Australia has been blessed over its economic history, weaving and dodging through major financial crises relatively unscathed. It entered the COVID-19 pandemic, which has caused the most severe global economic shock since the Great Depression, from a position of extreme strength: the budget was in balance for the first time in 11 years, workforce participation at a record high and welfare dependency at its lowest in a generation.
Australia was bathing in the glory of the most prolonged uninterrupted GDP growth worldwide in 30 years. Australians also have emerged post-COVID as the wealthiest people per capita globally. Australia’s economy is the most robust according to OECD as per below.