00:36:36 · S2, Charlie Gearside
[00:36:36] S2: Just just on this, like, something I've been thinking about for a while is that, like, I've seen a lot of posts around, oh, we're losing all these Australians to SF, but you can also say that about any city in the world. You can say that about New York. You can say that about London. You can say that about Amsterdam. The best founders just still go to SF, especially with the AI boot. Right? Yeah. So when people complain about, like, oh, Australians are going to SF, you can say that about literally any other... I'm not saying you're complaining. We're just saying I see a lot of posts. It's like, you can say that about any other city in [00:37:01] S0: the whole world. Totally. And this whole, like, you know, Aussies moving to London and increasingly to, like, New York Yeah. For for non startup people. That's been around for, like, our parent... You know, our parents started doing that great stuff. So it's not the... Like, I think when people talk about a brain drain, I'm struggling to put my finger on, like, is it a... Yeah. Is it a real brain drain? I think the problem is is when they domicile these companies in in The US and they... Like, none of that sort of capital really flows back to, like, jobs and whatever here.
00:37:01 · Charlie Gearside, S2
[00:37:01] S0: the whole world. Totally. And this whole, like, you know, Aussies moving to London and increasingly to, like, New York Yeah. For for non startup people. That's been around for, like, our parent... You know, our parents started doing that great stuff. So it's not the... Like, I think when people talk about a brain drain, I'm struggling to put my finger on, like, is it a... Yeah. Is it a real brain drain? I think the problem is is when they domicile these companies in in The US and they... Like, none of that sort of capital really flows back to, like, jobs and whatever here. [00:37:38] S2: So... Yeah. And as Adam has told me before, we have the... We are the only country that has a net inflow of people from The US. Yeah. And so I think what happens to a lot of your youth post and they still have your friends, they go over, they get good experience, and most of the time they come back. And that shows how good a country we are, that most people wanna still raise kids here and, you know, in their mid thirties, often they always come back. [00:37:58] S0: Absolutely. Yeah. You'll hit, like, Steve, the founder of Laura Kick who, like, was at Stripe over there. Like, he's a he's a perfect example of that. Yeah. Maybe it's like we are happy for people to go over there. If they created because we just go, they're gonna come back. But the lifestyle here is so good that Yeah. They'll come back and maybe they'll... If they set the company up over there and it crushes it, they'll still have capital to look like. Yeah.
00:37:58 · Charlie Gearside, Adam Miller
[00:37:58] S0: Absolutely. Yeah. You'll hit, like, Steve, the founder of Laura Kick who, like, was at Stripe over there. Like, he's a he's a perfect example of that. Yeah. Maybe it's like we are happy for people to go over there. If they created because we just go, they're gonna come back. But the lifestyle here is so good that Yeah. They'll come back and maybe they'll... If they set the company up over there and it crushes it, they'll still have capital to look like. Yeah. [00:38:19] S1: It makes you feel like we've got this big opportunity just because of the living standards and lifestyle that the country offers. Like a lot of people that leave The UK will go to America and Australia and it's like, fuck that. I'm not going... Where's Australia? Most Australians wanna come back. [00:38:32] S0: Yeah. For now. Mhmm. While the living's like... While the living standards good, man. But I'm like... That was very ominous. Just like, well, I'm just like... I'm... You know, I... I was gonna... Bunker. Yeah. I I mean, I worry about if wage growth doesn't go anywhere else. [00:38:46] S1: Yeah. Why don't we double down on that for a moment? Because you you sort of mentioned, like, you know, there's a lot of negativity with young people. There's, like, sort of cultural negativity, and then there's, like, just hard economic facts about wage growth, you know, what is gonna happen with AI housing costs and stuff. So what do you think are the biggest problems all this is stemming from?
00:38:46 · Adam Miller, Charlie Gearside
[00:38:46] S1: Yeah. Why don't we double down on that for a moment? Because you you sort of mentioned, like, you know, there's a lot of negativity with young people. There's, like, sort of cultural negativity, and then there's, like, just hard economic facts about wage growth, you know, what is gonna happen with AI housing costs and stuff. So what do you think are the biggest problems all this is stemming from? [00:39:10] S0: I mean, we touched on it before. I think it's just like mismanagement from from those in in power for the last sort of thirty years. You know, lack of stimulation for certain industries which are now, like, nonexistent. We've got, like, this primary for the resources, sort of primary, like, agricultural sector, and then we've got this, like, tertiary sector of, like, knowledge work. We don't really have anything in in the middle. So I'd I'd lay that at the feet of, like, politicians and decision makers. Lack of simulation for what industries? Or just like, you know... Obviously, Asia dominates from a manufacturing perspective, but it's like Australia has no, you know, really has no manufacturing industry. And, you know, I think we're all suffering from that. Like, we're showing signs that we can't innovate or produce new interesting ideas in the sort of industrial space. And so we're sort of reaping what we sowed or or lack thereof. [00:40:14] S1: Yeah? But is that just because that's not one of our competitive advantages? We're not that great on it at manufacturing, and so it hasn't boomed here? Well, I think other countries.
00:40:14 · Adam Miller, Charlie Gearside
[00:40:14] S1: Yeah? But is that just because that's not one of our competitive advantages? We're not that great on it at manufacturing, and so it hasn't boomed here? Well, I think other countries. [00:40:22] S0: Yeah. I mean, you can make the argument that, like, Asia, the labor costs of of, like, Asia is, like, hollowed out Western manufacturing in general. Right? And we've seen that in in The US and and whatever. But I think those countries are starting from much further ahead in terms of, like, an industrial base and, like, we're about to enter this era of, like, AI and automation. And, like, the thing that kills me is you look at you look at iron ore, right, which is, like, pretty much funded this country, and you look at lithium. We supply half the world's lithium. And in terms of turning... Like, moving up the, yeah, moving up the sort of stack and turning those raw materials into more expensive materials and capturing more value there, we do none of it. So we just shit rocks overseas, whereas, like, we could smelt or steal, or we could turn lithium into batteries. Yeah. [00:41:22] S1: There's probably this big complacency that political class gets from that because when you think about tax revenue, you sort of feel like where's it set for the next thirty years because you can forecast out all the minerals that you're gonna be Yeah. Sending overseas, the tax revenue there. So it's like, you don't have to be really, like, anxious about getting tax revenue from other places. Yeah.
00:41:22 · Adam Miller, Charlie Gearside, S2
[00:41:22] S1: There's probably this big complacency that political class gets from that because when you think about tax revenue, you sort of feel like where's it set for the next thirty years because you can forecast out all the minerals that you're gonna be Yeah. Sending overseas, the tax revenue there. So it's like, you don't have to be really, like, anxious about getting tax revenue from other places. Yeah. [00:41:41] S0: Yeah. I think that's that's probably it. It's just like short term short term, hey. Things are really good and like Yeah. And I can juice this I can juice this orange, and I'll probably won't be around for the next one. And I mean, we can we can talk forever about, like, the incentives that, like, lead politicians to worry about, like, the short term over the long term Mhmm. Which I don't think we're particularly particularly good at, but... And it's like the age old... It's... I mean, companies do the same thing. Right? So it's like, yeah, we could talk forever on forever on that if you wanna get depressed. [00:42:16] S2: With with this kind of new voice of Australia and, you know, this kind of the Gearside channel, what do you think are the inputs we need or the inputs you've kind of thought about of something that can have widespread interest and kind of get broad enough to make, you know, the impact that you desire, plus also say concentrated in, like, almost elevating Australians. Like, of your first, you know, videos was around how equity works in startups and how that can be a path to wealth. Yeah.