Living in Australia it breaks your heart to see how much this country has squandered a similarly historic natural resources boom.
Instead of taxing it heavily and using it to build an enormous pool of money for the common good, we've simply handed it over to private interests.
Australia has also squandered opportunity in its retirement system: 2.6 trillion in high fee individual accounts (1% given away to the financial sector in fees every year!) instead of in a sovereign wealth fund like Norway's with a fraction of the admin costs.
Every country with an interest in a wealthy, fair society should be following in Norway's footsteps.
Fun fact: Norway is mostly socialist. The government owns the majority of the country's wealth.
Instead of taxing it heavily and using it to build an enormous pool of money for the common good, we've simply handed it over to private interests.
Australia has also squandered opportunity in its retirement system: 2.6 trillion in high fee individual accounts (1% given away to the financial sector in fees every year!) instead of in a sovereign wealth fund like Norway's with a fraction of the admin costs.
Every country with an interest in a wealthy, fair society should be following in Norway's footsteps.
Fun fact: Norway is mostly socialist. The government owns the majority of the country's wealth.