Time to seize the Australian Century

Through a combination of a surging economy, booming exports, intense foreign investment, high employment, rising corporate tax revenue, strong population growth and rapid technological change, the global middle class' expansion will not only enrich the broader Australian community, it will create a strong sense of momentum which will define the nation's international reputation for decades.

Obstacles to prosperity

Of course, just because global events will be aligning in our favour, doesn't mean unbridled success will become a sure thing.

As much of the established world has demonstrated over the past century, careless or carefree management can easily evolve into a record of consistent incompetence, obliterating hard earned domestic prosperity.

To ensure Australia doesn't miss its moment to shine, five key obstacles will need to be tackled. These are:

• overcoming demographic weakness;
• avoiding a productivity slump;
• reversing the decline of responsive government;
• administering population growth; and
• managing its population islands.

In isolation, each of these obstacles has the potential to derail Australia's potential this century. In combination, their side-effects could be far more devastating. As a result, if Australia wants to maximise its capacity for achievement, each obstacle will need to be overcome.

Forster's forecast

In 1786, Georg Forster, a former passenger on board Captain James Cook'sResolution voyage corresponded about the future prospects of Australia. He surmised:

New Holland, an island of enormous extent or it might be said, a third continent, is the future homeland of a new civilized society which, however mean its beginning may seem to be, nevertheless promises within a short time to become very important.

Without knowing it, Forster's forecast about Australia's potential was prescient.

Over the 228 years which has followed, the tough prospect which Australia appeared to be has slowly transitioned to become one of the happiest, healthiest, freest, most tolerant, inclusive, peaceful and wealthiest nations on Earth. In a little over two centuries, a territory which was once judged to be the least habitable place for humanity has evolved to become one with the greatest lessons to teach it. As Forster boldly predicted, Australia has indeed become something "very important".

In this century, the Australian Century, Australia will have the opportunity to achieve extraordinary feats. It now only needs the vision, organisation and motivation to see its full potential become a reality.

This century is our century. It's time to go and seize it.