In recent years Australia has benefited immensely fromabundant natural resources and a rising demand in China.
In fact the economy hasgrown for 24 years straight.
Recently, though, lower commodity prices andsoftening demand from China have hit the mining sector.
Commodities will remainimportant, especially given the recent rise in LNG exports.
But to maintaingrowth, Australia will have to become a multi-engine economy.
The outlook forother sectors is bright.
Australia has signed trade agreements with China, Japanand Korea, and joined the 12-nation Trans-Pacific Partnership.
These covernearly 80% of Australia's trade.
Lower tariffs and a weakening currencywill support Australian exports in a range of sectors – from manufacturing toagriculture.
Technological disruption, like the Internet of Everything, willgive rise to a new generation of entrepreneurs and startups.
Cross-borderinvestment opportunities, including inbound M&A, will also drive expansion inmany sectors.
Overall, the pace of growth might slow, but Australia still has manyimportant advantages- like a highly-educated workforce, a triple-Acredit rating and growing ties to Asia.
In this series we look at some of thekey themes facing the economy, including the evolution of ties withChina, the impact of disruptive technology and the outlook for theresources sector.
Find out more about Australia in Transition.