Sunday, December 09, 2007

Bill Ralston. Former Journalist.

I know Bill Ralston is no longer a journalist and doesn't need to check facts, but really...

The weird thing is that Australia should not be that much richer than New Zealand but it is. Yes, it has the luxury of sitting on top of a rich pile of minerals but New Zealand actually earns more from its humble farms than Australia makes from mining.

I thought that couldn't possibly be true and typing three words into a search engine proved it.

Mining makes up 5.6% of Australia's GDP - ($645 - $789 billion depending on which estimates you choose)

Depending on how broad your definition of 'humble farms' is, NZ's agriculture sector accounts for between 4.3% - 16% of NZ's GDP ($100-$115 billion depending on which estimates you choose)

Even when using the most favorable (and wrong) statistics and definitions, Australia's mining industry still bests NZ's agriculture industry $32 billion to $18 billion.

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