As Australia approaches an unprecedented 22 years of economic expansion, a former Treasury boss has credited the nation's "extraordinary dynamism" for the milestone.
While some economists see a risk of the economy falling into recession as mining investment fades, Ken Henry believes it is "extremely unlikely".
But the former Treasury secretary is disappointed promises made by the commonwealth, state and territories to embark on productivity lifting programs "have fallen apart".
He told online magazine The Conversation this week that he would be more comfortable about Australia's future resilience if governments had kept to that agreement.
"If we can't secure national agreement to productivity-enhancing national reforms and then deliver them, then I'm going to have to continue to question Australia's ability to make the most of the Asian Century," he said.
Henry, who headed Treasury for a decade, authored the Henry tax review and the federal government's Asian Century white paper.
He's surprised that despite Australia's now intense focus on Asia, there are still some who don't understand the implications of what is happening in China and other parts of Asia.
"I was in the United States last week talking to people who would see themselves as Asia experts and you know what? In my view they don't get it," Henry says.
Global banker HSBC this week highlighted opportunities in the education sector as Asia's middle-class balloons to 3.2 billion in the next 15 years.
It found Australia was the top destination for Chinese looking to study within Asia, and ranked fourth globally behind the US, UK and Canada.
And while only 10 per cent of Chinese are studying abroad today, that number is expected to jump to 68 per cent in the next five to 10 years.
The HSBC survey of 1000 mainland Chinese respondents found of those with overseas education intentions, 73 per cent planned to send their children overseas to study, while 20 per cent planned to study abroad and move with their children.
HSBC Bank Australia head of retail banking and wealth management Graham Heunis says this is good news for the Australian education sector and has broader implications.
It will improve Australia's links with the Asian region, because students often stay in Australia for the long term, work in Australian companies, and as a result, increase Australian businesses' Asia-relevant capabilities.
The bank has also seen increased interest among Chinese parents with children studying in Australia setting up banking facilities to invest or purchase property here.
Henry, who has visited China, says the middle class also view Australia as a supplier of high-grade goods, such as wine, and services including design and architectural.
"They're not buying trash, they're not buying low-grade stuff," Henry says.
But the "really big one" is in-bound tourism.
Even so, Henry says some quarters, particularly in the US, are pre-occupied with when China is going to replace the US as a global superpower.
Short term outlooks for the two global giants wreaked havoc on the Australian dollar this week.
The currency slid to a 33-month low below 92 US cents, extending its decline from above parity against the US currency in the past month or so.
The US dollar strengthened on the US Federal Reserve saying its stimulus program could be pared back later this year if US growth continued to pick up, and end in 2014.
Closer to home, Chinese data showed manufacturing at a nine-month low, suggesting there would be lesser demand for Australian raw goods.
However, Henry does not believe Australian businesses should be relying on a lower currency to lift their competitiveness.
"Whether its 92 cents or whether it 102 cents against the US dollar, many businesses are going to need a business strategy that is different from the one they found successful in the first decade of this century," he says.
