While you are in Singapore perhaps you should ask your hosts why Australia, the most RESOURCE RICH country on earth and a NET EXPORTER of fossil fuels/energy, has to beg for essential liquid fuels from Singapore, a country with ZERO oil or gas of its own, Zero mineral resources, Zero raw materials for industry, and has to IMPORT EVERYTHING from food, fuel, minerals, metals, manufacturing inputs, building materials, and even has to import drinking water for its citizens?
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And yet this same resource poor country with no fuel of its own, nor any other natural resources, not only has come to be Australia’s largest source of liquid fuels, it also has:
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- Higher standards of living for its citizens (GDP per capita) than Australia (US$67.7k -v- US$61.2k)
- Lower interest rates than Australia (1.0% -v- 4.1%)
- Lower inflation than Australia (1.2% -v- 3.7%)
- Lower government spending share of GDP than Australia (16.8% -v-26.5%)
- Lower personal tax rates than Australia (24% highest marginal rate -v- 47%)
- Lower corporate tax rate than Australia (17% -v- 30%)
- Lower unemployment rate than Australia (2% -v- 4.3%)
- Healthier current account to GDP (+16.7% surplus -v- -2.9% deficit)
- Higher home ownership rate than Australia (91% -v- 66%)
- Lower Household debt to income ratio (1.1 times household disposable income -v- 1.8 times)
- More Gold reserves than Australia (194 tonnes -v- 80 tonnes) despite Singapore never mining gold.
- Higher median life expectancy than Australia (86.6yrs / 81.7yrs female/male -v- 85.1yrs / 81.1yrs)
- Lower carbon emissions per capita than Australia (2023: 9.38 tonnes CO2 -v- 14.2 tonnes)
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True, Singapore is not a democracy but has been benign dynastic autocracy since 1959, but it shows what a tiny speck of a country with near zero natural resources can transform itself into one of the wealthiest nations on Earth with lower taxes and a smaller government, but with long-term vision.
A stark contrast to Australia exporting pre-existing windfall raw materials with no value added, led by a succession of bloated, short-sighted governments (federal and state) spraying money around everywhere on un-costed political pet projects to buy short-term votes.
Bottom line: ‘Self-Reliance is NOT about ‘Made at Home’. It’s doing the BEST with what you HAVE.
Just a thought. . . . .
‘Till next time – safe investing and stay healthy!
See also -
- Reflections on Australia - lucky country for investors! (27 Jan 2024)
For my latest monthly report on global markets for Aussie investors –
as usual "Airbus Albo" is all about getting his stupid face in the media when the Canberra Bureaucrats had already done the fuel deal with Singapore.The idiots in Canberra like black out Bowen spend billions on a failed Snowy 2 project still years away from completion. Chalmers will now blame the war on all the economic woes in Australia with inflation out of control and he will attack our superannuation and fail to reduce taxes and no guts to half immigration and cancel government projects.Chalmers could start by means testing child support which is available for couples with a joint earnings up to $500K who qualify .Labor is a failed joke under Albonese.
hi Doug - thanks for the comments! I think we have had a succession of bad governments since the mid-Howard days. Both sides are to blame. Problem is there is no real alternative government with the implosion of the notionally 'middle-right' / conservative side. Voters get what they deserve I guess. I personally have not voted (actually I put in blank returns) since the mid-1990 (I have four reasons for not voting- but that's another story for another day!) - so I have no political bias. Keep those comments coming! cheers ao