Quickly, from the top of my head:
Australia is rich with resources (particularly those we mine from the ground). From a chemistry point of view, our coal contains lower sulfur content, thus, is more environmentally friendly. However, we tend to keep low-sulfur content coal to ourselves, and sell our higher-content coal, cheaper, to countries such as China and India, who would rather spend less on the cost of materials for manufacture.
Geographical location? It would have to do with how all of our coal got there in the first place. From general knowledge (which is a little flawed), Australia used to be mostly forest/swamp/etc. So, over time, when organic material dies, they become compressed and eventually form coal. Something like that. I would not say "isolation" is a good example, as that makes it harder for us to transport/export our commodities to China + India.
I think you should mention something about the improvement of the terms of trade.
This will result in positive effects for a number of reasons. The mining/agriculture is our biggest industry (elaborate on this). Taxation of the mining industry (you should be aware of the current news). Creation of jobs. etc etc etc. All this can contribute to structural change.
Structural change refers to changes in the economy's structure of production and level of technological progress as economic development takes place. Structural change is linked to the allocation of resources (mining) etc.. Since there is increase in production (of , we are competing at an international level). Wooooh! And in the end, something about higher standards of living.
Oooft, one last thing. Exchange rates. Yes. Um. What can I think of? I don't know. Australia's exchange rate will appreciate, that is there is a rise in our purchasing power
Use the term "resource boom".
Sweeeeeet.
Reading back, this is pretty rubbish, I'm sure someone else can do better. Be sure to confirm all of this, I may not be 100% correct. But this is just a starter.
