Jim Chalmers says the 2020s will define Australia’s economic future

This week, Chalmers spoke at a meeting of the Australian arm of the United Nations’ Principles for Responsible Investment initiative, discussing ways to put money into the renewable energy sector.

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The government also uses investment vehicles to provide financial support to parts of the economy. These include the $20 billion Rewiring the Nation Fund, the $15 billion National Reconstruction Fund and the $10 billion Housing Australia Future Fund.

In a review of Australia’s economy this week, the International Monetary Fund warned that such funds would need to be phased in, while saying a “proliferation of such vehicles should be avoided”.

Chalmers, who is due to deliver an address in Canberra on Sunday about the economic challenges the country faces over the next decade, said the government is focused on dealing with the pressure on the country’s cost of living.

The Reserve Bank is expected to hike official interest rates to a new 10-year high of 3.35 percent next week. Data this week showed that inflation for working families hit its highest level this century at 9.3 percent.

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Chalmers said while the government is focused on managing inflation, it must also consider the country’s longer-term economic future.

He said governments’ failure over the past decade to address emerging issues, particularly those related to private investment in renewable energy, has put Australia in a poor economic position.

“We can’t afford to waste another decade,” he said.

“These three major changes are underway. Getting on the right side is important for Australia’s economic and social future,” he said.

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