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Australia, Swiss standard of living.

Ash007

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Looks like Australia has achieved what Singapore has been trying to do. The elusive Swiss standard of living.

http://www.smh.com.au/business/australian-dollar-dearest-of-top-economies-20121022-281jh.html

Australian dollar dearest of top economies
Date
October 23, 2012
39 reading nowComments 248 Read later

Tim Colebatch
Tim Colebatch is The Age's economic editor.
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AUSTRALIA has the third most expensive currency in the world, and the most expensive of the world's 20 largest economies, International Monetary Fund estimates reveal.

The IMF's database shows goods and services costing $US100 ($A97) to produce in the US now cost $US41 to produce in India, $US67 in China, $US105 in Germany or Britain - but $US161 in Australia.

Only Norway and Switzerland are more expensive to do business, or spend money in. Since 2002, the dollar has turned Australia from a relatively low-wage, low-cost country to a high-income, high-cost one outpacing even Japan.

The IMF publishes two measures of countries' GDP. One measures nominal output, using exchange rates to convert each country's output into US dollars, while the other measures real output, (purchasing power parity or PPP), by also comparing prices, updated from a benchmark study in the mid-2000s headed by Australia's former statistician, Dennis Trewin.

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If you pay $15 in Australia to see a film that costs $1 to see in India, the nominal measure counts the Australian viewing as 15 times more valuable than the Indian one. The real measure gives both the same value.

Australia's relative prices have soared from a decade ago, when goods and services that cost $100 to produce in the US could be produced here for $73. Most of that rise is due to the rising dollar. And some reflects wages and prices rising more here than in other countries.

The high dollar has been great for Australian consumers - it allows us to take overseas holidays or buy imported goods cheaper.

It has allowed Treasurer Wayne Swan to skite that Australia is the world's 12th biggest economy. But real output can be compared only by adjusting for price levels. And on the PPP measure, over 10 years, Australia slid from 15th to 18th, between Iran and Taiwan.

The same rising dollar that makes us wealthier as consumers makes us poorer as producers. It has seen a sharp deterioration in the competitiveness of Australian producers selling in global markets.

Some countries hold down their currencies.

The IMF says Taiwan now almost equals Australia in output and GDP per head. But its currency has been held down to a third of our dollar's value, to keep its manufacturing competitive with China.



Read more: http://www.smh.com.au/business/aust...p-economies-20121022-281jh.html#ixzz2A5qDBIgN
 

upzmypointsnow

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Just wait till demand from China slows then we'll see how well Australia fares. If they are doing so well then why are so many of them here in our country? Answer me that.
 

chupacabra

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30m plus Ozzie compared to 5m sinkees but only 50k ozzies in peesai compared to 100k plus sinkees in OZ. The numbers already shows who is doing better. Dont forget more ozzies hold good paying jobs in the States, even top actors and musicians are form OZ.
 

chupacabra

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Just wait till demand from China slows then we'll see how well Australia fares. If they are doing so well then why are so many of them here in our country? Answer me that.

Oz is just like Canana being mainly primary producers, people still needs to eat and build houses. With the growing world population, primary producer type countries will never run out of eager buyers.

Just take soya beans for example, china imports their soya beans from the states, will they ever stop buying once china's economy is shit?
 
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yinyang

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Kinana

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Some pple still waiting for their promised swiss standard leh.

I think its impossible cos they have so much land while we can never expand our island much. GDP wise we are already there. We also have advantage in terms of low taxes and convenience which they don't have.
 

streetsmart73

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Some pple still waiting for their promised swiss standard leh.


hi there


1. aiyoh!
2. with 6mil sheep squeezing into one small red dot.
3. yes, some world-crass swiss standard!
4. honest, i am not going to wait it out.
5. my option: central java or down under :biggrin:
 

johnny333

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Just wait till demand from China slows then we'll see how well Australia fares. If they are doing so well then why are so many of them here in our country? Answer me that.

A relative of mine who is an ex-Sporean is now an Australian.

When he returned to Spore to work, it was as an expat. He was paid a six figure salary. His family back in Australia was enjoying a Swiss standard of living that we Sporeans can only dream of: e.g. a private property home with a swimming pool, cheap medical health insurance,....

As to why he was working in Spore. One of the reasons was family pressures,...to get away from a nagging wife :o
 

Ash007

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Indeed, Swiss standard doesn't mean everything have to be expensive. It could just mean the quality of life you get to enjoy on an average wage.

A relative of mine who is an ex-Sporean is now an Australian.

When he returned to Spore to work, it was as an expat. He was paid a six figure salary. His family back in Australia was enjoying a Swiss standard of living that we Sporeans can only dream of: e.g. a private property home with a swimming pool, cheap medical health insurance,....

As to why he was working in Spore. One of the reasons was family pressures,...to get away from a nagging wife :o
 

Extremist

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65204274201210212224553054899310411_003.gif
 

johnny333

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Indeed, Swiss standard doesn't mean everything have to be expensive. It could just mean the quality of life you get to enjoy on an average wage.

Yes Australia has a better work environment & life style. Whenever I tried to get in touch with the Australian office personnel, chances are they would have gone home after office hours.

Some of the Aussies were posted in Spore as management staff & I notice that it was common for them to knock off on time.:rolleyes: However the Spore personnel were expected to work late into the night:eek:
 

Ash007

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Whats wrong with going home on time? You only get paid for the hours you work in the contract.

Yes Australia has a better work environment & life style. Whenever I tried to get in touch with the Australian office personnel, chances are they would have gone home after office hours.

Some of the Aussies were posted in Spore as management staff & I notice that it was common for them to knock off on time.:rolleyes: However the Spore personnel were expected to work late into the night:eek:
 
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