” is an abreviation for “Justin Trudeau”
@@Puppydoug He doesn't address the publics concern for actual issues and has seemingly grown an ego on him. Not to mention scandals like WE and photos of him doing blackface. But in all honesty people get sick of a leader after 3 terms, its not specific to Trudeau but Conservatives have really been gaining traction with the "blame it all on Trudeau" campaign (which whether true or not he has to go). Trudeau has managed to anger both Canadians and the immigrants he's brought. The current biggest thing people hate him for is the Carbon Tax, unaffordable housing (youth really hate him for this) and uncontrolled immigration, which is an influx of people from a specific country. Which gets even worse when foreign governments start messing with us (India, China and Iran). Pierre has been winning with basically anyone who doesn't like Trudeau and has done an excellent job at appeasing both sides of the political spectrum.
Now idk if Pierre is gonna be any better though, in a 2 party system our choices are limited. The only democracy that would ever work in my opinion is a Direct Democracy.
One factor that would have been good to explore is the relative debt to GDP. Canada's federal debt was under $500Bln in 2008 (having paid it down from dangerous levels in 1992) and had next to zero direct exposure to the CDO's and other toxic debt from the US. However, that federal debt has ballooned to well over $1.2 Tln today and the debt to GDP is now at unsustainable levels.
Love this channel, criminally underrated
Its amazing that social media group Econ would pick out a flaw of two of the most sought after countries, Canada and Australia in the world. You would think that they would have a field day with comparing Iran & Iraq, North Korea & Vietnam, Russia & China, Venezuela & Cuba, Syria & Iraq, Yemen & Sudan, Egypt & Algeria, Somalia .... etc with rankings consistently at the low end of the freedom index and many more quality of life indices yet its about Canada and Australia. This is incredible!
Australia and Canada hove 2 things in common, both PMs are incompetent.
And both woke leftists
Oh how dare you call Mr Trudeau an incompetent snowflake 😂😂
Well, in Oz our PREVIOUS Prime Minister was CERTAINLY incompetent. To the point of illegality. Can't say I know much about Trudeau, except that I hear a lot of Canadians whinging about him. Careful what you wish for, cousins.
@@Windycajryeah I agree even Valdimir Putin is a better leader than them and of course Biden
People whine , but we're better off than the vast majority of people . Trudeau is competent compared to the moron , Jeffey .
Great video. I didn’t know how similar Canada and Australia are. Regarding the economics analysis I agree 100% with it. Here in Canada is pretty evident how there’s is no enough competition in some key sectors due to the oligopolies. Innovation is scarce also because companies don’t have that competition. It also affects the price tag for products and services that we pay as consumers.
9:15 Correction. Australia had nearly 600,000 migrants arrive in 2023, a far cry from a steady 160,000.
Canada: "I see your 650,000 and I'll raise you 1,350,000"
@@lionelhutz5137 😆😆😆 Yep, Australia's immigration is out of control, but Canada's is even worse.
Annual target is 190,000. 2023's figures were compensating for 2021 and 2022. 2024 will likely return to ~190,000.
what about new zealand, 250,000 and we have 5 million people....
@@danielxbox28 *Net* migration to New Zealand was ~90,000 last year which followed 2 years of ~20,000 people leaving New Zealand. As such the yearly average of net migration to New Zealand over the last 3 years has been ~16,000 per annum.
Great Video Econ as always
Australia is the 7the largest producer of Natural Gas and Beef and 2nd largest producer of Gold and Sheep in the world. Unfortunately cost of living for both countries are much higher than their dependant countries. Housing as mentioned, food and transport. Excellent video by the way.
Manufacturing and innovation have not been ignored in Australia, they have been actively discouraged.
Thanks!
I agree with Australia not investing enough time, effort and research into technology. We're overly reliant on our manufacturing and mining industries.
Manufacturing is a form of technology also.
I think Australia has world class tech for Uranium concentration, and also radioactive waste (depleted/reprocessed fuel) sequestration.
What manufacturing?
Agreed. AND, despite being heavily sanctioned for a few years by China, we are STILL putting too many export eggs into the China basket. If you're an Aussie exporter, you're CRAZY if you don't have a Plan B ready for next time the CCP wants to play the heavy.
Here in Australia we have a twentieth century economy selling coal, gas and iron ore. I can recall hearing years ago that 80% of our wheat production is exported overseas.
We don't make cars any more and our uptake of electric vehicles is poor.
You walk into an appliance store here and nothing is made in Australia.
