Argentina’s inflation is at 100%. Australia almost suffered the same fate | If You're Listening
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- เผยแพร่เมื่อ 25 มิ.ย. 2024
- Inflation in Argentina is at 100 per cent. The government is printing money fast and locals are spending in US dollars because the peso is so unreliable. Now, the far right Presidential candidate, Javier Milei, wants to shut down the Argentine central bank. The economy is like a rollercoaster. It might be tempting to think, "they're different over there", but here's the thing: they're kind of not.
Argentina - one of the wealthiest countries in the world - was once uncomfortably similar to Australia. Until it totally lost control of its own economy.
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In 1979 my family moved to Australia from Buenos Aires under the then skilled migrant program and began the hard journey of becoming a citizen of a foreign land. We did not speak the language but immigration assured us that the government would provide free english classes (in Argentina learning English was just for the wealthy!) and soon enough we were given three English teachers (one for each consecutive month) to introduce us to Australia, a South African teacher from Johannesburg (with a strong Afrikan accent), a New Yorker teacher from the Bronx (yes, of all places in the USA!) and an Irish teacher from Dublin (because I guess there were not enough Aussie teachers available in Sydney back in 1979?)
The desition to migrate to Australia was the best desition my parents ever made and I thank God ever day (yes, every single day!) for having the opportunity to live in this blessed land of ours!
No I'm not like your typical Aussie (and yes I'm still an old fashioned bloke), I don't drink alcohol or smoke, I have been married only once and to the same Aussie girl for 32 years now, we have 3 children and they still talk to us and at least have a big family trip once a year somewhere around OZ (we just spent 3 days in Launceston because the flights were cheap from Brisbane) and after years and years of paying rent we finally bought a home of our own!
Has it been easy, no but it has been totally worth it!
Do I miss Argentina, some times but only for a few seconds now and then not because of my relatives living back in BA (most of them are now dead) but because the memories of a happy childhood in the suburbs of Buenos Aires still remain.
I am happy to be counted among those "who have come across the sea... to advance Australia fair!"
You realy just can't help yourself, can you! 😠@Jim-zd6mn
You sound exactly the person we should be welcoming, proud, productive and positive, unlike the hopeless rabble we have been importing for the past couple of decades.
Same story for me but just started my life in Australia 5 years back with 3 kids. From Pakistan. And thank God every day for what I have and what beautiful country I have come to. Very inspiring comments!!
Beautiful words brother.
Pity more of my countrymen don't think like you.
@@lowtec1969 thank you and yes my parents disagreed with the way Argentina was run back in the mid 70's and saw no future for us (which proved to be prophetic since as it turned out there was no future for any Argentinian middle class appart from us!).
The desition to migrate from our place of birth to Australia was ridiculed by many at the time and I clearly remember the arrogance and stupidity of family, family friends and neighbours who felt Argentina would recover if only Peron was back as President of the nation! One aspect that is not mentioned in the video is that one of the greatest mistakes of the Peron era (and there were many many mistakes) was to nationalize the railways (which had been built by English interests for the benefit of getting all produce quickly to Buenos Aires and to it's port. The railway network did not connect Argentina's communities but send all directly to the ports so when overseas commerce began to weaken the rail network turned into a huge money pit! It is also important to point out the effect of corruption at all levels of government and in the private sector.
, (but that is a story for another time!)
This is why it’s extremely important to have an independent central bank. To fight inflation, money needs to be taken out of the economy through increased interest rates. Politicians would be very hesitant to do this due to political considerations. However, if this isn’t done then things get much worse in the long term.
Tax and fiscal policy are important as well. We have been over spending and launching new long term spending commitments for decades now.
You will never get that because banks are just lenders of banknotes which are legally empowered to print press currency out of tiny air, also they do that even if they don't the sufficient deposit. And also they are able to increase/decrease money supply and the interest rates so basically inflated or deflated economy, destroying the purchasing power of the currency etc etc. What every one should do it to protect himself and his family is something else.
Uuummmm
Central Banks are independent 😂
They’re privately owned
Doesn’t matter when the IMF are imposing their will on your “independence”
@@redgatecrt This is explicitly talking about Australia, where it is a Government Owned Entity. Same structure exists in other parts of the world..
