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Comment by shearnie | Hacker News Reader

Not related to Norway. But when I went for a tour in the salt mine in Hallstatt it was explained that this much has been mined, this much for now, and this large amount here is for our children. In stark contrast to what I see in Australia where they'll rape the environment for short term gain and an elite few benefit.

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Australia is an interesting contrast to Norway. Efforts to increase revenues from resources failed due to pressure from a mega rich elite. There is no equivalent fund to invest windfalls from resources. As a result once Australia's mining boom is over there will be nothing for future generations.

http://www.abc.net.au/news/2012-09-05/rinehart-says-aussie-w...

What did Australia do in response to comments like these?

Elected this guy: https://newmatilda.com/2013/08/08/big-mining-lines-behind-ab...

> As a result once Australia's mining boom is over there will be nothing for future generations.

South Korea was traditionally (mid-20th-century) viewed as cursed by a lack of natural resources. In this sense, it has already reached the phase of "nothing left for future generations". What's so bad about this?

The South Korean people achieved their economic success at great personal sacrifice. I can't see the laid-back Australians being able to do the same when they run out of resources.

Please justify your blatant racism.

Australians on average work 1855 hours a year, or 38.6 hours a week if you assume they work 48 weeks a year.... US workers are second, averaging 1835 hours a year, followed by Japan (1821) and New Zealand (1817). Finland (1730) led the table in Western Europe, followed by the much-maligned British workers, who put in 1708 hours a year - three hours a week less than Australians.[1]

Hmm. Stereotypes, hey?

[1] http://www.theage.com.au/news/national/give-us-a-break-austr...

The irony being that you're talking about a country whose GDP per capita, even when you knock off 20% of it that's mining-related, is in the global top ten.

There's a great free resource where you can learn more about things you don't know much about: http://en.wikipedia.org/wiki/Economy_of_Australia

There could've been. Our Future Fund, if that is a reasonable equivalent to Norway's fund, stands at roughly $4k per Australian. Meagre!

I'm Australian and read a story about this sovereign fund yesterday. It's been on my mind since. The Norwegian funds works out at roughly $200k per person. Not sure if Australia's Future Fund is a fair comparison in any way, but that is roughly $4-5k/person. Someone else has noted that superannuation works out at roughly $70k/person, but I don't think that is much of a equal to what Norway have done?

While governments here have gradually privatised various state-owned entities, Norway has built fair, national strength. StatOil is Norwegian. It's not going to play capital strike and up and leave if the political climate doesn't suit it was Rinehart threatens and mining tax opponents claim.

It amazes me that the mining tax hot potato of recent politics in Australia was ever an issue. Surely that was a great opportunity to do something similar either short term or long-term for Australia?

Compulsory super isn't directly analogous to the sovereign wealth situation, because the government can't dip into it.however, it receives tax revenues from growth in super investments, which are now nearly 1.5 Trillon, and because most workers who will retire over the next 15 years should have enough super to live out their lives on (hopefully combined with home equity, especially if you live in a capital city), then the government doesn't have the pension demands which are bankrupting states in America.

It's not an ideal situation, much more free market, but it's one of the greatest moves by an Australian government ever in my opinion

The Australian people pilloried the government when it tried to get a fairer share of the mining dollar. The government watered down their efforts. A few years later, when the people realised that that mining wealth was being funnelled directly into private coffers, they then pilloried the government for not being harsher in the first place.

I wish people didn't have such short political memories.

The other thing to remember is that Norway doesn't have much other than oil in terms of natural resources, while Australia has a strong agricultural sector (including the most fertile rice-growing acres in all of asia). It's not an excuse, just that it is worth noting that Australia isn't so reliant on one-time resources.

despite having multiple sources of natural wealth, i still feel that any natural wealth should belong to all citizens.

It's unfair that an small elite is able to squirm their way into wealth in such a manner. But that is the nature of humanity - isn't much i can do about it.

Another wonderful example of contrary is Few People's Republic of Russia. The country is world's second oil exported yet it's economy is under recession, taxes are high, and elders get $300/month pensions.

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