Yes, but, a lot of Australian manufacturing wasn't profitable or sustainable by itself. Car manufacturing is a huge example of this. Mitsubishi (Japanese brand, but it had a huge subset of Australian manufacturing for its sedans) Ford and Holden, all needed constant government subsidies to continue. Eventually, the government got sick of subsidising effectively a failing business that was supposed to be private enterprise.
Another way Australia is just like Canada. There is nothing wrong with selling coal gas and iron ore if people need them. If you stop selling them, people aren't going to stop needing them, and there isn't much point doing the same things other people are doing if they already do it well enough to supply the demand.
@@AndoCommando1000 When I was a kid, all our white goods were Aussie made. So were most our clothing and one in every two cars on the road was a Holden. All gone.
@@somethingelse9535 yes, but you can blame market forces for that. Our cars were being built here. But they weren’t being sold anywhere else (except maybe NZ and the Pacific) which is a small market. And even Australians began preferring other more efficient, cleaner and less fuel-hungry cars. Australia pretty much built expensive family sedans and tastes and purchasing desires changed.
@@AndoCommando1000 Holden had a roaring trade with the middle east too.. They were subsidised by funds derived from the 5% import duty on foreign cars. A kind of harmless system that kept a whole bevy of local component makers in business. It was a mistake to scrap that (thanks to Abbot @#$&@!!). (The yanks have tarriffs on imports too)
BTW, Ford Territory was a hit and no one predicted Holden's foray into high end suped up V8 Commodores would become a hit too, which ended up being exported to the US.
They should have left the subsidy scheme alone, who knows, Holden may have stumbled onto the next big thing (like they did with V8 Comm's).
Here in New Zealand you definitely hear about the prosperity of Aussie a lot. They play ads over here all the time to entice workers over as they usually are able to pay us twice what we can make here in NZ or close to it. My current job I work for an Aussie company and they use us as cheap overseas labour lmao and things in general cost about the same over there as they do here
one issue with canada, canada could be an economic power house if our resources were managed properly. but governments, alot of the times liberal ideologies, have hamstrung the oil and gas industry.
One advantage Australia has there is that every state has a coast (ice free too) and no other state can land lock it as BC and Quebec have done to oil and gas. Also, the Labor Party has unionized mine workers supporting them so it would be unlikely they would destroy such resource industries.
Canadian economy went downhill after Americans started fracking (which has a lower cost than oil sands which need additional processing that adds to end cost).
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Flogging stuff we dug up most certainly is the reason Australia hasn't progressed in many ways....We have so much unexplored potential like solar and battery, we have the most sun with the most desert to put mega farms in, we have the most lithium yet just export it instead of processing and making our own batteries. We also mine our own gas yet pay some of the highest prices in the world for it still, our government basically sold the country out from under its people....So common its basically a cliche at this point.
Solar and batteries for EV's are dead industries. Or at least they will be very soon when EV's go the way of the dinosaur, and people realize solar power just doesn't cut it.
Canada same. Vested interest keep us down. This much land vs small population and vast resources, both countries should have HUGE standards of living per person, instead of all directed to the wealthy.
Remember in the USA stocks are owned in this magic number 10% own 90% of stocks. This is who the government works for. Our two are similar but on a smaller scale with less wealth inequality even if our wealthy elite continue their class struggle to widen that gap against us. The average canuck or aussie is too busy fighting the guns vs gays war brought to us from the USA culture BS to notice it should be Us vs Them.
Economic investigator Frank G Melbourne Australia is following this informative content cheers Frank 😊
The Australian annual immigration figure of 160,000 is out of date by a lot. In 2022 Australia received 387,000 net migrants in to the country. Australia is on track to receive 600,000 migrants in to a population of only 27 million this year. That’s a 2.2% boost to the population through immigration alone in only 12 months minus natural birth increase.
To be fair to the fact checkers of this video .Things have change .although I don't disput your statics .I can't argue those figures.
im indian. many of us dont want to go to us, uk, can, aus, sa anymore as we used to dream till late 2016-18. and if they dont want us, then its criminal to imigrate their. nothing against them. i like them a lot. It's just that a nation which cannot decide who is man or women. or doesn't have guts to say straight NO to immigrants, will fall today or tomorrow.
(plus my country is heading for big economic revival. more exciting here than in west.)
@@SDFNI3894YR Hi there, yeah we have big problems here that shouldn’t be any problem at all. This whole gender confusion thing is nuts. It wasn’t on any ones mind even in 2018 here in Australia. It came out of nowhere. I don’t think many people agree with it but the bullying vocal minority control the government. One day soon it has to come to a head and things can return to the way they were back in 2018 and for all of history before then. The sooner the better.
