Standard of living comparison: UK vs Aus vs NZ
Aug 9th 2004, 10:43 am
#16
Retired
Joined: Apr 2004
Posts: 34,649
Re: Standard of living comparison: UK vs Aus vs NZ
A few comments:
1. GDP (Gross Domestic Product) figures can be misleading where there is a high level of foreign investment in a country. For example, Ireland appears to be a lot richer than it really is when you look at GDP. Gross National Product (GNP) adjusts for flows of profits/dividends and is more meaningful.
2. At the margins, I think it's very difficult to say that one country is has a better standard of living than another. In my experience, the UK, Australia and Canada have a *broadly* similar standard of living. The US is ahead on average (although with more inequality) while NZ lags behind somewhat.
3. It's important not to confuse a country's *income* with its *wealth*. Quality of life tends to be higher in a country with a lot of wealth, where they have been able to invest in things like public infrastructure. Those countries who have recently climbed the income table (again, Ireland is a good example) will still take a generation or so to accumulate the public wealth that exists in the UK or Australia.
Jeremy
1. GDP (Gross Domestic Product) figures can be misleading where there is a high level of foreign investment in a country. For example, Ireland appears to be a lot richer than it really is when you look at GDP. Gross National Product (GNP) adjusts for flows of profits/dividends and is more meaningful.
2. At the margins, I think it's very difficult to say that one country is has a better standard of living than another. In my experience, the UK, Australia and Canada have a *broadly* similar standard of living. The US is ahead on average (although with more inequality) while NZ lags behind somewhat.
3. It's important not to confuse a country's *income* with its *wealth*. Quality of life tends to be higher in a country with a lot of wealth, where they have been able to invest in things like public infrastructure. Those countries who have recently climbed the income table (again, Ireland is a good example) will still take a generation or so to accumulate the public wealth that exists in the UK or Australia.
Jeremy
Originally Posted by The Don
Just got my free copy of The Economist's Pocket World in Figures (2004) so here's the lowdown for 2003.
GDP per head (in USD)
UK 23920
Aus 19070
NZ 13240
But it's smarter to use PPP or purchasing power parity to really compare what standard of living your earnings get you:
PPP per head (where USA = 100)
UK 71.0
Aus 71.8
NZ 53.2
So no more moaning you Aussies!
It's official: Aus enjoys a better (average) standard of living than UK.
(I reckon the proportion of people in part-time jobs in the respective countries will influence this quite strongly.)
Edit: Also the number of families with 2 earners must influence this a lot, too.
GDP per head (in USD)
UK 23920
Aus 19070
NZ 13240
But it's smarter to use PPP or purchasing power parity to really compare what standard of living your earnings get you:
PPP per head (where USA = 100)
UK 71.0
Aus 71.8
NZ 53.2
So no more moaning you Aussies!
It's official: Aus enjoys a better (average) standard of living than UK.(I reckon the proportion of people in part-time jobs in the respective countries will influence this quite strongly.)
Edit: Also the number of families with 2 earners must influence this a lot, too.
Aug 9th 2004, 10:06 pm
#17
Just Joined
Joined: Aug 2004
Posts: 15
Re: Standard of living comparison: UK vs Aus vs NZ
but spending power does not equate to quality of life - i have lived in all 3 countries and nz wins - hands down!
batsheva
batsheva
Aug 10th 2004, 12:24 am
#18
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Joined: Jan 2004
Location: Far away from canned Oz
Posts: 1,833
Re: Standard of living comparison: UK vs Aus vs NZ
Originally Posted by batsheva
but spending power does not equate to quality of life - i have lived in all 3 countries and nz wins - hands down!
batsheva
batsheva
Aug 10th 2004, 12:29 am
#19
Just Joined
Joined: Aug 2004
Posts: 15
Re: Standard of living comparison: UK vs Aus vs NZ
Originally Posted by MikeStanton
...perhaps,....if you're a sheep
nah - the sheep we send to uk - havent you realized???
