Doom and Gloom or Economic Sunshine

Published August 3rd, 2011

For months now I have been struggling with a strange phenomena which is taking place in Australia, something that is against logic and defies rational analysis: we're feeling bad, we're feeling financially insecure, we are whining to whoever will listen and yet... then there is the immigration, retail is down, jobs are on the line, the 2 speed economy, global financial crisis 2, the housing market and what not...

Surely it's a miracle that we still wake up in the morning?

Yet we are in such an enviable situation! And no I am not referring to the holy mining boom to come, or the mining boom which has not translated into the real economy yet or the mining boom that is going to bust! Enough mining boom for the time being but let's look at where we stand:

First and foremost we are a developing country!

Not by living standards of course – which are very high by any measure – but in terms of age, development and most luckily opportunities. With only a couple of hundred years of development under its belt our huge island is miles and miles behind Europe, and even the USA, in terms of what has been done and what can still be done! It's exciting and also very rewarding to see this country grow fast to catch up with its cousins. We will need more people in Australia: skilled and motivated migrants as well as more Australian born workers to help us reach the incredible potential and these people mean growth and wealth for everyone. Whether we are full or not at 22 million is a false debate when the real question is who we need here and what is needed to accommodate a bigger better Australia.

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