Using the information in the concept and in the mini-case, describe briefly the evolution of Australia since its foundation. Australia: Proud of its seat at the top table By Peter Smith As a mid-sized economic power with a small population, remote from other continents, Australia has long struggled for relevance on the world stage. But the financial crisis provided it with an opportunity to assert itself. The economy has been a top performer in the developed world during the downturn. After skirting technical recession, it is into its 18th year of uninterrupted economic growth.

Its fortunes were boosted by a large federal government budget surplus quickly deployed to stimulate the economy, a robust banking sector, rising exports of key commodities such as iron ore and coal, deepening trade ties with China, and an unemployment rate a little more than half the 10 per cent plaguing the US and eurozone. Just as importantly, Australia’s long-term goal to have a stronger international voice was boosted when the crisis elevated the G20 to the dominant economic grouping.