Gary's Economics: Why Australia's Wealth Is Being Pissed Away & The Far-Right Billionaire Scam

TL;DR

Australia squanders its massive natural and property wealth because billionaire-owned media uses division tactics to prevent ordinary people from taxing the rich.

Key Points

• 1.Australia's property wealth is 4–5x GDP ratio, far exceeding the UK (3.8x), Canada (3.5x), and the US (1.7x) — yet most of it benefits a tiny minority.
• 2.One quarter of Australia's investment properties are held by just 1% of taxpayers, concentrating housing wealth at the top while prices remain unaffordable for everyone else.
• 3.Australia's negative gearing and 50% capital gains discount incentivize wealthy professionals (surgeons, lawyers, bankers) to hoard property instead of starting businesses or employing people.
• 4.~80–90% of Australian mortgages are variable rate, meaning when the RBA raises rates to fight inflation, ordinary homeowners directly transfer wealth upward to creditors and banks.
• 5.Gary's core argument: rich people receiving COVID-era stimulus didn't spend it — they bought assets, driving up stocks, gold, land, and housing simultaneously across the entire world.
• 6."The Lucky Country" (1964, David Horne) is actually an insult: "Australia is a lucky country run mainly by second-rate people who share its luck" — not a compliment.
• 7.Norway vs. UK oil comparison: Norway kept oil revenue in a sovereign wealth fund for all citizens; the UK sold it to corporations and now has catastrophically falling living standards.
• 8.Billionaire media (Murdoch) weaponizes immigration rhetoric and "avocado toast" narratives to make the precarious middle class blame the poor instead of the ultra-wealthy — a classic divide-and-rule strategy.
• 9.Gary predicts the political center is dead: the future is a binary fight between "tax the billionaires" movements and the far right, with no viable middle ground surviving.
• 10.The deeper scam: telling people who failed to get rich "it's your fault" creates a mental health disaster for youth, when the real cause is structurally rigged inheritocracy, not individual effort.