Australia urges economic engagement amid uncertainty
In the face of extreme uncertainty, cooperation will be in mind while preparing to meet leaders of the world’s most important economies.
Days before the first parliament of the Labor Party’s second period, Treasurer Jim Chalmers is preparing to go to Durban in South Africa to gather finance ministers from the G20 countries and the governors of the Central Bank.
As the Middle East, the conflict in Eastern Europe and the threat of US tariffs continue to shake global markets, Dr Chalmers said that the international economic environment would shape domestic politics, it is not a more important time to cooperate.
“We are wandering in a world where volatility, uncertainty and unpredictability are no longer an exception, but in a world where there is a norm.”
“Dominant global growth, excessive uncertainty and disintegration require greater participation, more cooperation and more flexibility, and this is what directs our strategy.”
He also emphasized the importance of free and open markets and will give priority to supporting strengthening bonds and supply chains in meetings.
Australia has not yet received a tariff letter from the US President, but Donald has brought 10 percent to most of its goods and 50 percent tax in steel and aluminum.
The Federal Government swim as a bargain chip to try to exempt a tariff using critical minerals, and Dr. Chalmers confirmed that the event would discuss the resource with the leaders of other countries.
In addition, Japan, Indonesia, Canada, England, South Africa and Germany are expected to meet with colleagues, and most of them will have a higher tariff rate for their goods as of August 1st.
“The Australian economy is not immune to global uncertainty, but we are well placed and prepared to confront the challenges,” Dr Chalmers said.
All this would be the basis for Labour’s second -term economic agenda, which includes ambitious goals to increase the marking efficiency.
Liberal Senator Jane Hume said that the coalition pointed out the desire to work with labor in productivity, but especially through interruptions for bureaucracy and regulation.
Parliament will continue on Tuesday.
Australian Associated Press is a beating heart of Australian news. AAP has been the only independent national Newswire of Australia and has been providing reliable and fast news content to the media industry, the government and the corporate sector for 85 years. We inform Australia.
