The succession of major crises to hit Australia and the world provide an opportunity to dump failed economic models and put the country on a path of stronger, more sustainable and equitable growth, Treasurer Jim Chalmers is expected to say in an essay to be published in The Monthly magazine.
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In the 6000-word essay, called Capitalism after the Crises, Dr Chalmers is understood to set out the need for action on several fronts, including the clean energy transition and investment in skills and training.
In his essay, the Treasurer is also expected to reinforce the importance of incorporating wellbeing into economic planning and renovating democratic and economic institutions like the Reserve Bank of Australia, which is currently the subject of a government-commissioned review.
The Albanese government has had to deal with a range of significant economic challenges since coming to office last May, most notably the energy crisis triggered by Russia's invasion of Ukraine and soaring global inflation and interest rates, all of which have had a significant impact on the Australia economy.
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It is understood in his essay, Dr Chalmers will reflect on how a series of global crises, including the global financial crisis, the pandemic and the current energy and inflation shock, have left the country more vulnerable to economic uncertainty and upheaval.
It is expected the essay will examine how economic models have fallen short by failing to equitably share the benefits of growth and will articulate an alternative approach.
In writing about the impact of successive crisis on Australia, Dr Chalmers is following in the footsteps of former prime minster Kevin Rudd, who penned an essay about the global financial crisis in 2009, and his former boss Wayne Swan, who wrote about inequality and the power of vested interests while Treasurer 11 years ago.
Dr Chalmers said he was "grateful" for the opportunity to write the essay during his summer break.
"I was grateful for the opportunity to reflect over the break on what's important, where we're headed as a country, and how we better line up our values and goals with our economy in 2023 and beyond," the Treasurer said.
"We can do more than simply batten down the hatches and hope for the best," he said. "We have a chance to build an economy that is stronger, more sustainable and more inclusive, where more of our people share in our economic success."
