Two Economies, With One Set of Flaws: The Economies of Australia and Canada | Econ

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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.

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.

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

"In countries like Africa and South America"... for real?

I want to get into the market now and ride it out until the economy improves, since inflation is currently at 3.70%. I'm assembling a $350,000 stock and exchange-traded fund (ETF) portfolio. Are there any suggestions you have that have good cash flow?b

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.

South America and Africa are continents incase you thought it was a country.

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.

Excellent analysis - as an Aussie I’ve long thought Canada most comparable to us - this vid nails it!

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.

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.

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 never realised how similar the economies of canda and australia are, good video

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.

Solid analysis. The thumbnail showing multiple cities on the West Australian coast was pretty funny though 😂 love from Perth

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.

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 😅

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.

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.