I think it is true to say that if you wished to forecast the path of the Australian economy, and you were able to have foreknowledge of only one economic variable, the one you would choose would be the path of the world economy.
That is not to say that we have no influence over our own destiny - we can make the situation better or worse than it would otherwise be - but we cannot escape the influence of the world business cycle and the other factors that feed off it.