Tech expert exposes the huge problem with Australia that’s making us dumb and why it’s a ticking time bomb: ‘We’ve never punched above our weight’ [Video]

14:27 EST 26 Feb 2024 , updated 15:45 EST 26 Feb 2024

A tech entrepreneur has blamed Australia’s cost of living crisis for stifling Australia’s innovation – with those on a $200,000 salary no longer able to afford a typical house in Sydney.

Yaniv Bernstein, the host of The Startup Podcast, said the fact Australians needed to earn a lot more to pay the mortgage or the rent meant many innovative types were unwilling to quit a high-paying job to try something new with technology.

‘The higher cost of living means you need to bring in more money just to be able to put food on the table, put a roof over your head, so it makes it less appealing to start something,’ he told Daily Mail Australia.

‘Another thing that startups depend on is being able to hire employees who will work for below market salary in return for equity – that’s very common in the tech sector.

‘Quite often …