Cycling through Brisbane in the heat, we've found a country that hasn’t had a recession in nearly half a century; a statistical miracle in modern capitalism. Australia’s economy has grown steadily since the 1980s, powered by the luck of geography and the grit of immigration. Iron ore alone earns more than €100 billion a year, and one in three residents were born abroad, making it the most immigrant-driven economy in the rich world. Its central bank floats the currency to stay competitive, its politicians spend sparingly but smartly, and its cities remain among the most liveable on Earth. Yet beneath the sunshine and swagger lies a tension: record house prices, soaring costs, and a nation riding two horses at once, one facing Washington, the other Beijing.
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