The speech lists five key fundamentals that should stand Australia in good stead: a strong institutional framework (including the rule
of law, respect for property rights, a well - functioning public administration, and a well - established regulatory
system); our people, who are diverse, well educated, have a «can do» mentality and a demonstrated capability for adjusting to change; a large endowment
of mineral resources; large tracts
of agricultural land and an
ability to produce high - quality clean food; and an established services industry with the potential for considerable expansion as average incomes in Asia rise.