Australia tops prosperity index

I’d like to thank the honorable Mr’s Howard and Costello for their contributions and stellar leadership

Australia tops prosperity index

Australia has topped the rankings in a prosperity index of more than 100 countries, with its quality of life and economic strength pushing it into number one spot.

The Legatum Institute’s Prosperity Index of 104 nations measures the material health of a country, including wealth, quality of life and life satisfaction.

Australia has topped the 2008 index, ahead of Austria and Finland in that order.

The Dubai-based investment group said Australia bettered other countries because of its strong economic performance, governance and high quality of life.

“(Australia) has reinvented itself as a wealthy, service-oriented economy with good scores on liveability indicators, including health, charitable giving and effective governance,” Legatum said.

“Strong norms or civic participation, robust health, and plenty of leisure time contribute to the high liveability ranking.”

While Asian powerhouses Singapore, Taiwan and Hong Kong scored well economically, their livability dragged down their performance.

A little misleading perhaps? And what was I just explaining to Dave55

I don’t know whether you recall Mark Davis’s guest blog (still haven’t received the free copy yet LOL – many thanks to the Academy), he wrote the following:

“Australia’s ‘age of prosperity’, as Peter Costello calls it in his memoirs, has been underwritten by the mining boom (even as manufactured exports stagnated during his tenure) and massive increases in household debt (now more than $1 trillion — about the same as the annual national output), even as the government has wound down its own debt. The national debt has in effect been privatised while, at the same time, risk has been shifted away from government and business onto the shoulders of ordinary people, in the shape of long working hours, casualisation, and the sort of uncertainty that is written in the fact that Australians take the least holidays of any western nation.”

I, too, am concerned about the transfer of overall debt on to the shoulders of ordinary Australians. Hence the reason I argue the point I do about the levels of personal debt. The risk has been transferred in such a way that I believe will have ramifications for years to come. Homeownership being an obvious one

No cruel jokes about my free book neither?


7 Responses

  1. Lets see where we rank in 5 years time.

  2. A review in 5 years will be very interesting. There’s a hell of a lot of work to do between now and then in getting it right, and that fact alone will ensure our ranking will slip.

  3. Our ranking will slip purely because most of our gains have been based on private debt, share market and property gains.

    Our sharemarket is now down to levels 4 years ago so there is 4 years of gains wiped out yet the debt for the shares is still in the sysytem secured by other assets. So where did we rank 4 years ago ?

  4. I think Tim’s done a runner with your book.

  5. John, check on eBay for your book. Tim probably has 5 copies up for sale.

  6. You know, I never trusted him LOL

    Actually, I caught a glimpse browsing through a book shop the other day and Tim gets a mention of thanks for his contributions.

  7. Not a bad gig that Legatum thingie, for a couple of ex-Kiwi billionaire brothers with an explicit libertarian agenda. Mind you, someone had to see the opportunities for for-profit micro-financing in third world nations, and who better than them? Small government is good, and so are paying citizens, if they end up in ‘philanthropic’ capitalists’ hands. Yes, the Chandlers are an inspiration. They were there to plunder Asia in the Asian currency collapse. Took time out to plunder Russia in its fire sales of ex-commie businesses. And now they’ve split their focus and the world in two between the tax havens of Dubai and Singapore, (Orient Global is their other half) you say? Who woulda thunk it?

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