While many recent studies have stressed the difficulties facing the Australian economy, several reports published over the last few weeks have indicated the underlying strength of the country's position.
Tim Harcourt, a fellow in economics at the Australian School of Business in Sydney, told Bloomberg the country can be seen as a victim of its own success.
"We're the great story of the world economy. We suffer from not realising how good we have it compared to the rest of the world," he added.
This comes after a census from the Australian Bureau of Statistics revealed that Australians became wealthier, lived in bigger homes and owned more cars over the last five years.
Furthermore, it has avoided recession in over 20 years, driven by an impressive resources boom in regions such as the Northern Territory.
The country's population also increased by 1.4 per cent in 2011, with this growth partly driven by high levels of immigration.
