Nothing is made in Australia.

Nothing is made in Australia anymore,
I'd just bought a new TV and the box says Built in Antennae.
I don't even know where that is????

I was made in Australia. Probably in the back seat of a holden.

Australia is a resources and services economy. Manufacturing is fairly far down on the list of major contributors to the economy these days. Unfortunately. Guess what the largest contributor is; financial services - which creates absolutely zero - just wealth transfer.

Years ago the ABS said that most accidents occurred on the rear seat of cars.:o:no::D

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Originally Posted by DomAU

Australia is a resources and services economy. Manufacturing is fairly far down on the list of major contributors to the economy these days. Unfortunately. Guess what the largest contributor is; financial services - which creates absolutely zero - just wealth transfer.

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I've been saying something similar for years. Basically a service based economy can not be self sustaining. For the unbelievers among us try this experiment. Have a group sit around a table. Distribute an equal number and value of coins to everyone sitting a the table. For the purpose of this experiment assume a general tax rate for every transaction. Each participant purchases from the person on the right and sells to the person on the left. The government kitty is in the center of the table.

Assuming a tax rate of 10% and each purchase / sale is 10 coins. A purchase is made from the right. Ten coins go from you to the right. On the right 9 coins are kept and one goes into the kitty. You now sell to the left and receive 10 coins but one coin goes into the kitty. As we go around the table buying and selling it doesn't take long before the government kitty has almost all of the coins. The participants have the services that they need. The net result is that the government has almost all the coins.

Another interesting exercise is to look at your own children and their class mates from school. In adulthood, how many have productive employment and how many are paper shufflers?

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Originally Posted by KBs PensNmore

Nothing is made in Australia anymore,
I'd just bought a new TV and the box says Built in Antennae.
I don't even know where that is????

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I thought jokes were meant to be funny. Haha.

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Originally Posted by rrich

I've been saying something similar for years. Basically a service based economy can not be self sustaining. For the unbelievers among us try this experiment. Have a group sit around a table. Distribute an equal number and value of coins to everyone sitting a the table. For the purpose of this experiment assume a general tax rate for every transaction. Each participant purchases from the person on the right and sells to the person on the left. The government kitty is in the center of the table.

Assuming a tax rate of 10% and each purchase / sale is 10 coins. A purchase is made from the right. Ten coins go from you to the right. On the right 9 coins are kept and one goes into the kitty. You now sell to the left and receive 10 coins but one coin goes into the kitty. As we go around the table buying and selling it doesn't take long before the government kitty has almost all of the coins. The participants have the services that they need. The net result is that the government has almost all the coins.

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But government spends more than it brings in so it keeps printing money and the kitty is perpetually empty. Who ends up with all the coins?

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Originally Posted by tooler

But government spends more than it brings in so it keeps printing money and the kitty is perpetually empty. Who ends up with all the coins?

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That thought is terrifying! I never thought of it that way.

I have been reading this book about the foundations of capitilism and wealth and it ain't pretty when analysed if the author is anywhere near right in his work.

https://www.amazon.com.au/Great-Deva.../dp/111969146X

As for our economy and lack of industry a prominent politician told us we did not need it and we should be the smart country instead.