Australia must embrace immigration, trade and foreign investment - or risk the prosperity of future generations, according to Treasurer Scott Morrison.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
In his third and final post-election headland speech, to be delivered at the Lowy Institute in Sydney on Friday, Mr Morrison will argue Australia has built its wealth on the back of freer trade and that, for two centuries, it has relied on the influx of foreign capital to fund domestic investment and grow the overall size of the economy.
At the same time, the nation's targeted immigration program has been a prime driver of population growth and, therefore, economic growth, while the "composition of our immigration intake has been equally important. Our immigration program sets itself apart from other countries, as it is built on attracting people and families to Australia who want and are able to make a contribution, rather than take one".
Mr Morrison, like Labor treasury spokesman Chris Bowen and finance spokesman Jim Chalmers in recent speeches, identifies a rising tide of anti-Muslim and anti-immigration sentiment in some pockets of the Australian community.
"According to a recent poll, almost half of Australians are in favour of banning Muslim immigration. There are similar results for banning foreign investment and opposing free trade agreements. Support for these measures is the product of genuine anxiety in our community about these issues. It can be politically popular and rewarding to simply endorse these policy sentiments. However, there is great danger in following this path."
Like Labor, the Treasurer will highlight sluggish wages growth for ordinary Australians as a source for growing discontent in sections of the Australian community.
However, "it would be foolish for anyone to deny that there is concern about immigration in Australia," he will argue, according to an advance copy of the speech seen by Fairfax Media.
"The way to address it is not to be dismissive, but to engage on those concerns and have policies that effectively address them" - not to pull up the shutters.
"The same is true for our approach to foreign investment and trade, where our policies are delivering real economic benefits for Australians across the country. So we will continue to pursue immigration, trade and foreign investment policies that are focused on the national interest, by focusing on how Australians can participate and benefit from a growing economy, to boost wages, increase profits and raise our living standards."
Mr Morrison's speech, which follows major addresses on fiscal policy and macro-economic policy, also highlights the government's recent success in striking a deal with the ALP to pass the $6.3 billion omnibus savings bill and underscores the need for further budget repair in the years ahead.
The speech comes as the final budget outcome for 2015-16 is released on Friday. That is expected to show a small reduction in the final budget deficit as a result of measures such as the passage of the omnibus savings bill and a tightening of expenditure.
