The Bubble is ready to pop
South Africa is the latest entrant into the high-speed public transport bandwagon. Here in Oz, we’re still waiting for NSW’s budget to get out of deficit and the Federal Govt to come to a conclusion about where our taxes are going…
After a Soccer World Cup 2010 where not a single participant or tourist was mugged or mistreated (as opposed to the Commonwealth Game disaster in India), South Africans are going ahead again. Australia’s also an OECD [Organisation for Economic Cooperation and Development] country - why isn’t our ‘rich’ government interested in making us really lucky for a change instead of just brainwashing us to be 'good blokes’?
This high-speed rail link connects Jo'burg and Pretoria at a very modest cost. To understand why I think that economic development is faster there than here, one must look at relative costs of living rather than exchange values (we know that our stronger dollar hasn’t exactly made life cheaper here except if u shop online or watch ACA/Today-Tonight)
Not bad, eh? Why is this important to me? Well, India, SA and Oz are ALL OECD nations, and I’m wondering why things are turning a bit pear shaped over here in Oz, and over there in India…
To put this in perspective, a BA with 5yrs experience makes between AUD85,000 100,000 a year in Oz. And the median price of a (old and crappy?) house here is $450,000 (down from about $498,000) at the moment. So it’ll take about 5 yrs of annual pay to buy a house. Of course, this could change with the impending implosion of the housing market being more a reality than a prophecy now. The story in India is much worse - it’s a permanent bubble.
In SA, the same BA would make between ZAR350,000 and 500,000 a year. And a manor in Cape Town would cost about ZAR1,000,000 tops. So, with a couple of years’ pay, you get to buy a house, nay, A frikkin MANOR, in Cape Town - one of the world’s most beautiful cities. Isn’t it time we got our Government working for us too instead of haggling about boat people? To put that in perspective– remember that we’re whinging about a few thousand desperate people in boats because WE agreed to the UNHCR – 'third world’ India took in more than a million, and South Africa provides for thousands.