This chart is shown because “Australia rides on the sheep’s back” is a common phrase of you hear with Australia being the “lucky country”. This graph shows that until about 2000, Australia sold a lot of wool and got a lot of money from it. This shows that Australia is no longer riding the sheep’s back. This therefore shows Australia might not be the lucky country anymore.
This chart shows Australia’s mineral exports. This shows that by the year 2000, we are making the most money and production from minerals. We therefore see that minerals overtook the lack of wool and Australia is making a heap of money. Note: Please press the buttons for a clearer picture if wanted.
On top of the last graph above, this chart shows that Australia has had steady GDP growth. This shows that with the two graphs just stated (2 and 3), Australia is still the lucky country.
GDP growth is great, but the elephant in the room are house prices. So when talking about the “lucky country”, we have to talk about this. This chart shows the Australia has some of the biggest house sizes in the world. This also shows Australia is the lucky country because of the biggest house sizes in median. However, it might also be a problem.
This chart was designed to see if big house sizes are a problem. While this chart essentially shows that the house size over time does not impact the change in price over time of houses, Australia still has some of the largest houses in the world. Which could be a factor still in house prices. Note: Minimum Median House Size = 230.85m^2, Maximum Median House Size = 241.5m^2. So, the size is quite similar.
In conclusion, I find Australia to still be the lucky country, it just has changed how it has become lucky so GDP is fine. On top of this, Australians have some of the largest house sizes in the world (unique aspect on being the lucky country). However, house prices are increasing, but this could be due to having much larger houses to start with.