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| Albanese charts bold economic future for Australia |
** “Comparative advantage in manufacturing will not be defined by
minimising the cost of labour. It will be secured by the most productive
use of technology, by cutting transport costs and by cheaper, cleaner
energy.” – Anthony Albanese *** “Equality for women is not an add-on, or an afterthought. It is a central economic priority.” – Anthony Albanese
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Albanese charts bold economic future for Australia
06/07/2025
(See translation in Arabic section)
Sydney-Middle East Times Int'l:Australian Prime Minister Anthony Albanese has laid out a comprehensive vision for the nation’s economic future. Speaking to a room filled with business leaders in Sydney, Mr Albanese emphasised the importance of unity, innovation, and strategic investment in shaping a resilient economy.
“Every morning, when we look at The Australian or turn on Sky News, we are reminded this is a time of significant global uncertainty,” Mr Albanese began, referencing the geopolitical and economic challenges facing the world. He cited conflicts in the Middle East and Europe, upheaval in the global economy, and strategic competition in the Indo-Pacific as key concerns.
Yet, Mr Albanese’s message was one of cautious optimism. “The defining test Australia faces in this decade is not whether we can manage this period of uncertainty. It’s whether we can work together to seize this moment of opportunity.” He outlined a vision of a secure and prosperous future built, in his words, “the Australian way, with no one held back and no one left behind.”
Mr Albanese highlighted Australia’s strategic advantages: its location in the fastest-growing region in human history, its wealth of critical minerals, and its robust education and superannuation systems. “Think about what we have: the resources and critical minerals every nation needs to power its future growth and meet its net zero commitments,” he said.
He argued that these advantages must be translated into real outcomes through strategic investment and cooperation. “If we invest in the potential and capacity of our people, if we make ourselves a clean energy superpower... all of this adds up to a time of profound opportunity for Australia.”
Central to his strategy is the Future Made in Australia plan, designed to boost domestic manufacturing and diversify the economy. “We want to make more things here, in a more competitive and diversified economy,” Mr Albanese said, emphasising resilience and self-reliance.
He also stressed the importance of strong regional engagement, particularly with Southeast Asia. “It was no accident that my first bilateral visit of this term was to Indonesia,” he noted, referencing the launch of the Invested strategy to strengthen ties with the region. A brief explanation of the strategy was not provided, but its focus is understood to be economic cooperation and investment attraction.
Mr Albanese acknowledged the role of the business community in stabilising Australia’s relationship with China and resolving trade barriers. “Just as you have played a key part in our government’s patient, deliberate and calibrated stabilisation of the relationship with China,” he said.
Challenging traditional economic assumptions, Mr Albanese argued that local manufacturing can thrive if supported by the right policy settings. “Comparative advantage in manufacturing will not be defined by minimising the cost of labour. It will be secured by the most productive use of technology, by cutting transport costs and by cheaper, cleaner energy.”
He identified AI as a potential force for job creation, not job displacement. “We are determined to create the right framework and make the right investments in skills and training to ensure Artificial Intelligence is a contributor, not a competitor.”
Maintaining a focus on values, Mr Albanese said his government would continue to pursue fairness and opportunity. “We want to do this the Australian way – not talking Australia down, but holding true to our values of fairness, aspiration and opportunity for all.”
He pointed to recent policy measures, including energy bill relief, support for home battery installations, and increased superannuation. “From Tuesday, nearly three million Australians on award wages received a real pay increase,” he reported.
Gender equality was also a key priority. “Equality for women is not an add-on, or an afterthought. It is a central economic priority,” Mr Albanese said, noting record highs in women’s economic participation and a notable decline in the gender pay gap.
He also drew attention to economic indicators. “Headline inflation is down to 2.1 per cent – within the Reserve Bank’s target band for 10 consecutive months,” he noted.
Looking ahead, Mr Albanese underlined the need for productivity growth and private sector leadership. “In a strong, dynamic and productive economy, government should be a driver of growth – but not the driver of growth,” he said.
He announced plans for a roundtable in Canberra to gather input on tax reform and other long-term economic measures. “We are seeking a broad range of views, so we can build broad agreement for action.”
Mr Albanese concluded with a call to unity and ambition: “Let us continue to invest in our people. Back our businesses and back ourselves. So, we seize and share the opportunities ahead, the Australian way.” |
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