Australia, the Plodding Underperformer

The different rates of change in world income levels have provided Australia with a magnificent base on which to build our own prosperity.  Alas, though our standard of living testifies to some success, political measures have blunted the potential level of achievement.  A less regulated, lower taxing political regime is important to enhancing our income levels. And as the 21^st century progresses such a policy redirection will assume increased importance in ensuring our national security.

This graphic below presents a fascinating review of the rise and fall of nations in the GDP stakes.  Over the past half century, the constancy of the US, rise of Japan and Germany, and the more recent rise of China and India are the dominant features.  As late as 1969, Australia even crept into the top 10.

Reviewing a lengthier period, by the seventeenth century, Europe had pulled markedly ahead of the rest of the world in terms of GDP per capita. In 2011 international dollars, the highest…