Q: Thanks for observing the tradition, Prime Minister, of being here today. You mentioned a lot of times in your speech today the backdrop of global uncertainty and, while the US President has featured in our campaign, there hasn’t actually been a discussion about exactly where that leads us. So, I suppose what I would like to hear from you is – do you believe that, given these new uncertain elements in the global outlook, we need to tweak our defence posture towards one that’s more focused on the defence of Australia – aside from what we’re doing with AUKUS – and does it also mean, given that you’ve responded to the US position on tariffs by reaffirming our view of free trade, that we should perhaps be joining a regional free trade bloc?

Albanese:

Well, we have very strong trade relationships in our region. And we’ve built on them as well through the work that we’ve done with ASEAN, hosting every ASEAN leader in March last year in Melbourne. What was important about that was the fact that every leader came. There were no deputies. There were no vice-presidents. Every leader of those important nations came to Australia. I’ve hosted Prime Minister Modi here. I’ve hosted the Premier of China here as well, our most important trading partner. We have built up really significant economic relationships, and what will be the third-largest economy in the world as well. We’ve improved our economic partnership with India.

I think there’s a great deal in which that can grow. The US tariffs need to be put into perspective. Exports to the United States are under 5% of our total exports. Just to give one example – in the meat sector, what’s happened because of the disruption between the US and China is that Australian producers are opening up greater opportunities of exporting even more to China. So, out of some of these trade disruptions, what will emerge, I think, is – yes, some challenges, but also some opportunities for us.

And that is what I’m optimistic about, and that is what I mean by “serving our national interests”. On defence policy, let me tell you – the Defence Strategic Review was about defending Australia. That was what it was about. And that’s why things such as the production of missiles will happen. Manufacturing will happen here this year. So, not just purchasing, not just procurement from somewhere else, but how do we become more resilient as a nation in terms of our defence policy? And that’s why our $57 billion increase in defence investment is so important. But it’s very much targeted to what are Australia’s national needs as a result of our strategic review.