Comments by "ChineseKiwi" (@ChineseKiwi) on "How Money Works" channel.

This entire video doesn't apply to Australia where all the problems stated have been solved. In Australia, you literally have a retirement system where it is *mandatory* *on top of wages* ***by the employer***. It is a mandatory at least 10.5% (going up 0.5% each year to 12% in 2025). It can be even higher than this to attract workers and job applications. You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with significant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without significant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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@MyVanir it's a reply to how all these problems are already solved.
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@DeftPol That said, the Victorian Labor government has implemented far higher stamp duty and is pushing for housing stock and vastly increased land banking taxes. This has resulting in Melbourne having the second lowest rental prices out of the capital cities, behind a declining population Hobart. It is inaction by other state governments as well.
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I have got the ‘exciting’ stocks like the FANG / MAANA in an ETF, but this is balanced by ‘boring’ ‘defensive’ stocks that pay decent dividends but also are undervalued thus there’s growth there as well. They are: * A farmland real estate company * A farm equipment company * A utility / energy generation company * A novated leasing / corporate packaging company Perfectly awesomely boring 🤗
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but you deal with BS demanding customers instead. My best friend works a quite blue collar job and there is still plenty of 'corporate bs', particularly surrounding project work LOL
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@josephj6521 Incorrect. Australian minimum wages are based on industry and working conditions. These are called 'awards'. Also, this does not include the 'superannuation' / '401k' as mentioned in this video, which is on top of this wage. Not to mention higher pay for certain conditions like weekends. These are called 'penalty rates' in Australia. depending on working conditions, that is often 1.75x to 2.5x their pay. Not to mention paid holiday leave, which is you wish, you can 'cash out' and if you leave the job, the company must pay you the outstanding paid leave in pure wage.
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2:35 - This is why in Australia, we have a limit on the prize giveaways so local raffles aren't affected. If it is over a certain amount and your giveaway is a game of chance, as gambling is, you need a gambling license for this and this license number must be displayed clearly everywhere the user can see it e.g. in ads, on the tax receipt, on the raffle ticket itself...
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@viktorianas see above. Both are very different.
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Exactly, I used to work in an electronic retail store on the edge of a city that the surrounding area had a lot of farmers. They would come in dirty and stinky and in farm gear and you wouldn't suspect a thing....until they bought expensive TVs with straight cash. Funny enough, there's also a Youtuber I watch who, a couple of years ago, went into a car dealership to buy a US$50k car (he was replacing a 2004 pile of.... that he kept from before he made it on Youtube) and he went in with a singlet, shorts and flip flops. He could tell the dealership salespeople weren't taking him that seriously when he was asking questions about vehicles he was interested in......until he signed the contract and paid for the car in full, that he intends to keep for at least 15 years. Stealth Wealth is everywhere and you will never suspect it.
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@Jimii89 It is implied as 'free at the point of service'. less semantics.
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@auraguard0212 it isn't. It is very very different.
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6:50 - 'safety' and 'practicality' on a Ford F150 - oh dear!! nononono!
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0:16 - When did you get discount Mr. Beast appearing on your videos? LOL
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it is literally both. the pension investment companies own 35% of the entire Australian stock market and it is collectively the 4th largest pension fund in the world despite being 51st in population. Nearly all Australian workers would indirectly be shareholders of Youtube (via Google) in reality via having those pension investment companies invest it for them.
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You company doesn't have an EBA? (American translation: collective bargaining agreement, which is FAR more common in Australia than the US)?
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@Baba-li6hc Incorrect the maternal mortality rates in the US is FAR higher than other countries. In the US it is 23 per 100,000. Australia it is 4. For African American women, it is OVER 50. NOT A TYPO.
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the latter is higher incorrect
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Kiwi who moved to Australia here: Because the wages are 40%+ higher and this doesn't even include Super. And it's moving from a even worse housing market to a slightly less worse one.
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@geotruthnz7013 Sydney is the exception not the norm. Also it isn't pricing that counts, it is mortgage costs vs income and NZ would be much higher in that due to not only higher interest rates but often 40% less income.