Man you nailed this one!! Amazing summary, of Argentinean reality. I lived there until I emigrated to Australia! (just by chance)
Inflation is insane. People developed a completely different way to relate with money, savings, expenses, etc... you just can't trust your money, you have to burn through it as quickly as you can to "make it count". That's probably why we live in a constant rush! 😂
q onda wachin donde vivis ahra?
Australia is heading down the Argentine route. What we have that passes as an economy consists of exporting Australia to China, our biggest enemy, and buying it back when it has been turned into something valuable and importing more and more people to keep the massive speculative property bubble going. We wast the nation's wealth on professional sports, Commonwealth Games, Olympics and Matildas etc. In case you weren't aware, this is not a pathway to economic success.
When inflation threatens your currency there are 2 main options - increase taxes and/or jack up interest rates. The idea is to take money out of circulation & slow things down.
The people who make these decisions (a) don't want to pay more tax and (b) are in bed with large corporations, so instead of upsetting their mates they handball the problem down the food chain to the lower-middle class who are paying off mortgages.
Yeah, that's about right. The bargaining power for remuneration has been skewed to the rich and powerful. They are not worth the pay they are getting, but we all accept that is the way it is. Look at Bonds clothing CEO. She laid off hundreds of staff, transfer the work overseas, for cost cutting and then gets a huge bonus for simply doing her job. She didn't add any value to the products or did anything special. She just did her job.
That actually depends on the cause of inflation. Jacking up interest rates doesn't help if it's corporate profits causing inflation.
@@TraindriverNickel the lack of corporations paying tax is an area that perhaps could do with scrutiny.
Taxes do increase as a result of automatic stabilisers. This is partially why our last budget was in surplus.
But taxes are already sky high in Argentina and inflation is still rampant.
In fact, taxes are so high, every major company and factories have moved to Brasil, where they are capitalizing on that fact to empower their economy. So, what now, they all moved away, leaving tons of people jobless, but then someone else should be able to take their place right? Wrong, not everyone has enough money or is brave enough to risk their capital in a country where you don't decide how much you pay your employees, its the government who sets minimum wages, and since we don't have that many jobs being offered because lots of people prefer not to risk it, then there isn't enough competition, so everyone just hires at the wages the government dictates as minimum. "Just import like most other countries do" yeah, and that's we were relatively stable before, but then Cristina Kirchner and everyone after, put up barriers and obstacles to both import and export, mostly to import, to "help and encourage local commerce" (30% USD tax, 35% digital service tax, oh and 35% for tickets going out of the country and for any usage of credit cards) which only hepled inflation to grow even quicker.
Want to buy a Netflix, TH-cam sub? A game on steam? Add a 75% of that price and you get how much it actually costs, because all the prices are listed without taxes. Do you really think thats how you solve inflation?
Let me see...
- Create money from thin air
- Lend it out and earn interest off it
- Filter it through fractional banking,
extracting all the value off the top,
give us the scraps.
- Have everyone trade their limited
time for it.
On top of that...
- The company where you work is
taxed through corporate tax.
- You're taxed through income tax.
- Your invested savings are taxed
through capital gains tax.
- Your spent money is taxed through
sales tax.
- You're then taxed again through
inflation 'The invisible tax '.
An endless cycle of theft
No such thing as a "free lunch", someone has to pay for hospitals, schools, roads, etc. etc. etc......
@@minimaxmiaandme.4971...and guess who is that "someone"....
It is called slavery, debt is it's yoke
@@darioburatovich2240 as you wish slavery, debts, Slippers. It is the condition in which men today find themselves and often they themselves do not understand and do not accept the condition of slavery. Then at that point all the human rights courts come out, etc. The truth is that on planet Earth we humans We are slaves.
My parents immigrated from Italy post world war 2 , their choice was Argentina or Australia as they both rich countries . So glad they chose Australia
Well, on 1 July the cost of my electricity plan (NSW) increased by 51% over the previous 12 months, so some sectors in Australia are working hard to keep up with Argentina.
Transport, food and accommodation are also running at double digit inflation. We are being made poorer by the demands of special interest groups. Everyone has to pay, one way or another.
The money printing presses are still working hard, over 1.5 trillion and rising. Politicians love deficit spending. People dislike austerity. Banana Republic is not a fiction.
Vote for politicians with logical economic policies not environmental policies.
