We acknowledge the Gadigal people and thank Morgan Stanley and everyone convening us here in Sydney.
I’m very grateful for this opportunity to talk about our economy and Budget in the midst of all this global upheaval.
But first I want to pay tribute to Steve Harker, for 18 years such an essential part of this business.
From the shopfloors of the union movement to the Reserve Bank to Morgan Stanley and the boardrooms of the world –
From rugby league to the Future Fund –
And all the time and money that he and Linda put into health research –
Steve was genuinely one of a kind, a favourite son of Sydney, a proper Australian original.
I knew and admired him and, like many of you, I’ll miss him.
Macro context
The world Steve departed was volatile and unpredictable, the global economy a dangerous place, but his country was better placed and better prepared than most and that’s not always recognised.
We do have an inflation challenge in the near term and a longstanding productivity challenge, but we also have some very substantial strengths.
Like faster through the year growth than all the major advanced economies, except one.
