It depends on what you call a well managed economy. There has always been a somewhat inverse natural relationship between unemployment and inflation. When people have jobs, they can afford to pay more goods and services. This also means they will buy more imports and as the unemployment falls, the ability of Australia to supply its own good falls and so imports must increase to satisfy demand.
To counter the increase in imports requires Australia to export more or charge a higher price for the exports, but this wont happen unless the economies in the rest of the world improve.
With economic theory, every bit of good news is uslually countered by bad news. It is a matter of striking the right balance. ie acceptable levels of inflation, unemployment, balance of payments etc.
