This Oration has become such a welcome opportunity for us to sketch out our thinking in a way that cherishes the memory of a deeply revered Australian.

This is a big occasion for Australia.

We couldn’t be more grateful to all the Pacific Nations’ leaders gathered here today, what an absolute honour it is to be here with you today and to provide some perspectives.

Today I am proud to introduce the Future Made in Australia Bill 2024.

This Bill is a major step in implementing the Albanese Labor Government’s Future Made in Australia agenda, to deliver our country’s next generation of prosperity.

In the 6 years since you last met, the global economy has faced a series of shocks that we’re still grappling with, at the same time as we manage rapid social, environmental and technological transformation and geopolitical risk.

Our task amidst all this churn and change is to create a more productive, more modern, more competitive economy.

It’s just over 2 years since the government was elected.

A month since the Budget.

And about 7 months since you last hosted us in a forum like this, down in Melbourne, where I was able to expand on some of our thinking on the energy transformation and what it means for grasping Australia’s net zero opportunity.

It’s been one month since the Budget, and one week since the latest National Accounts release gave us a good sense of how our economy was faring in the first 3 months of this year.

Growth has been weak, quarterly inflation has been moderating but it’s still higher than we’d like, and the geopolitical situation has created an even more complex set of global influences.

Our first Budget in 2022 was about funding our commitments in key areas like early childhood education – but it was also about cleaning up the waste and rorts.

Last year’s Budget was about a first surplus and fighting inflation – but it was also about strengthening Medicare.

Last night’s was primarily about easing the cost of living, a second surplus, and a Future Made in Australia – but it was also about more homes for Australians, the care economy, and broadening opportunity.

This is a Budget for the here‑and‑now and it’s a Budget for the decades to come.

It’s a responsible Budget that helps people under pressure today – and invests in the promise and potential of the more prosperous future we can make together.

There is some welcome resilience in the global economy, but we still face a perilous outlook, fraught and fragile.

Inflation is moderating but lingering, especially in North America. Growth is weak in China and slowing in other major economies. The Middle East conflict has escalated, risking higher oil prices. The war in Ukraine continues. Supply chains are fragmenting while the global economy transforms.

Competition means more and higher quality choices for consumers, at fairer prices;

Competition supports full employment and means workers are more likely to earn higher wages, which lifts living standards;

And competition makes our businesses more dynamic, more innovative and more productive and expands our economy.