When the ANZUS Treaty was signed in San Francisco 70 years ago on Wednesday this week, there was little understanding of the importance of what would become a crucial foundation of Australia’s modern security.

But nor was it widely understood that the Treaty of Peace with Japan, signed in San Francisco a week later – on September 8, 1951 – by nations including Australia, would form the second foundation of Australia’s modern prosperity, built around supplying raw materials to the industrial revolutions of north-east Asia.