The country owes its wealth to immigration, particularly the post WW2 Baby Boomers. In fact Aus is grossly underpopulated for the size of the country due to the White Australian Policy 1991 - 1960s.
This is why Canada has 10 million more than Aus despite Canada having a hostile climate and less natural resources.
The current bout of inflation has been caused by the spike in energy costs due to the silly Ukrainian War and, IMO, the sooner that that is settled, the better it will be for Aus and working class PAYE Aussies in particular (those sub $150K P/A)
Had we followed Saudi Arabia & Norway in the early 1970s we'd likely have little or no personal income tax now (Saudi Arabia has no personal income tax since 1973 !)
