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.
> 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.
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]
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.
