I like Australia's ability to maintain economy growth above 2% pa for nearly 25 years (since 1993) and I expect that Australia has cloudless perspectives to continue this tendency at least in near-term (1-2 years). Major factors that will support this growth are (1) strong domestic demand (wage growth and government expenditure), (2) commodity price growth and export growth (despite export growth is slowing, I expect that demand for minerals and LNG in China will be able to fuel export growth from Australia). Nevertheless, there are some concerns that should be noted: (1) slowing labor market (unemployment rate above average, slowdown in jobs growth), (2) increased household debt (as a result of low interest rates)
Australian representatives two or three years in a row talks about rebalancing to non-mining sector through government investments into it. They plans tax relief for business (a gradual reduction) by 5 p.p. They do it on the pace of the Trumps attempt for aggressive tax rate cuts for businesses. This is rather good news for industry. thanks'. This will generate jobs and helps to raise sluggish economic development into somewhat measurable.
I scrutinizes over economist's outlook for the Australian economy in 2018, they are cautiously optimistic, driven largely by improving global conditions but I doubt that such a global conditions will improve. Indeed, do not see the solid reasons for it. Thus, I would put a negative tax on GDP. Also, not to forget the adverse statistic for household consumption in Australia which adds more uncertainty on it. I may refresh your memory - Australia has one of the highest debt-to-GDP ratios for houseless in the world. A little and sudden interest increase will lead to problems on debt servicing for households followed by well-known problems for economic growth
All I know good news for export sector that is they are investing in new LNG (liquefied natural gas) capacity to carry it to China.