For all of the problems that the Corona Virus is causing, with many a tragic story still to come, it will come to an end and what we will be left with is a changed world.
Australia is one of the most creative nations with inventions like Wifi, medical applications of Penicillin (saved my fathers life when he was in his 20’s), the pacemaker, the black box flight recorder, even google maps and the list goes on.
What really creates true wealth? We are also an island with such fantastic opportunities to make our produce the cleanest, best quality in the world. Our agricultural sector should be the envy of the world and exporting the trusted Australian products globally. Small to medium businesses that create a repeatable product for export or replacing an import, ie through developing intellectual property, is what creates true wealth.
True wealth is not exporting another cubic meter of ore or coal, which for some reason we have a tendency to give to foreign owned companies to do. That’s just like selling assets from our balance sheet. The governments of Australia think that jobs created by mining companies, ASX listed and multinationals should be sort after, when the largest employer group are small to medium companies, the ones that need the most support are ones able to create exports or replace imports, the True Wealth creators.
In the coming days, look around your community and support your local grower, your local manufacturer. Recently in Bunnings a customer was wanting to repair his old well known BBQ (that is no longer of that quality). The assistant replied, its not worth it, its cheaper to just buy a new one and that is a fundamental problem. Cheap imports rather than quality, generational and repairable ones just end up as land fill in a few years.
It’s a wonderful opportunity to see what we are all going to consider important into the future.