Australia must search for the fourth wave of wealth
We are coming to the end of the third great wave of prosperity in Australian history. Do our leaders have the insight to look for the next one?
In 1986, The Economist magazine observed: "If you look at history, Australia is one of the best managers of adversity the world has seen, and the worst managers of prosperity."
That year marked the 15th anniversary of the end of Australia's second long boom or golden era, 1945 to 1971. The first golden era ran from the gold discoveries of the 1850s to the depression of 1890.
The third golden era began in 1991, and now, with 22 years of continuous growth without a recession, looks to be running out of puff.
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