Australia’s new economic decline is colliding with the breakdown of the liberal rules-based orders for global trade and security. The post-pandemic and oil shock push for more sovereign capability and supply-chain self-reliance will eat into national income just as living standards are under pressure.

Resolving this tension will require more, not less, of the pro-market —or neo-liberal — policy agenda of the Hawke-Keating and Howard-Costello era to reboot productivity and economic growth.

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