Part 4/9:
Economists have pointed out that wealthy individuals in Australia materialize through speculation in real estate rather than diversified economic contributions. Individuals with high incomes often find themselves bound by exorbitant living costs, leading to a slower path of wealth accumulation compared to those managing more modest incomes alongside smart investments.
Economic Complexity: The Achilles' Heel
Digging deeper, Australia suffers from an economy with remarkably low complexity. While various countries have diversified their exports significantly, Australia has increasingly focused on selling dirt—primarily natural resources. Currently, Australia ranks 102nd out of 146 countries in terms of export variety, a significant drop from its former top 30 position in the 1950s.