The economy in AU is far, far better than in the US and EU. We had a bit of a blip around 2008-09 but no big recession, no banking crisis, no real-estate crash (we're down by about 10% off 2010 when I bought but not the huge bubble-burst that the US had). Our only real drawback (and again, this is due to our solid economy) is that the AUD is overvalued which is hurting local manufacturers/exporters and that's the natural macroeconomic negative-feedback loop in action.
There are of course plenty of people saying that AU will suffer from loss of mining exports that China is slowing. They may or may not be right but for now, the AU population and economy are incredibly well-off by current world standards.
PS welcome to the first-world and having healthcare