Prime Minister Anthony Albanese and the RBA Deputy Governor Andrew Hauser will join an encore of business leaders at the major Sky News, The Australian annual Australia’s Economic Outlook hosted by AM Agenda anchor Laura Jayes.
The Prime Minister’s keynote address to Australia’s business elite – which will commence at 1:30pm AEST – will reassure the government’s priorities in “winning the fight against inflation” less than a month after what could be Labor’s final budget before the next election.
Mr Albanese will use the major address to reignite momentum around his government’s Future Made in Australia Act, while issuing broadside on the Coalition’s expected announcement on a nuclear energy policy.
Following the Prime Minister’s speech, he will be joined by Sky News Australia’s Political Editor Andrew Clennell for a discussion on the most topical issues impacting everyday Australian families.
Watch the full Australia’s Economic Outlook with the new SkyNews.com.au Streaming Subscription.
The not-to-be-missed annual business luncheon will also feature Deputy Governor of the Reserve Bank of Australia, Andrew Hauser in his first broadcast media appearance since taking up the post in February.
Mr Hauser and Sky News Business Editor Ross Greenwood will appear in a panel discussion on the state of Australia’s economy, monetary policy, and the global fight against inflation.
Mr Hauser who became Deputy Governor in February is also Deputy Chair of the Reserve Bank Board, and previously held a variety of senior positions at the Bank of England and served as Alternate Executive Director at the International Monetary Fund.
The event will also include some of the biggest names in business debating current and future economic trends as part of a panel discussion hosted by The Australian’s Editorial Director Claire Harvey.
Guests will hear from business leaders including CEO of Minerals Council Australia, Tania Constable, Country Manager of Amazon Australia, Janet Menzies, CEO of Crown Resorts, Ciarán Carruthers, and Managing Director, Uber Australia & New Zealand, Emma Foley.
Live Updates
2:40 pm
June 7, 2024
The Australian Editorial Director Claire Harvey pushed Ms Foley on whether or not people would actually adopt electrical vehicles.
“I’ll talk about the good and I’ll talk about the hard. On the good, we’re not seeing, at Uber, the numbers (of electric vehicles) slowing down,” Ms Foley said.
“The thing that I think we do know is that the ‘charging’ piece (of the puzzle) is going to be one of the hardest pieces to solve.”
She expressed commitments from industry, investments in infrastructure and partnerships with government were needed to make electric vehicles more accessible.
2:39 pm
June 7, 2024
Uber Managing Director Emma Foley has welcomed the government’s energy transition plans but emphasized the challenges facing the goal of “net zero”.
“It was really encouraging to hear the Prime Minister talk speak so much about the transition to net zero. It’s definitely a very important thing for Uber,” she said.
“We’ve got a global goal and a goal here in Australia to get to net zero tailpipe emissions by 2040.”
However, Ms Foley expressed that it would not be easy. She said Uber drivers are increasingly concerned about the possibility of net zero due to charging and cost issues.
“It’s going to be a journey but it’s one that we’re committed to and look forward to the road ahead.”
2:36 pm
June 7, 2024
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The Australian Economic Outlook conference has continued with a panel of business leaders including Country Manager at Amazon Australia Janet Menzies, CEO of Minerals Council Australia Tania Constable, CEO Crown Resorts Ciarán Carruthers and Uber Managing Director Emma Foley.
CEO of Minerals Council Australia Tania Constable has said Australia has immense potential in the critical minerals sector but the “jury is still out” on the government’s Made in Australia project.
“I think some good things that were in the budget were related to critical minerals. We’ve got a comparative competitive advantage in the resources industry,” Ms Constable said.
While the productivity and investment environment in Australia has proposed a challenge for mining companies, Ms Constable said there was “potential” in the Made in Australia plan.
“We’ve got to see the detail particularly around production tax credits. At the moment we think it would be for processing and refining.”
“But at the moment there’s one major issue there for us and its got to deliver additional investment., if it’s just about investment in what we already have then it’s a failure.
“We’ll work with the government to make sure that we see the right projects coming through.”
2:00 pm
June 7, 2024
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Mr Albanese has said while he didn’t go into politics to be the Prime Minister, he is relishing his position as the country’s leader and is hopeful about governing for a second term.
The Prime Minister was asked when he would consider retirement should he win the next election.