What did ya think was gonna happen when we took tobacco from $8 an Oz to $46 an Oz. Ya power food a fuel was sure to increase. It was a $500m issue now it's 6 billion a year. Any economist would say this would happen.
I went to the shopping in Perth, just a simple bread, cafe and eggs cost me $24 dollar, this is basically one hour of work after taxes…..Australians don’t believe in inflation and poverty but the whole world changed Canada, Australia and few countries in Europa became third world….people cannot afford more houses, food…..petrol etc..,,the minimum legal rate don’t increase the last 5 years this say a lot about the country economy
@@tslee8236 Yeah didn't you guys end universal healthcare?
When I want to demonstrate Argentina's eternal economic troubles, I use this example:
I was born in Argentina in 1982, and left in 1991, during those 9 years I lived there the country had *3 different currencies* due to neverending inflationary cycles, had I stayed there a little longer I'd see a fourth one in circulation.
This is normal with Fiat currency as they die after a while
I lived in Brazil 1992-97. Between 1992 and 1994, there were three currencies.
Not true many fiat currencies have lasted for hundreds of years and are more stable gold based currencies For example the Napoleonic franc
@@KoDeMondothere is nothing normal about that
@@KoDeMondo Yikes, education is needed with this comment...
Love this series and video podcast-style format!
Fun fact, every country that starts with "A" also ends in "A"...Except for only two.
Afghanistan, Azerbaijan 🙂
@@ronald3836 👏👏
Thanks ABC. Another quality story. Love your work.
Brilliant simple analysis and commentary. Well done
This is some of my favourite abc content
Interesting thx
Great video Matt. Really enjoy your podcasts too.
Any citizen in a rich country should look at Argentina if he/she thinks, "won't get worser"...
Real good breakdown 👍
They need to get rid of the speculators 😮
Thankgod for Phillip Lowe!
Not as bad as where I'm from, Zimbabwe. We have million dollar notes. It's a joke.
Thank gd I moved to Australia!
From wiki:
"In June 2015, the Reserve Bank of Zimbabwe began to formally demonetise the Zimbabwean dollar, reducing its value steadily to zero in order to complete a switch to the US dollar by the end of September 2015.[5][60] The Zimbabwean government stated that it would credit 5 US dollars to domestic bank accounts with balances of up to 175 quadrillion Zimbabwean dollars, and that it would exchange Zimbabwean dollars for US dollars at a rate of US$1 to 35 quadrillion Zimbabwean dollars to accounts with balances above 175 quadrillion Zimbabwean dollars."
@@mark-ish what's your point?
@@dcsc1 reading is not your strength.
@@mark-ish quite obviously rudeness and considering yourself on a high horse, is yours.
Again, what is your point in copying and pasting a section from Wikipedia? Just to create arguments because you're bored with your life, or simply stating the obvious?
What has your point got to do with what I mentioned regarding my country of birth's currency and perpetual inflation? I'm merely stating the fact that Zimbabwe's inflation is just as bad, if not worse.
My family and friends who still reside over there use USD's. Some, however, are still forced to use the worthless Zim $'s in certain shops. A small bottle of wostershire sauce, for example, costs the equivalent of almost $40 USD's.
Perfect example of the perpetual inflation in that country and the worthlessness of the Zimbabwean dollar.
@@mark-ish Now aren't they thinking about gold? It doesn't seem as though US$ worked but then I doubt gold coins will either.
Your reading speed and pronunciation is perfect. It reaches out to a wider group of seniors and retirees . Thank you.
I’m in Australia and our reserve bank raises interest rate to fight inflation and I think if that can stop inflation then Argentina could just keep rising interest rate until it comes down but I don’t think it’s that simple .. it’s also very unfair for people with high housing Loans that are most hit with rate rises …. It’s like why not rise alcohol tax by 30% or cigarettes by 40% or gst to 30 % instead of the current 10 % …. Just rising interest rate forces a lot of people who can’t pay to sell their houses or repossessed by the bank which is unfair because they have no choice
Interest rates in Argentina are 200%. Still, this is not high enough to suck up enough money and take it out of circulation. What the government has to do is square up their budget and stop financing deficits through money printing.
Australia should stop printing money to make sure that we don't have inflation, no more money printing means deflation and money has more buying power each year
Interest rates are at 110% in Argentina right now. House loans don't exist for obvious reasons and usually homes are bought cash (with dollars). The only solution is to cut the government spending to stop printing pesos.
