Well there are quite a few that indicate the state of the economy. In my opinion, basically everything is an economic indicator.
Current Account Deficit (Balance on Goods and Services)
Inflation/Employment/Economic Growth
Australian Dollar
Terms of Trade
More that I cannot be bothered listing.
At the end of the day, it is all relative. The best way is to try and compare Australia with the rest of the world. For example comparing Economic Growth rates to other countries etc.