@@wattlebough i hope it does.
Thank you Prime Minister Bob Hawke and treasurer Paul Keating for helping Australia development opening up markets overseas and Kevin Rudd ensuring China remained a big customer during global financial crisis 2008. Together saved Australia from recession for over 30 years. Guess we have to thank Scottie for spending our surplus to keep the country running during covid when we couldn’t encourage tourists to travel here and spend their money in our country. GDP took a hit during covid but we still survived.
Yeah Labor has always been a big help in the economy. Lets talk about Gough and his destruction of the textiles industry in Australia. The motor industry that was sucking up tax dollars and sending them to Japan and the USA. Auto production workers that were earning $60K a year in the 1980's all thanks to the AMWU - no wonder the industry couldn't be sustained. Labor have always been clueless with the economy - apart from Hawkes Government.
@@eddybulich3309you beat me to it that's what I was thinking when I read that stupid comment above.
13:17 how can you compare US, Canada, and Australia without using PPP? It doesn't say anything if prices in the US are cheaper than the ones in Canada and Australia
USA #1 🇺🇸 🇺🇸
Some very revealing graphs. Thank you!
Housing affordability is at its worst levels ever in Australia. Mass immigration in the last few years had reduced quality of life for citizens. Petrol at record prices, along with food and bills. A government that does nothing for its people. Crime is out of control.
"Crime is out of control" ?? Crime has steadily decreased over the decades.
@@somethingelse9535 please send evidence
Subbed and liked man, enjoyed watching this you've got to a video on Egypt's economy it's a hot topic with it's potential of the new capital and it's huge human capital it has potential to skyrocket but it needs to open up it's businesses. All the best man I'll catch you in the next video!
actually they are getting bankrupt by the new capital and their currency is losing its value at alarming rates
Kenya’s infrastructure is anticipated to outpace that of Egypt.
Indonesia is a much more interesting country to cover. They're also building a new capital and aren't on the edge of bankruptcy.
07:01 "... in countries like Africa and South America". And is the chart index at 11:50 correct?
Good summary. I’d argue that one of the biggest headwinds to export-focused countries like Australia and Canada is the increasing likelihood of globalization reversing. The high economic growth enjoyed in our countries over the past ~30 years has largely been driven by ever-expanding trade to places like China. With the world getting more antagonistic and signs of new fractures emerging, it’s increasingly likely that the future will not be as lucrative.
While this will impact all countries of the world, countries that rely more heavily on exports (such as Canada and Australia) will be impacted more than countries that have economies driven by huge domestic markets and technology (e.g. the U.S.).
I'd expect that growing world population, and China's example of economic growth, would point
toward increasing demand for minerals, energy, and habitat for migrant workers....
@@TomMcinerney-g9b There will still be a large global market but it won’t be as efficient or free as it has been for the past 30 years. And thus, less economically lucrative for everyone (especially export-focused economies).
With respect to China, that’s part of the problem. Instead of previous Chinese governments prioritizing expanding trade and economic ties, the Xi regime seems to be more focused on geopolitical power moves. Which serve no one in the long run. If world leaders keep acting like they are playing a zero-sum board game, we’re all going to lose.
Canadian firms have forgot how to compete is the most accurate statement ever! 😢
👍Lots of talk lately in Canada on productivity with elections coming in a year or so.
Ya, a government who seems to only know how to implement additional regulatory hurdles and spend on social programs vs one who says that they'll bring down those hurdles and offer incentives to centers to streamline their systems.
Of course productivity is low. You have millions of unskilled immigrants.
@@mirzaahmed6589Productivity comes from a willingness to take chances from people starting to work with an education and investments.
One issue I didn't hear addressed in the video is interprovincial trade barriers in Canada. Our system is set up that most of the governing is done at the provincial level, but that also means we get 13 different set of regulations which is a complication for anyone with a skill looking to move from one part of the country to another, and an added expense for any company looking to expand outside of the province/territory where it started. I'm not sure how Australia deals with these issues, and whether they have similar problems between the various states.
From my understanding we have far fewer barriers between states, except for regulations relating to disease e.g. biosecurity measures for tasmania. Our regulations are largely that the federal government can't control certain aspects of state's functioning due to the way Australia was founded, but increasingly we are moving toward federal approaches atleast in healthcare context that I work within because it's just far more efficient.