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@ once again, Sydney is the exception not the norm in Australia. And mortgage to income ratio is not the same.
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despite this, the grocery price to wage ratio (a far better measure) is much better than other countries e.g. the UK
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@benet8426 it is Super funds as with alot of ASX companies. Maybe actually look at the actual financial reports from them and know what custodians are. Those who say your sort of thing have no idea of how corporate finance works and well, the annual financial reports are dry and boring right? - the 'Big 4' banks are roughly 70-75% owned by Australians too.
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Nothing to do with it Discord dweller. Try the rise of neoliberalism and destruction of union power.
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And it solves ALL the problems stated here. e.g. You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also, they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with significant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without significant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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2/3rds of that are students but that doesn't get the ragebait for the ratings for mainstream media does it?
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@dlb4988 However they don't have the power like they do in the US. the Teals, independents and the Greens can and do influence policy e.g. the Greens forcing Labor to put $1 billion more into social housing to get it past. The two major parties, whoever wins, will always be in a 'minority government' and need others to pass legislation. Australia has the most democratic voting system in the world in STV and an independent overseer making gerrymandering like in the US impossible.
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You aren’t ‘suckered’. In reality, EVERY country, state, city and town wants medical professionals so in reality, you have a highly flexible job location wise and if it’s another country, a far easier route immigration and visa wise.
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@sprinkle61 only it isn't. It is niave to think if this was abolished, that employers would pass it on as extra wages. They will not. It is not taken out of your wage, not does it count as your wage on your payslip or count as wages tax statement wise.
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@justcommenting4981 mmm MMT. I'm personally an advocate of a mix of Keynesian and MMT. The mix fixes each other's flaws.
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@sprinkle61 Economics also assumes human behaviour. We have plently of labour mobility. Companies will not pass this forced cost onto workers, not to mention as most job ads and everyday talk about wages is without this employer contribution, the psychology of price anchoring comes into effect. - YOU are ignoring basic economics. It includes human behaviour and psychology.
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All of what HMW is correct. You have to know ‘If I left, how screwed is the company?’ Got a job offer from another company, my current company beat it and since my current company would likely have a better work environment, it was a no brainer.
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this is a myth. Foreign investors ARE NOT the problem as Australian 'investors' buy 3x as much property and foreigners tend to buy newer housing anyway. It has ALWAYS been Aussies screwing over other Aussies.
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This entire video doesn't apply to Australia where all the problems stated have been solved. In Australia, you literally have a retirement system where it is **mandatory** **on top of wages** ***by the employer***. It is a mandatory 10.5% (going up 0.5% each year to 12% in 2025). You then choose what investment company and portfolio you want. Most don't invest it themselves and have actual professional investors do it for them. And you can switch anytime. And there are many, including ethical ones. This is also a highly regulated industry in which if investment returns are poor, the fund literally by law have to state to their investors to recommend switching away from them. And there is strong laws against high fees as well. Also they often come with terminal illness insurance and income protection insurance bundled. And you can voluntarily contribute more with signficant tax incentives to do so (up to a max of $27,500 per year so the rich don't exploit it). And it is very hard to take out any of that money early without signficant proof and associated paperwork to prove that you need it for emergency funds. Not to mention it is tax free to withdraw when you hit 60 due to deliberate, wide open tax loopholes.
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The retirement issue is why forward thinking countries like Australia have individually based pension investment accounts that is based on you and not tied to any employer. And it is mandatory. The employer must contribute at least 11% of your wage on top towards it. For Americans, this is like 401K / IRA ROTH but everyone gets it, it is mandatory and since they know they cannot trust you with your own retirement money (which is true), it is deliberately very hard to access before 60 years old except for extreme situations. And importantly, professionals invest the money for you and it is highly regulated. Similar schemes exist in the Netherlands, Iceland and Denmark. Australia realised this in the 1980s that the old pension based system wasn’t going to be economically viable.
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@stevefl7175 it isn’t the same
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Nice stereotyping you got there. How edgy.
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