On the 8^th of August 2022, data collection began for the 12^th wave the COVID-19 Impact Monitoring series, with a total of 3,510 responses collected between the 8^th and 22^nd of August. The aim of this paper is to examine the trends and determinants of wellbeing over the COVID-19 period, making use of the 12 waves of the COVID-19 Impact Monitoring Survey data and with a particular focus on the 12 months since August 2021. Compared to earlier in 2022, Australians have a higher level of life satisfaction, a lower level of psychological distress, lower levels of loneliness, and a greater level of satisfaction with the direction of the country. Australians are also more confident in the Federal Government. Taking a slightly longer-term perspective, compared to August 2021, Australians are more likely to think that their life is improving, more optimistic about the future, less stressed, and more likely to think that their relationship quality is improving. Importantly, much of this improvement has been amongst young Australians, who from a mental health and wellbeing perspective were hit hardest by the pandemic.