Canada makes most things needlessly complicated and process take far longer than they should part of the housing issue is because we accept to many immigrants but also because zoning laws are terrible, people in charge of approving plans for housing also take forever far longer than they should it slows everything down, all the barriers Canada has in place feel more like a way to slow down actual growth then to let it flourish. Canada should be better off than it is
Our Canadian government doesn't allow foreign competition in telecommunications and groceries. Both sectors were given large sums of monies to keep competition out.
The very big difference between Australia and Canada is that the Canadians have access to the European market. Australia has had a punitive trade embargo inflicted on it by the Europeans for generations which is a real drag on its economy.
There were talks of an EU-Australia trade deal but I think it stalled, whereas, didn't the EU and Australia sign a free trade deal a few years ago?
@@paul1979uk2000 No EU/Australia Free Trade Agreement yet. We (Aussies) walked away from it, pretty much at the last minute, because basically, there wasn't "enough in it" to make it worthwhile. As our representative said, "better to have no deal than a lousy deal". I agree.
Cost of living in Australia has doubled in recent years, more so here in Perth. China is our major economic partner, no other country in the world will buy the same quantities as China.
Yes & that is why our nation needs to maintain a good relation with them rather than focusing on AUKUS
Feels very similar in Canada. Housing prices have exploded here. Its totally unsustainable. People are very angry and pretty much all of our politicians are a sad joke.
Yes, and that's a good reason for our exporters to CONTINUALLY look for additional/alternative markets...regardless of whether the CCP has Australia in "the freezer" or not.
Australians are struggling to buy a home due to a massive shortage. Meanwhile the government continues to allow high immigration worsening the crisis.
Immigrants are buying the houses because they keep their family values and culture strong unlike Australians and other westerners that brag about being strong and independent then end up getting evicted moving to the park to live in tents lol
They need those sweet sweet taxes, Australian government thinks taxing everything is how you fix stuff 😂
Argentina almost joined the Canada-Australia club when it was one of the world's richest countries per capita back in the early 1900s. But then, things started falling apart drastically in Argentina, especially from the 1950s but even before that.
In the nicest way possible, Argentina is basically what Canada and Australia are if CAN/AUS did everything wrong for the last 50 years. Argentina in fact had a head start on both nations but have fallen back in the post-WWII era
@@Entername-md1ev A head start in terms of the overall fertility of the land (as a percentage of the total land area) as well as more immigrants and higher economic growth, sure, I grant that, but a. the per capita income wasn't quite as high as in CAN/AUS (though obviously much higher than in most European countries) and other indicators like literacy didn't score quite as well either, and b. Argentina was much less equal in land distribution than CAN/AUS and was much more deeply polarized politically. In other words, on the surface a head start, but deeper down there were already indicators of eventual breakdown.
Maybe if the invasion 1807 was successful by the British it would had been different
Using the Australian amphitheater is an hilarious visual. It was and is an architectural marvel but it’s the only thing anyone can reference when it comes to Australia. And considering Aus is Chinas resource, there’s a reason they are doing so well. China likes to spend money.
When deciding between Australia and Canada , I decided to live in Australia because it is sunny and not freezing like Canada. I didn't know this then but
Antarctica is important to Australia. Australia has sovereignty over 42 per cent of the continent, including sovereign rights over adjacent offshore areas .
That great news! So when the Australian economy becomes like Argentina, we can start a new life in Antartica. Hopefully by then Antartica will be a tropical continent because "climate change".
Yes, the winters in Canada can get quite cold, but I assure you it isn't some frozen wasteland. In Alberta (where I live), the daily temperatures this summer were _constantly_ at or above 30°C/84°F.
Now, I get it- if you enjoy year-round sun and heat, Australia is still the way to go. But at the same time, the stereotype that Canada's climate is comparable to Sweden's is _ridiculously_ false. I hope you did proper research when you made your choice.
@@Commander6444 Thank you. I understand. I wasn't being critical. I was much younger as well. In Victoria, Australia one can ski as well. This is not the sunny place all year around that people imagine. The one advantage in Australia is it is close to Asia and the advantage Canada has is it it is easy to get to the USA and Europe. Australia's cost of living is exorbitantly high so Canada may be better in that sense. If Trump comes to power living in Australia may become a huge advantage.
I'm an Australian retiree and from my simplistic perspective, our biggest obstacle is our political system (governance) with politicians that are simply incompetent and unable to fulfil their roles in government. No federal political party has ever proposed or even put forward a long-term plan for Australia. There is a lack of leadership and a lack of vision of where we should be heading to improve our quality of life. Our economy is always boosted artificially by increased immigration. For centuries we have focussed only on primary industries and mining without a view of value-adding. We sell wool, live cattle/sheep and iron ore and then buy back manufactured products mainly from China. Change must be driven by Government to introduce incentives to re-introduce manufacturing which could be partly protected by introducing tariffs on imported products. Time we turned the table on China, who actually are not really our friends or economic partners. In simple terms, China cannot be trusted and is a major threat to Australia and other countries around the world.
