Australia vs South Africa
30 Oct 2013
The critical divergence points are
1. TV in 1956 (RSA 1976)
2.Abolition of White Australia Policy 20 Oct 1973 (RSA equivalent 1994)
3. Hong Kong transfer of Sovereignty 1 July 1997 (N/A to RSA)
1. Discrimination in Australia , especially iro immigrants , because of race gradually relaxed ,
greatly helped along by ubiquity of TV .
TV diminishes fear of the "other" via familiarity .
All soapies are the same .
There are about 1.4 Billion TV sets for 7 Billion people on planet now . About 1 per every 5 persons of the planet .
Ie 1 per family .
2. The final dissolution of White Australia Policy in 1973 opened the floodgates to highly qualified Chinese
immigrants with strong work ethics . This forced "old" Australians to compete . (They still resent it)
The entire society became richer .
3. This enabled the huge capital inflows from Hong Kong in the run-up to the transfer of Hong Kong to China on 1 July 1997 .
Really large amounts , which were productively invested .
The Australian economy really took off .
Compare AUD/USD from 1990 .
The AUD strengthened as Hong Kong capital flowed in till about 1998 , then weakened for about 10 years as consolidation and production geared up , then the combination of capital and skilled labour relentlessly increased the value of the AUD .
The relative strength of AUD to ZAR says it all :
ZAR 9.39 buys AUD 1.0 . as at 30 Oct 2013 .
Australia is about 10 times richer than RSA .
This represents about 6% annual difference in growth rates over 40 years .