Chancellor, Dr Megan Clark AC;
Vice-Chancellor and President, Professor Sharon Pickering;
Dean of the Faculty of Business and Economics, Professor Simon Wilkie;
Members of the Faculty, guests, and especially the Business and Economics Graduates, as you now are, it is a great honour to be a part of this important ceremony today.
Allow me to begin by expressing my sincere thanks to the University Council for admitting me to the honorary degree of Doctor of Laws.
I am deeply honoured to have been acknowledged in this very significant way.
Now to the Graduates and proud families: Congratulations.
Today marks years of study, effort and perseverance. Of sustained support from your families. It is a day to celebrate achievement – and to look forward.
It is a privilege for me to return to Monash.
I once sat where you are sitting now, not imagining my path would lead from economics and law here at Monash to trade and climate negotiations, representing Australia overseas and having the privilege of leading one of Australia’s great Departments of state.
I learned a great deal here, of course.
But it was the acquisition of intellectual frameworks for understanding the world – in economics – and in law – that was the most valuable asset I took away.
So today, I want to leave you with a simple idea: be confident that your degree has taught you how to think, not what to think.
And in the age of artificial intelligence, that ability is becoming more valuable, not less.
You graduate at a remarkable moment.
Artificial intelligence is transforming how we work, learn, communicate and create – changing industries, institutions and assumptions about expertise itself.
Global economic and strategic competition is intensifying.
For Australia, we have many strategic advantages. But we have to work hard to shape opportunities in this period of accelerated change.
Our influence – our ability to shape our context – depends on the strength of our economy and society, the quality of our ideas and the depth of our international relationships.
Our prosperity depends on international rules, openness, resilience and partnership.
Our enduring strength, as a capable and democratic middle power, is the ability to think expansively and act strategically about what comes next.
The generation graduating today will help shape Australia’s place in this changing world. That is exciting, and it may also feel daunting. So let me begin with some reassurance.
The most important thing you have gained at Monash is not simply a collection of facts. It is a way of thinking.
Whether you specialised in business, economics, or accounting, the frameworks, the critical skills, the analytical techniques you take away will be the most valuable and enduring assets.
My own study of economics at Monash is a case in point.
Economics is often misunderstood as just markets, budgets, growth, inflation or trade balances. Those things matter.
But at its heart, economics is about people: their choices, their opportunities, their welfare.
At Monash, I had the privilege of studying under the great trade economist Professor Richard Snape.
From him, I learned that ideas can change a country: his advocacy for a more open Australian economy helped challenge entrenched protectionism and contributed to a more prosperous, more confident and more capable nation.
That lesson – that critical thinking can serve the community’s interest, and indeed the national interest – has stayed with me throughout my career.
Whatever path you take, you have an opportunity to put your skills to that purpose.
Your degree has taught you to analyse evidence, test assumptions, distinguish correlation from causation, recognise trade-offs and make decisions under uncertainty.
As AI moves us from information scarcity to information overload, these capabilities are becoming indispensable.
But only humans – with our beating hearts, minds and soul – can decide what matters most: what society should value, what the inevitable trade-offs are, which trade-offs are fairest, what risks are worth bearing, and what future we want to build.
That is why your education matters. The enduring human advantage will be judgment: understanding context, recognising consequences, identifying what is important, and asking better questions.
The leaders of the future will not simply be those who know the most. They will be those who think clearly, combine technical capability with ethical judgment, navigate ambiguity and use powerful technologies. Without surrendering responsibility or compassion.
So what practical advice would I offer as you begin your careers? Let me offer three suggestions.
First: stay curious. Read widely, seek different perspectives and remain open to ideas that challenge your assumptions. Lifelong learning is what makes a career, and develops a person.
Second: learn to ask better questions. What problem am I trying to solve? Whose perspective am I missing? What evidence would change my mind? What are the consequences if I am wrong?
Third: develop the qualities that make us human. Empathy. Integrity. Truthfulness. Communication. Collaboration. As technology becomes more capable, these qualities become more valuable, not less.
Of course it is not just University that shapes us. In my own case I grew up in a tiny country town call Tangambalanga – its near Yackandandah!
Country people learn resilience, self-reliance and a sense of community.
I pay tribute to my Mum and Dad here today for their achievements through building small businesses to raising a family.
In fact they raised a family of three Monash Economics graduates! The first in our broader family to go to University – and I thank sister Helen and brother David for joining today, we all thrived after our Clayton experiences.
I thank also my husband John and son Paul for sharing this day with me.
At this pivotal moment in your lives, most of you will be wondering what path your career might follow.
My advice is to accept that careers rarely unfold exactly as planned – and to be reassured that can be a good thing.
Do not measure success by how closely your path follows your original plan. Measure it by what you learn, the opportunities you embrace, and the contribution you make.
Looking back, I have come to believe that the most rewarding careers are rarely built by pursuing a job title alone. They emerge when three things begin to align: your abilities, your values and your interests.
Your abilities are what you can contribute. Your values are what you stand for. Your interests sustain your curiosity. When they align, work becomes service to something larger than yourself.
Looking across this impressive graduating class, I see people equipped to understand a changing world and help shape it for the better.
Congratulations, Class of 2026. Australia – and the world – needs what you have to offer more than ever.
Thank you for the great privilege of addressing you here today, and again for the honour bestowed upon me by this great University.
