Jim Chalmers 'likes Australia's chances' of keeping economy stable after Donald Trump wins second term
Treasurer Jim Chalmers is "confident" Australia's economy won't suffer under President-elect Donald Trump's second administration.
Chalmers acknowledged there may be volatility in the global economy but poured cold water on fears Trump's term would have disastrous consequences in Australia.
"We are confident that we can navigate that volatility and vulnerability together. In a world of churn and change, I like Australia's chances," Chalmers said at Greenbank RSL in Queensland today.
READ MORE: Kim flew 4000km to see Coldplay. She never made it to the concert
Republican presidential nominee former President Donald Trump is pictured at an election night watch party. (AP Photo/Alex Brandon) AP
READ MORE: Donald Trump wins Arizona to complete clean sweep of battleground states
"Obviously, a new administration in the United States brings a new suite of policies. We are confident that we can navigate that change as partners."
Chalmers said Australia was not immune to the impact of a fast-moving global economy and even mild policy changes could have a significant effect.
However, he said the country was "well placed" to weather any storm brought on by Trump's foreign and economic policies.
Inflation remains a key issue for the Albanese government, Chalmers said.
"Our focus after the American election, but before the American election as well, is the cost of living," he added.
The treasurer warned the fallout of any trade war between the US and China could hurt Australia but said the government was prepared.
READ MORE: Adult killed, child injured after truck crashes into kindergarten north-west of Melbourne
Treasurer Jim Chalmers said he was "confident" Australia will weather the economic storm. 9News
READ MORE: 'Read the tea leaves': When will the next federal election be held?
"We do have a lot at stake, we're well-placed and well-prepared," Chalmers said.
"We've done the work because we know in an economy like ours, half of which is exposed to trade, that we have a lot at stake.
"We need to make sure they work for us, not against us.
"We are confident and not complacent that we can make all of this churn in the change work for Australians, not against them."
Chalmers said he would use his address tonight at the Australian Institute of International Affairs to assure Australians the Albanese government is ready to tackle any volatility Trump's second term may bring.
Share a tip-off, video or photo with us
