Uncertain world creates risk and opportunity for Australia: Miller

James Thornhill
04:30pm March 13 2025

Westpac CEO Anthony Miller. 

Westpac CEO Anthony Miller is clear eyed about the risks to Australia from a period of global uncertainty and volatility ushered in by the Trump Presidency.

He’s also alive to the opportunities. 

Those risks were laid bare earlier this week when it emerged that Australia would not be getting an exemption from the Trump administration’s 25 per cent tariffs on steel and aluminium imports, even though Australia is one of the few countries that runs a trade deficit with the U.S.

Speaking at an Institute of International Finance forum, hosted by Westpac at its Sydney offices, Miller said it was important not to react to such moves, but keep calm and play the long game.

“In a world where there is so much more volatility and uncertainty, remaining a transparent, consistent and reliable destination for capital and talent is something that is a differentiator for us and something that we should be working to protect and enhance,” Miller said. 

It also puts the onus on Australia to be a trusted partner in its own backyard in the Southwest Pacific, as well as the broader region. 

“There are areas where Australia has perhaps not given itself enough attention or focus,” Miller said. 

“For example, our agriculture sector and its capacity to provide quality produce to our neighbours across Asia is something we can put more thought and resources into because it’s something that is uniquely part of our comparative advantage.”

He also cited the country’s strength in critical minerals production, particularly rare earths – key components in many tech products - where Australia is one of the few globally significant producers in a market dominated by China. 

“It has maybe been a little too easy for us because we’ve had the iron ore, the coal and gas that the region has needed and that’s been our comparative advantage – we now need to ask: what more can we do to get extra value?”

That could mean moving beyond simply digging resources out of the ground and adding more processing capability – something the government is looking to achieve with its Future Made in Australia strategy. 

“While some of these geopolitical tensions are of concern it is forcing us to become a little more self-reliant,” Miller said.  

Attractive destination

Australia’s long-term economic success has been built on transparent, consistent regulation which has attracted capital - both financial and human, Miller said. 

“We need to make sure our regulation is efficient and effective and recognise that good regulation is part of how you compete,” he said.

“People want to put their money in a jurisdiction where they can trust the fiscal framework and the regulatory setting, they can trust that their employees will be well treated and protected, and they can trust that the intellectual property they create will not be misused and in fact will be protected.”

Trust in the country’s laws and institutions forms part of what makes Australia an attractive destination, he added.

“We should be attracting the best human capital. If you think about the volatile world that we’re in, in some respects that is our comparative advantage – it’s the safety and stability of living in Australia.”

In terms of the domestic economy, Miller said he was starting to see the green shoots of recovery.

“It has certainly been a difficult couple of years but there are indications that we’ve got through it. Unemployment is still relatively low, inflation is coming into the RBA’s target zone, and we’ve also recently seen the RBA deliver its first interest rate cut.

“What we’re seeing across our businesses is that the country has navigated this tough period pretty well.”
 

James Thornhill

James Thornhill was appointed as editor of Westpac Wire in May 2022. Prior to joining the bank, he was a business and financial journalist with more than two decades of experience with international newswires. Most recently, he was a resources correspondent for Bloomberg, covering the mining and energy sectors, and previously reported on a broad range of topics from economics and politics to currency and bond markets. Originally from the UK, he’s had stints working in London, New York and Singapore, but is now happily settled in Sydney.

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