November 11th 2024.
During a recent speech at Greenbank RSL in Queensland, Treasurer Jim Chalmers expressed his confidence that Australia's economy will not suffer under President-elect Donald Trump's second administration. While acknowledging the potential for volatility in the global economy, Chalmers dismissed fears that Trump's policies would have disastrous consequences in Australia.
"We are confident that we can navigate any volatility and vulnerability together," Chalmers stated, adding, "In a world of constant change, I believe Australia has a strong chance of success." He went on to explain that the new administration in the United States may bring about policy changes, but he is confident that Australia can adapt and work as partners with the US.
Chalmers also acknowledged that Australia is not immune to the impact of a rapidly changing global economy. He stressed that even small policy changes can have significant effects on the country. However, he reassured the audience that Australia is well-prepared to weather any potential storms brought on by Trump's foreign and economic policies.
Inflation was also a topic of concern for the Albanese government, and Chalmers addressed this issue as well. "Our focus, both before and after the American election, is on the cost of living," he stated. He also warned of the potential consequences of a trade war between the US and China, stating that it could hurt Australia. However, he assured the public that the government is prepared for such a scenario.
"We have a lot at stake, but we are well-placed and well-prepared," Chalmers emphasized. "We have done the necessary work because we understand that our economy relies heavily on trade, and we cannot afford to be unprepared." He also stressed the importance of ensuring that trade policies work in Australia's favor, rather than against it.
Chalmers concluded by stating that he will use his upcoming address at the Australian Institute of International Affairs to assure Australians that the Albanese government is ready to tackle any potential volatility brought on by Trump's second term. "We are confident and not complacent in our ability to make the most out of these changes and turn them into opportunities for all Australians," he declared.
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