It has worked beautifully for me throughout the whole of my adult life. Good-to-booming economy most of the time, and cultural enrichment from large migrant intakes and from comfortably-off Aussies travelling the globe.
Government debt has been low till the current pandemic when the federal government has pumped cash enthusiastically into the economy. Predictions are that it will take decades to pay off. Personally I doubt it. More boom times to follow as immigration, foreign uni students and the mining industry pick up (the latter already going strong). And - contrary to the public image - a number of booming high-tech & service industries, including small naval vessels exported to the US from W.A. and Atlassian software that has turned its 2 young developers into multi-billionaires.