"We hit the jackpot with resources boom."Who hit the jackpot?
According to this opinion post, there is trade boom, there is GDP boom, and there is mining investment boom. If you are part of all the booms, you hit the jackpot.
It also asks about "ordinary Australians".
So, how have ordinary Australians benefited from the mining boom? Is there any credence to the view that only small numbers of Australians and some states were advantaged, with most of us either unaffected or worse off?
Minifie’s report directly addresses these issues and establishes that “most Australians have prospered”. While the West Australian and Queensland economies grew faster than the average, all states benefited. “Incomes increased faster across the country than in the decade before. Regions have grown at different rates, but few were left worse off.”Assuming the numbers are correct, that incomes increased, that means employed Australians see their income increased. I wonder how many of them will jump with joy that they have "hit the jackpot".
How about Australians with no income? Do they "hit the jackpot" too?
The only way for every Australian to hit the jackpot is to institutionalize a citizen dividend with money from the resources boom. Follow the Alaska Permanent Fund, but put in more.