By leaving the money in the bank for 30 days they give me 118% annual interest.
The annual effective rate (if I add interest each month) is close to 160% per year. These interest rates destroy the economy and credit.
Or fix the gambling problem they peddle
I definitely enjoy these series. Thank you for sharing!!
Thanks!
Another interesting and well presented video! This is my new favourite channel, your little show. Many thanks again 😊
I'm so sad for Argentina. I've spent almost 1.5 years there in total after dating an Argenintian for 11 years. Such great people
Thank you very much, total government debts, commonwealth and state debts, are now over $1.5 trillion. We are heading Argentina's way. You know when government is forced to subsidise, impose price controls and provide free money welfare.
Our banks announce record profits in the billions while the mortgage belt struggles.
Passing on each rate rise the day after (11 or 12, I’ve lost count) has benefited some greatly and harmed others.
Has inflation been controlled?
Those without a mortgage continue to spend like there is no tomorrow.
I don't have mortgage but I can't see that
Excellent
I was in Argentina in December last year. A mix of beauty and tragedy. Was John Howard with house price stimulus our Peron? Everybody’s now a millionaire homeowner or a near destitute renter. Time will tell.
if Argentina was a member of the British Commonwealth of countries like Canada, Australia and New Zealand, then it wouldn't be in this mess today.
Ofcourse, it would have participated in those countries imperialist wars and those countries would allow Argentina to exist....as they do with Australia ( Korea, Vietnam, Irak, Afganistan, *helping" neonazi war agaust Russia, preparing for war against China...and now very probably Middle Est..Truth doesn't fade .
pero c'eme l' favo' !! 🤣🇦🇷
Muy bueno. Uds entendieron todo
A rising tide lifts only lifts all boats when everyone has a boat.
Really enjoying this series of podcasts I’ve watched them all lol
Australia "almost" suffered the same fate lol good luck
Look what's going on now.... 6% inflation and RBA thinks it's time to stop lifting rates. Not going to end well
Interesting report....
Argentina is a cliche at this point.
Has been for a long time.
6:56 bit of a disconnect.
In 2019 it was 1 USD = 55 Argentine Peso, now its 1 USD = 350 Argentine Peso.
And this is exactly why you should ALWAYS take what the opposition & media says with a HUGE grain of salt. Opposition is gonna oppose, no matter facts & truths.... And in complex situations that is a recipe for disaster (see Brexit). Free press is a big advantage, but it is also a disadvantage to our societies that no one in media dares to recognize and even try to address... They are an industry like all others: more interested in profits than anything.
Incredibly interesting episode
Only if you are not Argentinuan.
Biggest contributor to inflation in Australia is the unaffordable housing crisis...
not enough houses being built also negative gearing and other polices that helped maintain that throw in very low interest rates for over a decade. The Media doesn't call housing prices really high they call it a booming economy.
@@adiintel1 yeah what's funny is the renters are the ones falling victim to housing affordability and the ones who's taxes go towards providing incentives to the "investors" or landhoards... Surprised gen z are not kicking up a storm but looking at the BNPL spending and kardashians net worth not surprised...
And power and gas.
And power prices.
@@adiintel1 Governments all over the world in the 90s and 00s thinking that increasing house prices are a good thing has caused a lot of damange, unfortunately. Not only to the economy but also to trust in democracy.
well I lived thru 300 percent inflation in the late 80s Philippines and the only way to maintain my wealth was buying lots of USD in the Manila black markets , esp. the Binondo central bank. and the black markets usually had 2X the central bank rate but I knew people who would give me a good 1.5 X rate. SO now its USD stablecoins crypto which is popular in Argentina.
Restricting supply aftificially increases demand artificially.
The rising tide lifts all boats but many are underwater
This may seem ironic, but its also as ridiculous in Australia ...
Fact: does any Australian know that a single hardware washer purchased from Bunnings will cost @18c
Its hel of a lot more economical and green to 'not' hop into your car, but to reach into ones pocket and simply drill a hole through the centre of a 5 or 10c piece .. (and they dont corrode👍)
I live in argentina and i spend at least $35,000 a week on food . Just me and girlfriend. No kids
It's logical to adopt a more stable currency. Just like Ecuador did in 2000 to fix the exact problems that plague Argentina.
