This chapter explores the challenges faced by young Australians in affording housing in major cities due to the lack of production and income growth. It also discusses the factors driving the high demand in the housing market and the balancing act of migration and productive industries in Australia.
Australia's biggest export is natural resources, and as we have talked about on the channel many times, this isn't always a great thing for an economy. Resources don't provide much value to the local economy, especially in Australia where mines are thousands of miles from residential centres, and they don't employ all that many people for the massive wealth they create. Australia lags far behind technological centres like the US, but somehow has a strong economy. How has it done this and what can we learn from a country that just digs holes and builds homes?
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