As slowing Chinese growth takes Australia's mining boom off the boil, Gillard has presented a complex and diverse road ahead that may require tax and regulatory reform.
"The point I'm making is not to replace one simple story - fragile prosperity based on a boom and at short-term risk from slowing Chinese growth - with a different simple story - good times that will last forever with no risks at all," Gillard told a New York audience on Tuesday.
"What I want is to replace a simple story with a more serious and detailed account of what's going on in Australia."
Championing Australia's strong economy, Gillard said innovation, increased productivity and competitiveness would be key factors to ensure a prosperous future.
And to ensure such a scenario the prime minister foresees a "really sophisticated agenda, from innovation to infrastructure, tax reform and regulatory reform".
Australia was mindful of the rise of regional players including Indonesia and India.
"It's not just new competition, it's new consumers," she said.
Asia's middle-class was growing by more than 100 million each year and presented a valuable opportunity for Australia.
"Not just new consumers, it's consumers who want to buy new things," Gillard said.
"Once you've sold them concrete and steel, iron and gas, they buy wine and movies and music, retirement financial products and bespoke tourism experiences and food which is the product of clean and sustainable agriculture.
"In the century ahead, it's precisely economies like ours - advanced, knowledge-oriented, service-rich economies - which are best placed to prosper.
"But only if we keep lifting productivity, if we keep driving innovation, keep generating new ideas."
In other sectors, Australia must maintain strength as a provider of education services, currently the nation's third biggest export, Gillard said.
She cited liquefied natural gas projects in northern Australia as an example of how a diversified resources sector was capable of offsetting declining income from China.
"Our century will be defined by the rise of many countries and many cultures, not just one," Gillard said.
"The most challenging risk is if we can't make and sell the things that Chinese and Indian and Indonesian and Thai consumers are buying in 2033.
"And the real task of national preparedness is this."
Gillard addressed members of the Asia Society and the Economic Club of New York ahead of attending the United Nations Leaders Week, where she will make her first address to the General Assembly on Wednesday (Thursday AEST).