It is a crisis of the capitalist economic system. This system was created by human beings and we can get rid of it and build a better system, one suited to the needs and aspirations of the great majority of ordinary working people. All it takes is enough of us to want to do it and the will to fight for it. The Democratic Socialists are fighting for a socialist society where the basic means of production on which we depend the factories and workplaces, the mines, the banks, etc would be owned and controlled by society, not a handful of capitalist billionaires. The economy would be run according to a democratically-decided plan which would give priority to people's needs for education and healthcare, for decent housing and a quality of urban infrastructure, for protection of the environment, and so on.
Capitalist ideologues argue that socialism has failed.
However, the system that collapsed in the former Soviet Union and Eastern Europe was a bureaucratic, Stalinist distortion of socialism. What is needed is a genuine, democratic socialist system. Capitalism is a dead end for humanity. The current attacks on the welfare state in Australia are only a beginning. It will get much worse.