CANBERRA: Treasurer Jim Chalmers will meet with Australia’s top economic figures in the face of growing global uncertainty sparked by US President Donald Trump’s reciprocal tariffs regime. This follows similar meetings late Tuesday (April 8) with the heads of Australia’s big banks and super funds.
Chalmers will meet with Reserve Bank Governor Michele Bullock, Treasury Secretary Steven Kennedy and the heads of major regulators on Wednesday, including Australian Securities and Investments Commission Chair Joe Longo and Australian Prudential Regulation Authority chair John Lonsdale, according to a government spokesman.
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On Tuesday, Chalmers met with the heads of major banks including Commonwealth Bank of Australia CEO Matt Comyn, National Australia Bank Ltd. Chief Executive Andrew Irvine and ANZ Bank CEO Shayne Elliott, as well as the Super Members Council of Australia Chief Executive Misha Schubert.
"We’re working closely with the regulators and financial institutions to ensure that everything possible is being done to safeguard Australians from this global volatility,” Chalmers said in a statement on Tuesday night. "These escalating trade tensions are casting a dark shadow over the global economy but Australia’s robust economy and budget puts us in good stead.”
Australia’s real GDP is estimated to decline by just 0.1 per cent as a result of the imposts, with a rise of 0.2 per cent in inflation in the short term, according to modeling requested by Chalmers after the Trump administration announced a ten per cent tariff rate on the country last week.
Still, the stock market has been hit hard in recent days, as Treasury warned the effects of the tariffs would be distributed unevenly, with trade-exposed industries such as agriculture, energy and mining the worst affected. - Bloomberg
