Jim Chalmers reveals day 1 briefing biggest | Australian Markets

Jim Chalmers says managing the risk to Australia’s financial future from the worldwide financial uncertainty is a precedence as he will get back to work following Saturday’s election.

The Treasurer has additionally revealed boosting productiveness would be the focus of the Albanese authorities’s second time period, whereas nonetheless reining in inflation.

Appearing on ABC’s Insiders following Labor’s thumping victory, Mr Chalmers stated he had been given a rundown by Treasury secretary Steven Kennedy at 6.45am on Sunday.

He stated his “immediate focus” can be on how the returned Labor authorities managed the dangers posed by the more and more unstable US and China relationship.

He stated the “spectrum of scenarios” posed by the worldwide outlook was “much broader” following the affect of Donald Trump’s trade struggle.

Its affect on the Chinese financial system will pose the biggest risk to Australia, with China being our biggest trading associate, accounting for about $212.7bn or 26 per cent of exports.

“We know that the direct impact on us from the tariffs is manageable and relatively modest but there is a huge downside risk in the global economy,” he stated.

“I think what’s happening, particularly between the US and China, does cast a dark shadow over the global economy and we’re not uniquely impacted by that.”

Although he stated it could be the first concern for “every country,” he stated he believed Australia was “well-placed” to fight the problems.

“Global economic uncertainty really is the big influence on my thinking and my work on day one of a second term,” he stated.

“We need to have the ability – and we will have the ability – to manage that uncertainty at the same time as we roll out our domestic agenda,” he stated, naming Future Made in Australia, housing, vitality, human capital and boosting competitors.

Election outcome ballot

Supercharging productiveness, how the financial system can do more and produce more with out additional spending, whereas not growing inflation was one other second-term objective.

Prior to the election, business teams had been calling for more authorities investment into boosting productiveness, which covers coverage areas like industrial relations, reducing pink tape and boosting investment in key sectors.

“I’m looking forward to rolling out the changes we announced on a national regime for occupational licensing, the non-compete clauses change, the competition policy I’m working up with the states, revising national competition policy,” he stated.

“The best way to think about the difference between our first term and the second term that we won last night – the first term was primarily inflation without forgetting productivity.

“The second term will be primarily productivity without forgetting inflation.”

He additionally flagged a main Productivity Commission review because of report within the third quarter of this yr.

Prime Minister Anthony Albanese, who led Labor to second time period with a robust majority at Saturday’s election, has already stated Mr Chalmers would stay as Treasurer.