Although other allocations would allow some people to lead a higher quality of life (for example, those living in countries with
large resource endowments), others would necessarily lead a more deprived life (that is, those with less access to global resources).
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.