Australia looks to revamp markets, institutions

Changes afoot: A bulk carrier is seen docked at a grain terminal in Newcastle, New South Wales. Australia is on a path to redefine and reform its economy and institutions, according to Treasurer Jim Chalmers. — Bloomberg

SYDNEY: Treasurer Jim Chalmers has pledged to deliver “values-based capitalism” in Australia by revamping markets, renovating institutions and urging the private sector to co-invest with the government as the global economy confronts an inflation crisis.

“Australia can do more and do better than just batten down the hatches in 2023 or hope for the best,” Chalmers wrote in a 6,000-word essay that will be published in Australian magazine The Monthly soon.