Albanese cites jobs data to declare Australia has weathered economic storm
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The news: Prime Minister Anthony Albanese will declare that Australia has weathered the economic storm out of the global pandemic better than most other other countries, seizing on new Treasury analysis showing employment growth has outstripped all of the advanced economies.
The context: Albanese jetted into Lima, Peru, on Thursday morning Australian time, where he emphasised the benefits of "free and fair trade" as world leaders brace for sweeping tariffs from the United States under incoming President Donald Trump.
Free trade will be a major talking point at the summit with Trump planning to impose tariffs of up to 60% on imports from China, and 20% for other countries.
Speaking at an APEC business reception hosted by Australian ambassador to Peru, Maree Ringland, Albanese will on Friday (Thursday evening local time) argue that Australia has "weathered the storm better than most, and is poised to take advantage of stronger conditions".
He will cite new Treasury analysis, requested by the government, which shows that employment growth in Australia since the 2022 election has outstripped each of the G7 economies.
With Australia behind many other countries in bringing down inflation and the Reserve Bank yet to lower the cash rate, Albanese will be hoping that Australians will back his emphasis on employment growth as opposed to the cost of living.
Around 140 people will attend the business reception, including senior representatives from BHP Minerals Americas, Ausenco, Orica, Groundprobe, Fortescue Peru, Bechtel, Glencore Peru, Australian Chamber of Commerce and Industry and the Australian Latin America Business Council.
What they said: “All of us here tonight need no reminding of the unprecedented challenges the global economy has faced over the past few years," Albanese will say, according to a draft of the speech.
“... Inflation and energy prices are coming down. Manufacturing in Australia is on the rise and we have reached a record number of small businesses in our economy.
“Australian workers are second to none, and workforce participation is at a record high. All this makes Australia an enormously attractive investment destination. And it makes us a secure and trusted trading partner.
“Australia is taking advantage of our natural resources and our position in the fastest growing region of the world to power a new generation of prosperity.
“Our relationships with APEC economies are a vital ingredient of our success story.”
The source: Prime Minister's Office
