Like many people, I’m still trying to make sense of what happened at Bondi Beach.

An iconic Sydney location. Symbol of the Australian dream. Where the median home price is now A$4.25 million.

 

Source: Image by Flo K from Pixabay

 

Now there’s shock. Fury. People are desperate for action. For change.

Of the many responses, I find the President of Argentina, who has spearheaded its recent economic miracle, the most piercing:

 

Source: Javier Milei / X

 

We have another perspective

 

We are investing our life savings and those of our wholesale clients in such countries as Australia, the UK, Germany, and Italy.

Investing is a long-term business. We need these countries to continue to thrive, without any risk of descent into tribal warfare. We also need the companies we invest in to be able to find skilled staff in tight labour markets.

Having spent a good amount of time in France and Italy, I’ve also seen firsthand the difficulties and risks some migrants present.

There are migrants who add enormous value. Economies, especially those with ageing populations, could not sustain the output or lifestyles they do without them. A ristorante manager from Latin America, now resident in Tuscany, made our evening.

Clearly, there are also migrants who cause trouble. For instance, the newly arrived woman (no doctor or engineer) who harassed me at the Milan train station. Along with her compatriots, she was detained by the polizia for robbing and harassing other passengers.

Unfortunately, an event like Bondi will see demands to curb all immigration.

Here in New Zealand, there are few surveys on fiscal benefits of immigration. There should be more.

A Department of Labour study in 2006 found strong fiscal benefits. The numbers showed that migrants generated more tax surplus than the local population, with those from the UK or Ireland producing the most premium, and those from Asia the least drag.

 

Source: Fiscal Impacts of Immigration, Department of Labour

 

In 2011, a speech from Jonathan Coleman stated that if immigration was closed off entirely by 2021, GDP would drop by 11.3%.

Yet the debate about immigration is no longer just economic — it has become cultural, civilisational, and political.

Milei’s tweet on cognitive dissonance rings true.

The current Australian government has provided little sense of who Australia is, what it stands for, and what it means to be Australian.

As with New Zealand, Argentina, and most of Europe, we stand on the shoulders of the Western civilisation that prospered in these lands.

A civilisation that may be traced back to the ancient world. Rooted in Judeo-Christian values, the rule of law, democracy, and the belief that all people have equal rights under God.

 

These values built the nations we now invest in

 

The promotion of ‘woke, leftist, and anticapitalist ideas’ is the antithesis to this culture.

There are value systems that are incompatible with liberal democracy and the rule of law. Leaders from Trump in the US to Meloni in Italy have raised this question.

 

Source: Governo Italiano / Wikimedia Commons

 

Whether you agree with them or not, there is a truth for investors. We can only invest in countries that have a peaceful and prosperous future. Countries that know who they are, what they stand for, and who they wish to attract.

Once tribalism takes root — negative economic outcomes can soon follow.

But there is one thing that distinguishes the West.

It is always adapting, evolving, and reinventing itself. Sometimes it will overcorrect, pushing the pendulum in the opposite direction.

So in America, we saw the return of Trump. Surrounded by people determined to restore Western civilisation in America.

In coming years, we’ll likely see Reform UK obliterate the useless Labour and Conservative ‘uniparty’.

Australia has a leadership vacuum. Yet it remains a market with enormous potential. The political opposition is regrouping.

We’ll continue to invest in the West. Frankly, there are few other good options.

Meanwhile, we’ll continue to vote against and denounce leftist vandals trying to deny our identity. We’ll continue to demand smaller government, bigger leadership, and discerning migration.

Those who undermine public order should be removed from the country, have their visas revoked, and in serious cases involving dual nationals, face the loss of citizenship.

In the end, investors — like citizens — rely on nations that stand by their foundational values and project strength and confidence in who they are.


Regards,

Simon Angelo

Editor, Wealth Morning

(This article is the author’s personal opinion and commentary only. It is general in nature and should not be construed as any financial or investment advice. Please contact a licensed Financial Advice Provider to discuss your personal situation. Wealth Morning offers Managed Account Services for Wholesale or Eligible investors as defined in the Financial Markets Conduct Act 2013.)