Australia Is Destined For A Prosperous Economic Future, Despite The Cost Of Living Crisis And Other Hardships

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The Australian population has been hard hit by the pandemic and an inflation crisis that continues to affect everyone.

Australia is significantly behind in transitioning to renewable energy sources for power generation, the federal government’s budget will take many years to be balanced again, countless citizens cannot purchase a home or pay for meals regularly, and women working in care-related professions receive subpar compensation and labour rights.

Let’s pause and take a moment to recognise how far we have come as a nation. Australia fares quite well in this regard, so much so that it should be something we are all proud of. 

Australia’s economy is one of the most prosperous developed countries, with an impressive 5.9% growth rate and a low unemployment rate of 3.4%. Additionally, its currency remains remarkably stable despite economic fluctuations abroad.

By 2021, Australia had the second-highest individual wealth in the world after Luxembourg and was also ranked 13th for financial assets per capita. In reaction to COVID-19, their government leveraged stored funds from taxpayers to aid households and companies – a decision that quickly paid off.

Prime Minister Anthony Albanese sought to make his presence felt on the global political landscape while promoting Australia’s interests. To this end, he embarked on a series of visits worldwide–including stops in the US, Tokyo, Indonesia, Spain, France, Ukraine, Fiji, and Britain -to fortify relationships with our key trading partners and strategic allies.

He had the undivided attention of every significant global leader, similar to other prime ministers that preceded him. Our abundant natural resources, advanced economy, and stable political climate make us a reliable economic and political partner for all international stakeholders.

Although the truth is inconvenient or uncomfortable, there is still optimism for our future. 

Former Prime Minister Paul Keating reiterated this point during an online event hosted by La Trobe University shortly after Queen Elizabeth II’s death; we must never lose hope and strive for aspiration on the road ahead.

“Who in their right mind could believe that the monarch of Great Britain could represent our aspirations here? We occupy one of the oldest land masses, the oldest continents on Earth, and perhaps the oldest societies on Earth – it’s so pathetic. [Becoming a republic] barely [needs] an argument.” Paul Keating said. 

Despite its imperfections, Australia has much to be proud of and stands tall confidently.

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