Straight off the top of my head - BHP, Rio Tinto, Xtrata, Forstescue (there's a few big miners), others: Cochlear, Resmed, Penfolds wine (and numerous other wind makers), Holden (they do actually export to South Africa / Middle East etc), ANZ Bank has a big presence in NZ and around Asia nowadays. There are also hundreds of smaller, niche players, as you would expect to be the case for a country with the population / economy of our size. I'm sure there are loads of names I haven't mentioned.
So mostly mining then. Which takes us back to the point of DLS's article, does it not?
No - because if you can read, you will have noticed that 44% of our exports in 2012, in the midst of the biggest mining boom in a century, were NOT mining related. I also mentioned many large internationally renowned companies that export from Australia that are not miners - or did you not read those names? And that's all off the top of my head. I'm sure I could list hundreds of non-mining exporters if i spent half an hour on google.
Look, no-one is saying mining is not important, or big, but what I am arguing, is that it is stupid and overly-simplistic to take the line you and DLS are taking in saying that the AU economy is nothing but mining + leveraged proceeds into housing. That's rubbish.
It should be in the national interest to import as much / many goods and services per unit of export. In other words, a trade deficit is an economic benefit.
So does that mean a trading surplus is undesirable? Bad news for ...
Cochlear, Resmed, Penfolds wine (and numerous other wind makers), Holden (they do actually export to South Africa / Middle East etc), ANZ Bank has a big presence in NZ and around Asia nowadays. There are also hundreds of smaller, niche players, as you would expect to be the case for a country with the population / economy of our size. I'm sure there are loads of names I haven't mentioned.
Edit: There are also several extremely successful luxury boat builder based on Australia the export all over the world like Riviera, and several others.
Plus vegemite, ugg boots, tim tams
Also we export large amounts of wheat, beef, wool, cotton, wine
And tourism
The combine harvester, pacemakers, speedos and wi-fi technology are aussie inventions
Unfortunately, Services exports data is not defined by ANZSIC industry subsectors. So a breakdown of that $50b is impossible, but just on common sense, I would assume the largest portion would be in Financial & insurance services and Education & training, possibly a comparative portion might go into Professional, scientific & technical services.
Manufacturing has a 29% share in exports, but as I said in my earlier post, a large portion of this is smelting and refining ore.
"If man is to survive, he will have learned to take a delight in the essential differences between men and between cultures. He will learn that differences in ideas and attitudes are a delight, part of life's exciting variety, not something to fear." - Gene Roddenberry
"Balloon animals are a great way to teach children that the things they love dearly, may spontaneously explode" -- Lee Camp
The thing to remember in all this that when the banks run out of money (vis APRA essentially requiring them to lend out what they are getting in, not fund it through wholesale markets) as that point you would imagine there would be quite a few alarm bells ringing.
Almost no matter what, short of a genuine crash – which for mine would reflect some sort of black swan event – I think that both sides of politics and the FIRE lobby will ensure there is no substantial downturn in nominal values.
I have sort of drifted to the view that they will not care too much about the weight this imposes on the rest of the economy – if they can run migration taps that much harder, or open up RE to super funds or whatever they will probably do it.
But I do too suspect that as the investment downturn becomes more overt, and the underlying uncompetitiveness of the Australian economy is exposed then having non AUD assets able to benefit from a sharp decline in the currency may be the way to go – I tend to be in the camp of the longer it holds up now the more carnage is likely to be evident later on (although when later on is anyones guess). Any point where Australian banks are borrowing offshore to fund mortgages onshore would have some significant implications for anyone thinking of trying to short Australian banks too.
Here's something I copied from the National Australia Bank website, I don't know if it illuminates things or not:
Quote:
... around 65% of our funding for lending comes from money deposited with NAB by our customers. 35% of our funds are sourced from the global wholesale market from large institutional investors such as superannuation and investment funds and international banks. Around 1/3 of this comes from domestic investors and 2/3 from overseas investors.
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
Straight off the top of my head - BHP, Rio Tinto, Xtrata, Forstescue (there's a few big miners), others: Cochlear, Resmed, Penfolds wine (and numerous other wind makers), Holden (they do actually export to South Africa / Middle East etc), ANZ Bank has a big presence in NZ and around Asia nowadays. There are also hundreds of smaller, niche players, as you would expect to be the case for a country with the population / economy of our size. I'm sure there are loads of names I haven't mentioned.
