cross-posted from: https://lemmy.sdf.org/post/51251424 > The Albanese government has created a new unit in Treasury to inject intelligence insights into economic decision-making for the first time. > > The new branch is working with intelligence agencies and international partners to identify and communicate trends, threats and opportunities for economic security. > > […] > > Archived > > […] > > “Geopolitical tensions and conflicts around the world are a major driver of global economic uncertainty,” Treasurer Jim Chalmers told the Australian Financial Review. > > “Economic security and national security are now almost indistinguishable.” > > The idea of a “distinct economic security function” – including staff seconded from security agencies – was first raised in the Independent Intelligence Review that was made public last year. The review identified economic security as an emerging area of policy at a time of rising national security challenges. > > […] > > “Our pitch to international investors is not that we are immune from uncertainty but that we are well-placed to manage it and grasp the opportunities that flow from it,” he said, pointing to Australia’s well-regulated financial system, deep capital markets, and long track record as a reliable home for capital. > > However, a recent report by the United States Studies Centre urged both government and business to urgently step up contingency plans to better navigate heightened risks from global crises. > > […] > > Australian businesses had been “sluggish” to prepare for geopolitical threats across the supply chain because of the complexity and costs involved, said the report. > > Companies “should consider ‘war gaming’ different disruption scenarios to help them anticipate and plan for geopolitical pressure and supply chain disruptions”, it warned. > > […] > > It also said Australia was well-positioned to play a key role in targeted areas like critical minerals and supporting AI expansion through energy production and as a hub for data centres. > > “Part of the solution is for government to think broadly about how Australia can plug holes in the global supply chain,” said Channer. > > […] >