Great job telling an important and engaging story about a generally dull subject. How it really affects the lives of millions of people.
Inflation caused by an influx of earned income from Aussies selling wool is nothing like the inflation in Argentina. This example is more misleading than illuminating.
Holy cow😳.
Only 100%? Go up my friend....
Great video, Milei won in Argentina, cheers 🥂
So they go out and spend their money at fancy restaurant's because it's going to be worth half its value in the future anyway? Wouldn't you just go and buy precious metals instead ?
You fail to mention that while people in buenos aires were very rich, the rest of the country was poor and underdeveloped, and workers were overworked and underpaid. The issue is that since perons government, argentina has been fighting a cultural battle between the worker movements ans the rich and powerfull. People in between no longer know which side to trust. But until one side wins, we will be in turmoil. If we dollarize our economy and cut public expense, we will be a rich country again, but most people and workers will be poor.
Like Aussies, we ve built, drive, and love Ford Falcons for decades here in Argentina.
Subsidising low productivity industry is the recipe for failure in almost every economic failure
Wonderful stuff, informative and interesting. When this came up on my TH-cam suggestions, I thought "Nah, the ABC mostly does heavy-handed political messaging", but I am so glad that I eventually clicked on this. It's the best international news story I've seen this week. Keep up the good work, I'm off to see what else there is on this channel. 🙂
Thanks Dave. We definitely recommend you check out the first two episodes of If You're Listening in the playlist.
No one is talking about US debt ceiling. 2 months ago it was hot
Because this video has nothing to do with the US…?
Yepp , we all dance 2 the inflation tune ?? ( nobody gets out alive ?? ) .
✌️Out
Economic investigator Frank G Melbourne Australia is following this very informative content cheers Frank 😊
There is an alternative to taxing people, and that is investment in companies.
I think the problem in Argentina is the voters.
I know this is a very important cautionary tale about inflation with many great points, but is nobody else going to mention Argentina's president openly having a 14yo girlfriend at 60? Even if that's legal there, ew ew ew ew ew
Well, if they were happy, who are we to complain?
Too bad they haven't raised interest rates enough to crush inflation.
To prevent inflation, currency must be backed by either gold or decent interest rates. At least 5%. Otherwise, money is cheap and so has less value. People can borrow more and spend more.
Interest rate here in argentina is at 118%..
@@mauroyaircribaro9771 Argentina shows what happens when the government is complacent for too long and lets things get out of control. That is why Australia needs to take inflation seriously and not wait until it is too late.
Currencies need to float. What gives genuine value to any currency is not gold or higher exchange rates, but the level of economic activity actually conducted in the currency. By the way, the US dropped the gold standard in 1971.
@@terrygibson7143 that is incorrect. If banks could only lend what money they have on hand and if money was backed by gold, then interest rates would be determined by supply and demand. If there is high demand to borrow money and little supply from the banks, then interest rates would be very high. However, there is no real market. It is manipulated with the RBA deciding what the interest rate is. So the RBA can choose to have the currency be cheap, whereby it is equivalent to high supply and low demand, like in a country where the government is printing large amounts of money, which results in very high inflation. Or the RBA can choose for the currency to be strong, in which it is equivalent to low supply and high demand and interest rates are high. Therefore, if currency is not backed by gold and can be manipulated, then the government should at least keep it stable and maintain a reasonable cash rate of 5%.
@@maxwells2602
Argentina needs to float, and not peg, its peso against the US dollar. It needs to drop its interest rate to zero, and it needs to embark on a Job Guarantee programme. To pay off the IMF it needs to impose a 3% tax on gross exports, which is the only source of US dollar inflows into the country.
100% ? that's it? you can get out of that, trust me Argentina.
I am not from Venezuela.
Netherlands apparently make the best chips.
Oh look..
You can draw very similar stories with our housing industry in Australia!
This type of depth is needed for normal news.
"JAVIER MILEI, THE LIBERTARIAN" MUST WATCH FOR ONCE MILEI PROPERLY SUBTITLED
Imagine saving 1 million pesos through hard work then having that 1 million devalue so much. Daaamn. Saving in a foreign reserve such as Dollar is indeed much better in protecting your hard earned money.
saving in u.s dollars is still shit though its the cleanest dirtiest currency amongst them all
But, but, but, I thought inflation was due to a strong economy.....
