This article discusses Australia's economic growth rates over the last ten years, the factors contributing to its growth, and the major challenges it faces in enhancing them. It analyzes the impact of population growth, the rise of China as an economic giant, the mining boom, and the Australian policy response to the global financial crisis. It also discusses the challenges of unemployment, poverty and the gap between the rich and poor, the high cost of living, and the escalation of the US-China trade war.