With 27 years of positive economic growth, Australia has demonstrated a remarkable capacity to sustain steady increases in material living standards and absorb economic shocks. During the global financial crisis, comparatively limited exposure, but also good economic management, saw output growth hold up well.
Also, the economy's adjustment in the wake of the commodity super-cycle has been reasonably smooth. This good macroeconomic performance has strengthened the country's standing in terms of GDP per capita.
Furthermore, scores are favourable on many other indicators of well-being. Australia scores particularly well in health status, ranking first among OECD countries with life expectancy of 82.5 years compared with an OECD average of 80.1 years and a high score in self-reported health.
It also scores well in terms of air pollution, ranking 5th in the OECD, subjective well being and social connections (both 7th place in the rankings).
Immigration has played a fundamental role in the demographic, economic and cultural development of Australia, and continues to do so with broadly successful integration of new migrants.
Source: OECD-Economic-Survey---Australia---December-2018.pdf