The Australian economy has survived a record of straight quarters without a recession. In 2016, its economy grew by 1.1 percent in the fourth quarter although it contracted by about 0.5 percent in the third quarter.
An article by qz.com said that Australia's economy has experienced its last recession more than 25 years ago, the longest streak for any member country of the Organization for Economic Cooperation and Development (OECD) since 1970.
Although some say that the Netherlands topped the list for having an economic growth without recession from 1982 to 2008, qz.com disputed this as it said that OEDC data showed the Netherlands experienced a mild recession in 2003. Generally defined, a recession refers to two consecutive quarters without growth.
If the Australian economy would slide into recession, Poland would take the place as the longest active growth streak without a recession.
Since 1995, the OECD has been monitoring Poland's GDP growth data. Poland's economy had a growth rate of 1.7 percent in the fourth quarter of 2016, and the World Bank expects it to continue in 2017.
However, it remains four years short of Australia's current streak.
Through the 2008 financial crisis, Australia is one of the few developed countries that continued to grow, thanks to China's huge demand for its natural resources.
As its economy is linked to China's economy, Australia's growth suffered a slowdown when China's demand for iron ore and coal dropped.
Since China is the country's largest trading partner, the rise and fall of its economy correspond to China's export needs.
Recently, Australian Treasury Secretary John Fraser said that the country needs to shift to "broader-based growth" since the investment boom has focused only on the extraction of natural resources.
Aside from iron ore and coal, China also imports food and agricultural products from Australia which include beef and other meat products, wine, and infant formula, among others.
China and Australia have entered into a free trade agreement, allowing products from both countries to have reduced tariffs.