It is so easily explained here in this video, yet it is amazing how everyone neglects the history and just keep doing the same things. A country that never learns and refuses to make common sense😢 i'm in Australia now, i hope it never goes to that socialistic route
MARC FABER a great economist with vids on utube has said % rates will have to get to 10% to really get inflation down, if that happens stocks will drop 80%
No mention of world bank loans or illegal use of BTC.
This guy is good at highlighting other people's (in many cases countries) problems and goes on and on some valid some not. He gives you the impression that country is going to collapse, it is NOT. Future videos from you suggest solutions, I don't think you are smart enough to do that.
Wall to wall labor and who's life is better? Who's electricity is cheaper? Which aboriginals did they help? How many homeless have homes? Is fuel cheaper? What happened to low income tax rebates? Even the childcare rebates went straight to childcare centre owners. Pay rises went straight into grocery and electricity profits. only people i see benefit are the filthy rich who got a massive tax cut and Politicians getting rides on jets to sporting events AT OUR EXPENSE.
Argentina never missed an opportunity to miss an opportunity
Only difference is high price of property in Australia will kill the economy and young people will leave.....whether inflation is low and under control. The miss conception is the wealth gap is real and will increase.
And Argentina means silver, a currency of the time.
Props to the Mar-a-lago box of confidential papers in the background
ABC - please allow comments on ALL your videos. You're a public broadcaster so I think you should allow public discussion in the comments
That will not happen too much hate in this world all you give is a free rein to trolls and foreign actors.
@@michaelmcclown5593Trolls and “foreign actors” can be ignored.
@@entershikarii Most people can't tell who they are.
@@michaelmcclown5593 Sure, for the uninitiated I guess but we all learn to not feed them. That’s the price we pay for an engaging discourse rather than not being able to discuss issues, agree and disagree, criticise, or praise. It just benefits all of us. The public broadcaster should foster such an environment online.
@@entershikarii It used to be like that, but we are long past engaging discourse, and we should be able to discuss things rationally but facts are dead now there are only opinions left and no ones listening only talking.
No free markets.
Artificially increasing price.
We have a circus here In australia .
Not to worry. Now that Albanese and Labour are in power, they will make sure Australia goes down the Argentinian route (eventually).
Repeat horrendous austerity programs by the IMF doesn't help.
Isn't that called hyperinflation?
If nothing had been done last year then this is part of world transition.
Lol no its more like 180k a month for food for a family of 4
Argentina needs to float, and not peg, its peso against the US dollar. It needs to drop its interest rate to zero, and it needs to embark on a Job Guarantee programme. To pay off the IMF it needs to impose a 3% tax on gross exports, which is the only source of US dollar inflows into the country.
Magical thinking.
In the theoretical context, neoliberalism is an economic thought that emerged towards the end of the 19th century.
neoliberalism, embraces marginalism as one of its theoretical components, opposes the Marxian theory of labor value and places the emphasis on the free choice of the consumer and on the determination of value through the market mechanism.
Marginalism holds that the value of a commodity is determined by its price, which in turn is influenced by the free choice of the consumer.
Marginalism considers the marginal consumer (final consumer) as the main determinant of the value of a commodity.
The marginal consumer is the one who makes consumption decisions based on marginal utility, i.e. the added value obtained from the purchase of the last unit of a good or service. According to marginalism, the price of a commodity reflects the will of marginal consumers and the interaction between supply and demand in the market.
In contrast to Marx's labor theory of value, which claims that the value of a commodity is determined by the labor employed in its production, marginalism claims that the value of a commodity is determined by the dynamics of supply and demand on the market and by individual consumer preferences.
the value of a commodity does not depend on the labor incorporated, as argued by Marx, but on the choice of the final consumer.
So nobody cares how a commodity is produced, it only matters how it is sold. This is the world we live in.
Argentina today it wouldn`t be worth your while counterfeiting Pesos . So value add to them via art . Makes economic sense .
Hey, it’s an ABC video 🥴
14:20 lMAO, he won, and now Argentina is correcting itself financially.
As for saving, why hang on to the Peso. Buy dollars to save.
Seems like that dude Javier won anyways ^^,
Inflation seems to be fraud.
❤❤❤
9:48 makes one wonder if Australia had decided to follow the American path. How wealthy would Australians be if they had much lower taxes?