Treasurer Scott Morrison has taken his better-days-ahead message to New York, telling a business audience the government is unashamedly prioritising growth strategies.
But he warned while a brighter economic picture was emerging amid a renewed sense of optimism within the global economy, complacency is still the enemy.
"We cannot afford to rest on our laurels; to sit back and wait for growth to magically fall from the sky, " Mr Morrison told the Citigroup gathering on Thursday (US time).
The treasurer cited an unbroken run of jobs growth over the past 11 months as an indication of the economy's recovery from the prolonged and "somewhat painful" exit from a once-in-a-century mining boom that helped Australia but left it with a hangover that hasn't quit.
From its peak, mining investment more than halved from nine per cent to four per cent of GDP, and on average knocked almost a full percentage off real economic growth per annum.
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The impact had also been felt by households courtesy of subdued wage growth, Mr Morrison said.
"Only now has the vast majority of that investment boom washed out of the system and the drag on our economy is almost complete," he said.
"The government has been unashamedly prioritising growth strategies that we know will boost our economy, deliver a well-earned pay rise to our workers, and lift our living standards."
Mr Morrison argued that like the US, Australia needed a competitive tax system that encouraged business to expand, embrace new opportunities and innovate.
"Those failing to act and reduce the burden on businesses, risk becoming isolated and uncompetitive in an increasingly low-tax global marketplace," he said.
The treasurer warned household debt - at 122 per cent of GDP - posed a risk to the economy if not properly managed.
Mr Morrison said Australia's trade dependence on China presented a downside risk as much as its profound positive impact in recent times.