“I am enjoying the job and I don’t take anything for granted. I didn’t go into parliament to be the Prime Minister. I cherish very single day the honour that I have – and it is an incredible privilege,” he said.
Mr Albanese also said he never had leadership aspirations prior to running against Bill Shorten for the Labor leadership in 2013.
“One of the things about becoming the leader of the Labor Party I waited a while in 2013 before I nominated,” he said.
“Because I wondered genuinely at the time whether you had to have the destiny thing that some people have they went to school and they told people at uni or when they went to parliament ‘I’m going to lead one day’.
“I never did that, you won’t find anyone who can say that I said that to them before 2013 when people asked me to run.
“I’m not worried about what happens. I’m worried about doing the right thing and doing the best job that I can. And I’ll continue to do to it for a period of time.”
1:55 pm
June 7, 2024
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The Prime Minister has insisted Australia must work to ensure the “status quo” and avoid conflict in the region.
Mr Albanese was asked about the prospect of war between China and Taiwan, telling the forum: “Conflict in this region … must be avoided”.
“The impact on the Russian invasion of Ukraine have been catastrophic for Europe and the globe,” he said.
He also continued his government’s consistent comparison to the previous government in the handling of China.
Mr Albanese said engagement with China was critical to avoiding conflict.
“The breakdown where you had not a single phone call from an Australian minister, no engagement whatsoever … with our major trading partner in the term before I became Prime Minister is not a good situation,” he said.
1:51 pm
June 7, 2024
The Prime Minister has suggested higher education institutions need to make sure there are “more university places” for both international and domestic students.
His comments come as the Opposition has proposed reducing international students in order to make room for Australian graduates.
“I think our education exports are really important. Its an important industry for Australia in the economic sense,” he said.
He also pointed to the benefits of having international leaders who study in Australia.
“We need more university places, not less. And we need more for Australians. And if you look at where the future job growth is, we need more Australians to either have a university degree or a Tafe degree.”
1:46 pm
June 7, 2024
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When asked why Australians should vote for Labor, Mr Albanese said; “Because we’ve been an effective government. Because we’ve delivered a stronger economic position than the one we inherited.”
He was not baited on is election promises but said Labor would continue to roll out policies focused on the future. He referenced “growth in the regions and the suburbs.”
“I got elected on a platform of not leaving people behind and not holding people back. We’re doing that by looking after people – the increase that we’ve had in job seeker… rent assistance… the increased in support that we’ve had for people in need,” he said.
1:31 pm
June 7, 2024
When pressed by Andrew Clennell, the Prime Minister said his budget will work to push down inflation.
“The combination of cost of living measures that we have – the tax cuts, the household relief … the fee-free Tafe, cheaper childcare – all of these measures combined make a positive difference and treasury estimates indicate that those cost-of-living measures will put downward pressure on inflation,” he said.
Asked if he expected a rate cut this year, Mr Albanese said: “I’ll leave that to the deputy governor to make an announcement. Our job is to look after fiscal policy and that is what we’ve done. You can’t do more than produce two budget surpluses.”
1:30 pm
June 7, 2024
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The Prime Minister has avoided conceding Australia was in a GDP per capita recession days after anemic GDP growth was confirmed by the ABS.
Mr Albanese maintained “there’s nowhere you’d rather be than Australia”.
He also reiterated the Treasurer Jim Chalmer’s evaluation of Australia’s economic outlook claiming “we hit the sweet spot”.
“I want to see growth but I make the point I want an economy that works for people not the other way around,” he said.
1:29 pm
June 7, 2024
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The Prime Minister has warned the need to approach net zero through sustainable energy investment is of the utmost urgency while taking a subtle swipe at the opposition.
“We need to move now. For the global economy net zero is the future and our choice is simple. Either we shape that future, or our future shapes us. This is no time for the negativity that says Australian business can’t compete and shouldn’t try,” he said.
“This is a time to aim high and build big.”
“Australia cannot afford to go back to the days when energy policy was about fighting for power in the Coalition party room rather than powering the nation. And we cannot afford to waste 15 years down a rabbit hole about nuclear reactors.
“Because just as we will not find our security in isolation, we will not build our prosperity by standing still. Every business leader in this room understands that the world isn’t waiting around for Australia.”