Tourism, all those food processing jobs which are or have gone to NZ, manufacturing if there is much left, financial services, agriculture. If we keep talking it up maybe the country won't go into a recession this year fingers crossed.
great to be hopeful all, but in the words of the great Gecko, "we're not here to indulge in fantasy, but in political and economic reality". A weak currency is a score card for economic performance, we seem set to return to the good ol' banana republic and the pacific peso. Living standards are now falling, rapidly, on a daily basis. We create little, our manufacturing industries have been white anted. Dutch disease has most definitely gripped us. We churn out so many uni graduates but there is little work for them. Teaching people to fish is great if the ocean isn't fished out. Our economy is structurally bizarre, for example it is a world in which manual trades are more revered than intellectual pursuits. Great for trades but the entire economy is operating upside down as a result. High level added value industry is scant. I fear we are heading into this downturn in worse shape than previous ones such as the early 90s.
I think the pain we are about to experience is not a bad thing, the economy needs a shake out. Unfortunately I don't think we are nimble enough to react. Federation is a terrible shackle that has held this nation back since the binds were applied. The excessive layers of government burdening the over sized states that are so under populated are just a drain on us all. The power of this country vests in 2 cities in the south east that are the modern day equivalent of London... they suck resources far and wide and it can't be stopped because that is where the populace and power is. My fear is this... things won't be great, but they won't be terrible. It won't be so bad to warrant tearing up the constitution or seeding new innovative industry etc - and therein lies the problem, This country is bound to mediocrity. Mediocrity is great for migrants that come from lowly places, but it is not what this country could or should achieve. Ultimately...one day... it will probably lead to invasion and Darwinist principles will propel the broader human race by passing the resource to more determined and efficient recipients.
Australia might just be losing an eyeball right now, and I'm certainly not suggesting we are any kind of kings right now (there remains to be some elusive, highly stable, spectacular diamonds in the rough of the world economy right now, who seem to be coasting along unscathed, specifically, the likes of............. Switzerland, coincidentally all being small, low-populatipn countries...)