Edit: There are also several extremely successful luxury boat builder based on Australia the export all over the world like Riviera, and several others.
Really. Thats mostly mining. And no one likes Holden unless born into one. Trust me they suck ass.
And lets compare to Sweden, less than half the size of Australia. On the top of my head;
IKEA - Furniture H&M - Fashion Ericson - Mobiles and Telecoms SAAB - Auto VOLVO - Auto SKYPE - Telecom/IT SPOTIFY - Entertainment & IT ELECTROLUX - Consumer electronic goods ABB - Machinery ASTRA ZENECA - Pharmaceuticals BOFORS - Heavy weapons Absolut Vodka - Alcohol ASSA - Locks Sedish Match - Tobacco Securitas - Security solutions
Show one single Australian company not in mining that can compare to any of the above. Just one is enough.
Straight off the top of my head - BHP, Rio Tinto, Xtrata, Forstescue (there's a few big miners), others: Cochlear, Resmed, Penfolds wine (and numerous other wind makers), Holden (they do actually export to South Africa / Middle East etc), ANZ Bank has a big presence in NZ and around Asia nowadays. There are also hundreds of smaller, niche players, as you would expect to be the case for a country with the population / economy of our size. I'm sure there are loads of names I haven't mentioned.
Edit: There are also several extremely successful luxury boat builder based on Australia the export all over the world like Riviera, and several others.
Really. Thats mostly mining. And no one likes Holden unless born into one. Trust me they suck ass.
And lets compare to Sweden, less than half the size of Australia. On the top of my head;
IKEA - Furniture H&M - Fashion Ericson - Mobiles and Telecoms SAAB - Auto VOLVO - Auto SKYPE - Telecom/IT SPOTIFY - Entertainment & IT ELECTROLUX - Consumer electronic goods ABB - Machinery ASTRA ZENECA - Pharmaceuticals BOFORS - Heavy weapons Absolut Vodka - Alcohol ASSA - Locks Sedish Match - Tobacco Securitas - Security solutions
Show one single Australian company not in mining that can compare to any of the above. Just one is enough.
CSL
Any expressed market opinion is my own and is not to be taken as financial advice
"If man is to survive, he will have learned to take a delight in the essential differences between men and between cultures. He will learn that differences in ideas and attitudes are a delight, part of life's exciting variety, not something to fear." - Gene Roddenberry
"Balloon animals are a great way to teach children that the things they love dearly, may spontaneously explode" -- Lee Camp
Straight off the top of my head - BHP, Rio Tinto, Xtrata, Forstescue (there's a few big miners), others: Cochlear, Resmed, Penfolds wine (and numerous other wind makers), Holden (they do actually export to South Africa / Middle East etc), ANZ Bank has a big presence in NZ and around Asia nowadays. There are also hundreds of smaller, niche players, as you would expect to be the case for a country with the population / economy of our size. I'm sure there are loads of names I haven't mentioned.
Edit: There are also several extremely successful luxury boat builder based on Australia the export all over the world like Riviera, and several others.
Really. Thats mostly mining. And no one likes Holden unless born into one. Trust me they suck ass.
And lets compare to Sweden, less than half the size of Australia. On the top of my head;
IKEA - Furniture H&M - Fashion Ericson - Mobiles and Telecoms SAAB - Auto VOLVO - Auto SKYPE - Telecom/IT SPOTIFY - Entertainment & IT ELECTROLUX - Consumer electronic goods ABB - Machinery ASTRA ZENECA - Pharmaceuticals BOFORS - Heavy weapons Absolut Vodka - Alcohol ASSA - Locks Sedish Match - Tobacco Securitas - Security solutions
Show one single Australian company not in mining that can compare to any of the above. Just one is enough.
I already gave you plenty - I'll give you one again that easily compares - Cochlear - worlds leading inventor and producor of "bionic" hearing impants.
Now, you give me a Swedish mining company that compares ot BHP ior Rio Tinto? Just one will do?
PS: By the way, speaking of your dubious Skype call, did you know Google Maps started as a Sydney/Australian software start-up and was bought by Google?
PPS: On and on Holden - why would I trust you on that? Sounds like you actually like Volvo's!!
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