Speaker 1: You're listening to a shares. These podcast were the world
Speaker 1: champions of comparing ourselves stract to kicker, who's doing it
Speaker 1: better than us? Right now? I think Australia is definitely
Speaker 1: up performing us at the moment, and that's because they are,
Speaker 1: and you know they're Their central bank didn't go as
Speaker 1: hard on the rate hikes, so therefore the Aussie economy
Speaker 1: didn't slow down as much. They didn't record a technical recession.
Speaker 1: They've got a recession in per capita terms, but it's
Speaker 1: quite shallow compared to ours. So we just look at
Speaker 1: the Aussie economy and go, oh man, it's just growing
Speaker 1: nicer than ours. The labor markets tighter, wage growth is more.
Speaker 1: They're just more buoyant than we are at the moment,
Speaker 1: and that's why we've seen a net forty three thousand
Speaker 1: kiwis leave in the last year. People are heading there
Speaker 1: then go on to Australia. So we've seen seventy odd
Speaker 1: thousand kiwis leave and then some coming back. But that
Speaker 1: net forty three is huge. That's a lot of kiwi's leaving.
Speaker 1: It goes in cycles and we saw it in twenty
Speaker 1: and twelve when the Aussie mining boom was really in
Speaker 1: full flight and people were going over driving a truck
Speaker 1: and Perth for like two hundred thousand dollars. Not so
Speaker 1: much of that these days, not so much of that,
Speaker 1: but definitely better prospects at the moment. Otherwise we wouldn't
Speaker 1: be seeing the numbers of Kiwi leaving to Australia. How
Speaker 1: much of that is off savings and just a stronger,
Speaker 1: you know, a better national superannuation structure so that people
Speaker 1: are putting more money aside. Oh, I mean that's been
Speaker 1: a strength of Australia for a while. Now. They've got
Speaker 1: I think the fifth largest sovereign wealth fund on the
Speaker 1: planets for an economy, which is less than two percent
Speaker 1: of the global economy. To have that sort of savings there,
Speaker 1: and you know what, they don't think they've got enough.
Speaker 1: They are still increasing their compulsory I think it's gone
Speaker 1: up to twelve percent now. It was nine percent when
Speaker 1: I was working there. I tell you what, working thirteen
Speaker 1: and a half years in Australia, I've actually got this
Speaker 1: nice little nest egg sitting there that I wouldn't have
Speaker 1: had otherwise. There's no way I could afford to put
Speaker 1: nine percent away over that entire period. But it's sitting
Speaker 1: there and it's great, and we're doing it here now.
Speaker 1: Should be compulsory, should be a much higher rate. But
Speaker 1: you know, some things Australians just do do better than us.
Speaker 1: They dig holes better than us, I can tell you
Speaker 1: that much. But we grow stuff on top much better
Speaker 1: than them. One thing they are pretty good at, and
Speaker 1: particularly at the state level, is the big infrastructure stuff.
Speaker 1: You know, they just seem to get stuff done. And
Speaker 1: I use Sydney as a classic example, where you've got
Speaker 1: this bridge and it's got heaps lanes, it's got a
Speaker 1: train track gone both ways, so trains can go across,
Speaker 1: you can walk down one side, you can cycle across
Speaker 1: the other side of it. And that was built, you know,
Speaker 1: fifty years ago. That's not enough. Their cities grew and
Speaker 1: they've got a tunnel going underneath. Now you've got fairies,
Speaker 1: you've got plenty of ways to get across the Sydney Harbor.
Speaker 1: Right here, You've got a bridge that was built in
Speaker 1: the sixties, I think, on the cheap. On the cheap,
Speaker 1: it reached capacity five years later, so we tacked on
Speaker 1: some clip ons and we've done nothing since. The only
Speaker 1: other way to get across is with maybe a fiery
Speaker 1: if you're lucky, or a kayak, right, that's your option,
Speaker 1: strong strong swimmers exactly. It's I think it just highlights
Speaker 1: the difference between us. They can they can deliver these
Speaker 1: big projects in Australia and they can think a lot
Speaker 1: further ahead for some reason, and I just wish we
Speaker 1: would snap out of it. Involves the risk you might
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