Australia is making China rich just like the rest of the world. China is having a wonderful time thanks to the lot of us.
Australian labour can never compete with Asian slave labour. A high end CNC machine produces the same quality whether an Australian on $50 an hour or an Asian on $0.5 an hour is pushing the buttons on it. That's the reality of it. That's one reason Australia doesn't build cars anymore. Even the manufacturing powerhouse that is Germany is having serious problems, especially now that they've lost access to cheao Russian gas.
Ask yourself, what added value could Australia actually produce that would be competitive on the open market? Asian countries can just do it cheaper, faster and with less red tape. They will be selling the product on the open market from their shiny new factory before they Australians have put spade to dirt, because of the insane amount of red tape, public consultations, locals protesting ect ect. Then if the Australian factory does get off the ground the labour cost is very high, especially when you consider the health and safety, the accident compensation schemes, the huge amounts of red tape.
Then there's the taxes and other compliance costs. Environmental regulations are a huge one that's getting more restrictive and unworkable every year. Asian companies have no such problems. Human life is worth nothing to them, the environment is of little concern as they only have to pretend to care about it in China and the less developed Asian nations they don't even have to do that.
All that red tape also favours established businesses and excludes new businesses. Australia is likely going to go even further towards deindustrialization as is every first world country.
And remember, this was a decision that was made in the 20th century. It's too late to turn back now.
China's policy is to take over the world. They're teaching English to their population to do just that. Even their libraries are all in English now. They're using our own money against us.
it's inherently baked into our political structure hey, I can't see it ever changing short of war
China has a massive male spare lot that they're turning into an army. They're teaching all the children English and if they're not trying to take over the English speaking word I'd like to know what the hell they want. Since the eighties when they started sterilizing their women and killing of baby girls the government had to something in mind. Now they're worried about an aging population and they have to do something about it. They've got rich by robbing us of our riches and selling back cheap copies. Now they're charging us for their goods. It can't go on.
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
Sure, investing is plain-sailing with the aid of an invt-specialist, thus I've always delegated my excesses ever since the rona-outbreak in January 2020 using a shrewd advisor, and my investments have compounded by at least 300%, summing up $820k ROI as of today.
this is incredible! how can I vet your advisor if you please? definitely would love to make money from the market too, but a complete newb..
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
Canada is really an economic extension of the US and has been since the 19th century.
Australia has had more varied economic big brothers-but none to the extent of the USA Canada nexus -firstly Britain then Japan and now China. Who knows it may be India next.
Geographic position makes the countries different.
Clear graphs and clear narration! Nice job!
If you come to America in the winter months, (as Canada is cold to the bone) you will find Canadians in most every southern state, Florida, Alabama, Georgia, Arizona, California, Miss., North & South Carolina etc. I do not blame them, as for two thirds of the year you just want to go get warm, and Canada is not that place. Great video and my wife and I have traveled to most he world, including Australia and Canada. I must say B.C. is our favorite place there and like the America those Rocky Mountains are wonderful in the summer, not winter. Can not beat America and America is good friends of both nations.
I live in Québec and I see a lot of American tourists in winter who come here to do snowmobile in the powder snow in Murdochville and other places, but also to visit Québec city in winter or Montréal's winter festivals.
The fact that some Canadians like to travel to the US in winter doesn't mean that Canada is bad ...
Winter is actually my favorite season and personally, I would never want to live in the US. The food is bad, cities are boring and insecurity is everywhere.
In many cities on the East Coast in Maine, New Hampshire, New York and Florida, there are many neighbourhoods that litterally look like 3rd world country slums. We don't have this in Canada.
I have lived in both countries. As the video says there are a lot of similarities. But Australia wins out for me because of the weather. One winter in Montreal was enough for me.
@@PatG-xd8qnI’m sure Canada is great but I’m sorry, the U.S. cities are simply way better than Canadian cities. There are a lot more things to do and to see than in Canadian cities. Especially in most blue states like California and NY, also Washington DC, etc. It’s the red states that are mostly average at best, however (besides Texas and Florida, those are exceptional). The blue states carry this country. Food wise? Many of the popular fast-food chains aren’t great. But we have many great food places here, especially its diversity and there are so many authentic places here. We have all kinds of different foods.
