Thank you, James.
I'll start by also acknowledging the Traditional Owners of the land on which we are gathered – the Gadigal People of the Eora Nation – and pay my respects to their Elders, past and present.
It's my great pleasure to be here.
For the past 10 years, this event has convened leaders from business, politics, diplomacy and academia to table and debate the events shaping Australia and the world.
Ten years on, it's hard not to overstate the level of disruption and change we have seen:
- The COVID-19 pandemic and its follow-on effects
- The first major war in Europe in nearly a century
- The shifts in our energy system and the changing demand for minerals
- The changing face of geopolitics and trade flows
- Artificial intelligence and cybersecurity and the ongoing importance of sustainability and corporate responsibility.
In parallel, the mega trends that shape our world continue to shift; the global population has increased to over 8 billion people, well over half these people live in urban settings, the global economy has grown by around 36 per cent and global energy demand has grown alongside it.
Through it all, the ability to adapt, innovate and compete has been rewarded.
This has cut both ways for Australia.
Australia reaped the rewards of a thriving resources sector as the world called for our abundant reserves of gas, iron ore and coal.
Our large resources, proximity to end markets, and trade liberalisation have seen benefits flow to the national economy.
While the need for these resources remains strong, commodity demand is shifting to a new phase that supports the energy transition, a lower carbon economy and increased digitization.
What's clear is market leadership in these services and commodities of the future will flow to those who are most productive, most competitive and most innovative.
This is true for business, this is true for nations and their economic policy settings, this is true for human and technological capabilities.
This challenge is compounded by the current era of heightened tensions and costs to global trade.
For Australia, these things matter much more than for many other nations.
All things considered, I am optimistic for Australia's future.
We have many of the mineral deposits which will fuel the next phase of global development. We have a demonstrated capability in getting these minerals to market.
We have strong and stable institutions, and good relationships with our key markets.
These advantages are however not unique, nor will they prevail over time without continued investment.
We've all watched the flurry of recent trade moves and countermoves as countries seek to shore up industrial investment and secure mineral and energy supplies.
It's clear the rules of the game are changing, and the competition is fierce.
But the case for optimism remains.
Optimism, but not complacency.
There will be many factors beyond Australia we cannot directly control or influence as we would like, however, what is within our control, investments and policy settings in productivity, in energy, in labour and capabilities, these are the settings that demand our attention as business, political and academic leaders.
I'm hopeful that a big part of the conversation we are going to have over coming days, and indeed the conversation we will have as a nation over coming months, is how best Australia can strengthen our competitive edge, lean into our natural strengths, and be clear on the settings and capabilities that will enable us to compete.
Thank you.
