At the moment Australia’s economy is being admired by nations across the world. The standard of living is high, wages are high, and in general, the country is moving in the right direction. It is certainly much better than places such as the UK, which is currently struggling win Brexit issues as well as huge immigration policy dilemmas and there were issues of a shrinking economy not so long ago.
Much of the EU is also in a similar predicament with fiscal and monetary policies up in the air, and also the hugely debated immigration policy issues dominate the news. Even the USA is having major issues with Donald Trump and the threat of the country going bankrupt as it is trillions in debt.
It seems that Australia is so far away from all these problems despite being classed as a Western society. Even the USA.
With the rise of the Aussie economy, we live in arguably one of the most stable countries in the world. I mean yes we have our issues, but when I look to the West I think to myself ‘thank you our problem are minuscule compared theirs’.
As I am from New South Whales, I recently saw a couple of reasons just as to why we are doing so well here in Australia. I mean if we are doing this here (what you are about to read), then I would like to think the same is happening in the rest of Australia and culminated our economy will continue to grow and keep its current strength.
For those that disagree, I understand that life isn’t easy for everyone. On the other hand, you only need to look at the USA, UK, and Europe and compare those places to our country and see how much better we have it here.
Why Is The Australian Economy Doing so Well?
I like to think it is because we like to try new things. We are not scared to improve on the way our businesses operate, and we have been pretty good at bringing in new technology. One of the reasons I decided to write this is because of two recent example of technology I have seen being used to improve the way our country is run.
- The Government is Looking Ay Blockchain Solutions
I was very surprised to see that the New South Wales government is looking into using blockchain technology. The company that NSW government is planning on teaming up with is called chromaway.com.
Chromaway have teamed up with our NSW LRS (New South Wales Land Registry Services) in order to find a more efficient way to deal with our land conveyance record system. Not so long ago NSW’s LRS announced that all land ownership records digitalized because the old Torrens system we have been using is out of date. ‘
When I say out of date, it was created 150 years ago. This is the system the LRA have been trying to put into software systems, which is called the PEXA system at the moment.
Well to cut a long story short, the PEXA is not working very well at all. One lady was scammed out of $250,000 on this system – the report was published here: businessinsider.com.au. This is not to mention all the duplicated that are still being created or submitted.
Now according to the LRS, they are looking into using blockchain technology as a more reliable and efficient system. I was skeptical at first, but let’s face it, our government is not doing a bad job, so why not let them get on with it. I do know cryptocurrencies like Bitcoin are not doing so great, but that does not mean companies that use blockchain technology are not going to do well.
You can see more about how the NSW LRS are trying to change things up here: nswlrs.com.au. There is a clear aim to improve the efficiency of this very important government service and I have every faith in its success.
- Copper Mining technology in New South Wales
Australia still has a large copper mining industry that has been supplying global markets for many years now. One such mine in New South Wales needed a way to increase its productivity in what is an ever-changing industry. With the Aussie dollar becoming so high in value, which now it is coming down, exports can be reduced because there are cheaper alternatives in other areas of the world.
In order to make sure the copper mine remained competitive in both international as well as domestic markets, Nyngan copper mine in New South Wales decided to look for new technology that would increase the mines trucking factors.
The solution was quite simple, but nothing I have ever heard of. The mine employed the use of a Load Volume Scanner. This is an automated payload management system from a company called loadscan.com.
Trucks load up with copper at the mine and instead of going to a weighbridge system to weigh the lorry, it literally drives under a 3D volumetric scanner service that takes a 3D shot of the copper payload. The 3D image gives the software the weight of the copper and the software records the weight.
There are no expensive weighbridge machines and the trucks can literally load up, scan, and roll out. This is why the mine’s trucking factors are now 9.7% better off.
There are two great examples of how innovation is being brought to Australia. Some outsiders may believe that we all live in the bush having barbies and beating off crocodiles in Australia, and in some places maybe, but we are also just as innovative and in many areas more competitive than most other nations in this world.