The US as a whole offers a lot of great things like history
(its history isn’t as great as Asia, Europe, Africa, and South America, but it's still great)
plus nature, city life, and also entertainment, culture, also living environment and opportunities.
@@AFGsultanZ The fact that you have never set a foot in Canada or maybe even outside of the US and think your opinion is relevant is quite funny.
Montréal and Québec city alone are far better than any of the places you named and yes, I've been to many cities in many States in the US. I've been to San Francisco, LA, Denver, Salt Lake City, Seattle, Miami, Orlando, and many other smaller cities (like Burlington, Portland (ME), Moab, Grand Junction (CO), Breckenridge, Lake Tahoe, and many others).
While all of these cities were nice to visit for a week or two, I wouldn't want to live there. Canadian cities like Montréal, Québec city, Vancouver, Calgary and even smaller cities like Saguenay, Kelowna or even Sherbrooke are far better on all aspects.
And food in the US is not good at all. Everything has way too much salt and in almost all States, most options on the menu is fried food. Even in more expensive restaurants in San Francisco or Lake Tahoe the food isn't that great relatively to what we can find in Québec. In Lake Tahoe two men even tried to rob my friend's backpack after we got out of a restaurant... What a nice place to live...
And I won't even talk about food in Florida. Even spaghetti in Italian restaurants in Florida is awful...
@@PatG-xd8qn I have visited to many different countries plus Canada so don’t try me with the bs “the fact that you never been…” I can confidently say that literally most European countries and middle eastern countries are way more interesting to visit than most cities in Canada, and half of Us too. I haven’t been to East Asia nor South America so I won’t compare those. Yes I’ve been to Montreal, the only part that I went in Quebec and it’s nice but there wasn’t a whole of exciting things to do there for fun or to see. Now is Montreal more livable than many big cities in the US? I can certainly say yes, but to each their own. I’m also talking about vacationing, but there’s many places in the U.S. especially outside of big cities that are really nice to live and safe as well.
I have families in Canada that complains about the cold and even some would want to live in the southern part of US where it’s warmer.
Again, there’s a TON of different food places in the US, you have the Americanized versions and there’s also authentic ones as well. I always prefer authentic versions myself. Also opportunities is another thing that US has advantages over Canada.
Unaware that the economy is a command economy with central planning rather than a free market, people attempt to forecast it. My worry is whether I should save money in gold to build wealth temporarily or just hang on, rather than keeping a lot of cash in the bank that could be lost to inflation.
The truth is that while gold is not profitable in the near term, it acts as a hedge against inflation over the long term. The only thing that is certain is a determined attempt to shift money from the common people to the wealthy. Fortunately, some people get relief from financial advisors.
Due to a lack of knowledge, 45% of Americans do not invest in the stock market. You are lagging behind yearly if you don't invest. In the stock market, I'm making the kind of gains I used to only dream about. My portfolio has increased from $50,000 to $600,000, which seems unbelievable, all because of my financial advisor's advice.
Could you kindly leave your investment analyst's information below? Such luck is what I need.
The certified advisor I employ is called "Vivian Carol Gioia." Simply look up the name. You would find the information you need to schedule an appointment.
I appreciate you sharing. Curiously, I looked up her entire name online and her website appeared right away. I'm gonna conduct a thorough background check and review her credentials before reaching out to her.
Both have property hyperinflation
And both countries can essentially be considered Chinese colonies. That's how their governments operate, their so-called leaders cozy up to China, allowing their citizens to purchase significant portions of their lands and enabling chinese invasion due to their open border policies.
And both countries can essentially be considered Chinese colonies. That's how their governments operate, their so-called leaders cozy up to China, allowing Chinese citizens to purchase significant portions of their lands and enabling invasion due to their open border policies.
Australia has an incompetent government, relies too much on mining, has allowed manufacturing to decline, has ridiculous housing prices, suffers from massive immigration levels, with attendant social problems and, on top of all that, is not ready for the war which all the experts say is coming.
Worked for a oil major in Canada, the current government in Canada, investment in projects and industry is impossible with the current government. Even if saws brave enough to try and invest, they would only make the mistake once. Federal Government red tape is unbelievable. Even if your product gets through every sign and off and you start building, the projects can still get cancelled.
13:30 - Two points:
• Yes, in 2020 Australia's economy did suffer, moderately, from China's sanctions. Our prime minister at the time (our wordt ever - a populist conservative), made loud, ignorant calls for an investigation into China's role in the origin and spread of Covid-19. Not "possibly due to" (those calls) but _blatantly,_ Xi had his regime slap massive tariffs, or total bans, on multiple mineral and agricultural commodities.
