IMO in order to judge how Aus is doing globally, we should compare/ contrast Aus with the top 5 global economies in relation to nominal wage, GDP/Capita Nominal and PPP.etc etc
For example why has Luxembourg $131,000 USD/Capita and it is the world's second biggest producer of steel despite its steel workers being highly paid , highly unionised and it has to import its Iron Ore & Coking Coal? Its biggest steel producer is ArcelorMittal.
We are the biggest producers of seabourne Iron Ore and Coking Coals yet we cant seem to get our act together and compete with a backwater such as Luxenbourg....eh?
Clue: Luxembourg plans its economy but we dont....We follow the market which is dominated by Multinationals and we are riddled with negativity....IMO.
