The 2006 IMD world competitiveness yearbook ranks Australia as the most resilient economy in the world and the country with the lowest risk of political instability in the world. Australia's GDP numbers support IMD's findings. In fact, Australia's GDP growth has shown a 16-year span of uninterrupted growth.

Australia's vast supply of mineral resources and close proximity to China and India bode well for long-term economic growth. Though the country is endowed with commodity wealth, Australia is far from being entirely reliant on the vagaries of commodity prices. Australia's economy is overwhelmingly service-based. Close to 80% of output comes from the services sector. A stable services-based economy and a great endowment of mineral wealth is a great one-two punch.

I also view the Australian dollar as a long-term growth currency. Australia's high short-term interest rates are attractive and if the global economy continues on a path of uninterrupted growth, you can expect the Australian dollar to outperform the yen and franc, as well as the U.S. dollar.

All of the latest currency coverage is right at your fingertips in my monthly strategy reports. And for those wanting to invest in Australia, I recommend the iShares MSCI Australia Index Fund (EWA).