• China's belligerent bans and tariffs on Strayan goods, have been removed. In 2022, the previous conservative federal government was unceremoniously booted from power. Since then, the intelligent diplomatic approach of the new Labor government's foreign minister, gradually negotiated a return to normalised trade arrangements. Phew! 😮💨(It's been good - _generally_ - to have the adults running the show again. 🙂)
Agreed. Although the lobster producers are apparently still waiting...
I kinda feel bad for Jordan. It's so unlucky as it does not have large reserves of oil and gas. Jordan doesn't have too much water either. If Jordan had large oil and gas reserves, they could have been as developed as it's other Middle Eastern counterparts. Hopefully, they will find some energy resources in the future.
we dont need another saudi, UAE, qatar, etc.
@@rizkyadiyanto7922 Why not? Don't the Jordanians deserve a good quality of life?
@@ramkumarsharma6331not if they don't convert to the objectively best religion in the world.
@@SwingingOrangutan What?
@@ramkumarsharma6331 Islam is a stain on this world.
Homes in Canada are significantly more comfortable than Australian homes. The dry colder weather and snow make a nice break from hot weather. 😂
except you have the option to live in hot or cold weather mate, get a grip on our bloody geography
@@lachlanaulich3566 your response makes no sense. Typical incoherent bogan. 🙄
Given how expensive they are, I hope those homes are indeed "comfortable"!
Great analysis!
Canada is also the USA’s biggest trade partner. The world forgets this
In the past 2 years in Australia immigration has been up to 600 thousand per year. Housing is up 50 percent in that time.
Let these 2 countries make peace with all others especially China. Trade is more important than wars & conflicts.
China thinks if it gives you money you should kiss it's arse, Australians cannot.
How do most of you guys still making profit? Even with the downturn of economy and ever increasing life standards
Well, I picked the challenge to put my finances in order. Then I invested in cryptocurrency and stocks, through the assistance of my discretionary fund manager
Mrs Nancy Williams Laplace
Yeah that's right I think it's right to invest with professional at least it saves the trauma of too much loses
The first step to successful investment is figuring your goals and risk tolerance either on your own or with the help of a financial professional but it's very advisable you make use of professional
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
Nice editing, enjoyed the video 🫶
The most important takeaway is that the flag's a few blocks from me. It's super cool.
Did Canada spend $300Billion on useless submarines too?
Canada did buy 4 used subs from the UK for $750 million in 1998, and then had to spend billions repairing and converting then for Canadian use. Would have been better to buy new.
No, but we sure wish our government would have. Our military now consists of 3 rifles and a canoe.
Don't forget 4 CF-18s 😄@@user-conservative-wasp
To attack their biggest customer 😄
I'm from Halifax, where the Canadian subs that we bought were based. All four of them were up on blocks for years. It was a running joke at the dock yards that the subs got more airtime than the Sea kings
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Investing without proper guidance can lead to mistakes and losses. I've learned this from my own experience.If you're new to investing or don't have much time, it's best to get advice from an expert.
A lot of folks downplay the role of advlsors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.
How can one find a verifiable financial planner? I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
Svetlana Sarkisian Chowdhury is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
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You forgot to mention the most important difference between two economies. Economic complexity index, Australia is just Saudi Arabia of iron ore. On other hand Canada has diverse high tech manufacturing sectors such as aviation manufacturing and nuclear industry. If and only if Australia lift ban on nuclear industry and start building nuclear industry, it will increase its manufacturing base in years. It will become America of post world war 2 will crazy economic growth and influence.
imo the financial sector is sucking the surplus resources from the economy to the detriment to most people in the long term
You obviously don't know anything about our economy champ 🤦♀️
@@JBLegal09 okay. 👍
1. Any nuclear industry, optimistically, would take ~30 years to establish to any notable degree; likely requiring *significant* public investment.
2. Australia is very reliant on mining, but there is more than just iron ore and coal. Lithium, rare earth metals, cobalt, uranium, copper... all minerals necessary for renewable energy and battery developments are produced in high quantities.
Most of Canada's manufacturing industry has left due to the cost of operating here and finding skilled labour. This is why we also don't have a tech industry. Banking is also being pushed elsewhere as the ironclad Canadian banking industry is not as powerful as it used to be. Canada is just natural resources, services, and housing now for GDP which is not very diversified or growth oriented.
I am a Canadian and I found this very illuminating and well worth watching. Thank you. Really filled in a lot of blanks in my understanding. Thanks again.
