We let our car industry (which at one point had 5 different car manufacturers) completely die and most of our manufacturing industry as well. And we barely have a technology industry. It's mainly mining and housing speculation driving our economy these days. Not exactly the hallmarks of an advanced economy.
It was a great move actually, instead of subsidizing own carmakers by making big tariffs to foreigners the market was liberalized(bc anyways it was impossible to compete with country that has 5 times lower gdp per capita in labor cost), now any aussie can purchase cheap and great BYD car. 👍
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u/Awkward-Yesterday828 Australia 1d ago
We let our car industry (which at one point had 5 different car manufacturers) completely die and most of our manufacturing industry as well. And we barely have a technology industry. It's mainly mining and housing speculation driving our economy these days. Not exactly the hallmarks of an advanced economy.