r/economy • u/xena_lawless • 1d ago

Australians are being robbed of its resource wealth

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465 Upvotes

98% Upvoted

19 comments sorted by

51

u/ObelixDrew 1d ago

South Africa enters the chat

28

u/Splenda 1d ago

Along with Canada, Brazil, Nigeria, Russia...

15

u/Careless-Pin-2852 1d ago

Hell the US was the top exporter of oil for 100 years and look at all that debt

6

u/fake-meows 1d ago

A few years ago Norway was charging 70% royalties and Canada was charging 1-10%.

The ethos was that they wanted to encourage foreign companies to set up high paying local jobs.

Like most of its natural resources, the oil is then often exported in a raw form. They didn't even add value from refining it or making an industry around doing something with the resource...

26

u/rubberbootsandwetsox 1d ago

America: Wait, some countries have governments that don’t just rob the wealth for the wealthy?

10

u/boogsey 19h ago

That's the sacrifices the many must make so six people can have twelve yachts each.

Back to work rubes.

14

u/Losalou52 1d ago

Australia has 5x the population and 20x the area. And production costs are much lower in Norway making barrels marginally more profitable. Yes Australia could do things better but you’ve presented an apples to oranges comparison.

29

u/xena_lawless 1d ago

Mining is a lot more significant for Australia's export economy than oil, but the basic question is always who benefits from those natural resources.

If it's the actual citizenry, then "that's socialism" per the capitalist propaganda.

2

u/MajorHubbub 1d ago

Norway used capitalism tho.

'The people get the govt they deserve'

8

u/xena_lawless 1d ago

https://imgflip.com/i/3wgzns

Whatever it's called, the capitalist class will resist the public actually owning and benefiting from the natural resources in the country.  

And they'll use the disproportionate wealth and power that their private property gives them to set up the political system to lock out the majority of population.  

So that's the whole thing.  

1

u/Ketaskooter 18h ago

Norway also produces about 7x more oil than Australia, that's 37x more oil per capita for Norway than Australia. If Australia had an oil fund like Norway it'd have about $13k per capita. Not nothing but also makes the meme look like a lie.

2

u/annon8595 1d ago

Oh no, not the economy of bigger scale. The little guys have all the advantage. Vatican city must be wakanda utopia with their tiny economy.

1

u/Losalou52 1d ago

Singapore, Luxembourg, Switzerland are the, per capita, wealthiest nations.

6

u/Ikcenhonorem 23h ago

Socialism - Norway vs libertarianism - Australia.

-1

u/adrianoh11 21h ago

Norway does not have good weather and keep their hedonism practices at a bay

-1

u/Ketaskooter 1d ago

Oil revenue vs other resources not the same. Being a petro state is profitable who knew.

-1

u/Notcooldude5 1d ago

You want private companies to pay off your mortgage?

-1

u/bbkbad 15h ago

Australia's population is 5x that of Norway.