TL;DW: Australia depends heavily on China as a market for raw materials, while Canada depends heavily on the US as a market for raw materials.
You are genius! Very good information compared against many other videos on youtube just repeating themselves! 🎉
Canada should build a national grid connecting all the provinces together to share electricity back and forth and then build low cost renewables in each region creating new jobs, new tax revenue, new lease payments to farmers and low carbon energy...while Australia is rapidly building this renewable future.
So called "renewables" like solar & wind are NOT "low cost" & canada has capacity to expand its clean nuclear tech & produce & export more natural gas to help rest of world to get off dirty coal but dimwit trudo thinks there is "no business case"
Canada should rely more on nuclear as it has large uranium reserves. Canada rely too much on hydro right now and it s too weather dependent .. some dam do not have much water, that is concerning . Nuclear will help to lower and stabilize the electricity cost to bring more factories. It also needs more investment and R&D investment specifically
Yes...Ontario is actually upgrading & bringing back some of the closed reactors at Pickering & Darlington & new reactors at Bruce & Ontario along with federal govt have one of the most advanced small reactor programs in the world
@scottishboy872 Thanks for commenting. My issue with new nuclear is it too costly, takes too long and adds to our unresolved nuclear waste problem. While we have renewable energy abundant potential at low cost and rapidly installed. For example last year in Alberta the Sharp Hills 300 MW wind farm was built for $600 million. So why not support building similar wind farms in every region generating new tax revenue while we massively upgrade our east/west electrical transmission lines sharing hydro rich BC with hydro rich Manitoba backing up powerful yet intermittent renewables in AB and SK? Why wait for new nuclear?
"Low cost renewables"
There's no such thing. They are neither low cost nor actually renewable. If you want cheap electricity use natural gas and coal. If you want cheap electricity that's cleaner use nuclear. Wind and solar farms are not economically viable without massive subsidies, their environmental impacts are quite high, they have a limited service life. They actually increase reliance on things like natural gas because in order to power a substantial portion of the grid with them, you need an equally substantial amount of redundancy in another power source that can be ramped up quickly when there's no wind or no sun. Traditionally power generation has never needed particularly high levels of redundant capacity. This means "renewables" greatly increase costs, both to set them up and maintain them, and greatly increase complexity, which obviously means more cost for less reliability.
If you don't believe me, just look at the countries that have gone down that road the furthest and see what's happened to their electricity prices.
Oh and don't talk to me about giant batteries hooked up to the grid either. Batteries do not scale well at all. The closest thing we have that actually works at scale for energy storage is hydro, but most countries will never build hydro dams again due to the cost and environmental impacts.
The Brazilian economy is nearly identical to the Canadian and Australian, the biggest diference is Brazil has a bigger consumer market and a more consolidated macro ecnomy, what make in a long run our economy more interesting to invest, but if we had a population close to the Australian and Canadian one, our pruditivity would possibly even grow what would make Brazil in many social economic scales close to those countries
Yea but that huge population with similar GDP means Brazils per capita income & living standard far lower
@7:05 "Countries like Africa and South America" These are continents, not countries, actually!
Issues with the video:
1. although the mining companies in Australia generate a large portion of GDP, they employ relatively few people (about 2% of the workforce according to the ABS in Feb 2023). Decreases in production or exploration have very little effect on Australian employment figures.
2. All mining companies pay negligible income tax due to accounting procedures to transfer profits overseas through “loan repayments” to related companies. Some states such as Queensland recoup some of the tax avoidance by charging coal royalties, but the vast majority of profit from mining does not contribute to the economy of Australia even though it is included as our GDP.
3. I disagree that there are significant barriers to foreign investment in Australia. Residential real estate foreign purchases annually are about $4.2 billion. 14% of agricultural land is wholly foreign owned. There is a FIRB but this is simply a formality rather than an obstacle.
Highly informative ! Thank you.
Well, you COULD look at the massive agricultural market Australia has in Asia, its wine market (in China alone), it's education market. But, heck, let's stick to cliches, shall we?
Wait till he finds out that mining is only 14% of the country's GDP.
But I guess a 2 second internet search is just too hard for some people.
The LNP killed the wine market in China, it’s not back to original levels…..yet
i mean lets not bring up the education market anymore lol scomo messed that up
Interesting vid. I've certainly learned a few things. FYI tertiary has a soft 't' rather than hard. Therefore sounds like ter-shery.
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Your perspective summery is encouraging. Canada and Australia have the potential of being a competitor. But not the top dog, but that is a good . That way one can see the others accomplishments and failures and learn...
Amazing analysis. Good job!