Except Iron Ore which has kept Government coffers full looks like it is about to fall off a giant cliff in terms of price which has already started - we were dead lucky as a country that China had no viable alternate source but with their demand now dropping and their aim to diversify from Australia and recycle we probably cannot rely on the sorts of income from that source that we have experienced in the last few years. Other exports will likely be affected not just by China's actions against Australia but a world economy still dealing with the impacts of COVID.
"Healthiest finances in the western world" - not a great yardstick - The US and Europe with the largest debt they have had in history - still COVID issues particularly in Europe and socialist governments in Europe throwing vast subsidies at green energy deals and likely impacting their manufacturing sectors with high energy costs. Yes we do have a lot of energy minerals but a lot of the buoyancy in that sector is related to the subsidies being thrown around by Western Countries that have ever increasing debt and at some stage will have maxed out their sovereign credit cards
Australia might be marginally better off as we started with a lower debt/GDP base but we now have a huge debt to service and the risk of some of our largest export earners reducing their income contribution.
Given the debt levels and ongoing COVID there is a reasonable chance of a significant world economic slowdown which will impact our exports.
All we need is interest rates to go up and our bloated property sector to feel the impact to really put pressure on our domestic economic situation.
None of this may come to pass but I would suggest economically Australia and the world economy generally is in a riskier situation than it has been for many years with less debt headroom for countries to borrow their way out of any economic troubles that arise.
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