This month’s police swoop in Sydney and Melbourne to arrest 17 suspected Islamist terrorists shattered the sense of security felt by Australians, most of whom have never had it so good.

Thanks to 14 continuous years of economic growth, real per capita wealth has doubled within a generation and, for those who want to work, there are jobs aplenty. Dinner party conversations often veer to crucial middle class topics such as school fees and house prices, which have recently cooled following a decade of rampant rises.