It is a busy night inside the Icebergs Dining Room overlooking Bondi Beach and the fine wines, fresh seafood and ocean views have attracted an affluent crowd of locals and foreign visitors. “We are shifting champagne by the pallet load,” says one waiter. “I’ve never seen anything like it and I’ve been doing this for 10 years.”

It is a comment that could just as easily symbolise Australia’s remarkable good fortune. While the US flirts with recession and the UK frets about weaker global growth, Australia is booming.