ANDREW CARSWELL: Treasurer Jim Chalmers is aware of Australia’s productivity issue, now he must solve it 

Treasurer Jim Chalmers has, for the most part, been effective in diagnosing the vast array of problems facing Australia’s economy.

Drawing on his communication skills, he has repeatedly identified the core challenges Australia must overcome to revive its economic dynamism and restore growth to levels more reflective of the nation’s potential, while acknowledging the global headwinds at play.

He spoke of productivity reform long before Prime Minister Anthony Albanese made it oh-so-Canberra-cool by announcing a Productivity Roundtable for August; for the captains of industry to come together with policy makers to plot a pathway back to productivity growth.

Good.

Thanks for the diagnosis, Doc.

Such assessments are an important part of Chalmers’ job. To see clearly, to understand thoroughly, and to communicate effectively.

But it is no longer time for mere diagnosis and theoretic repetition; of a continuation of the rhetoric that showcases knowledge and understanding of the deep structural faults within the Australian economy.

It is time for Jim Chalmers to show he has the vision, capacity and capability to actually fix them.

Time to put some meat on the bones of what a productivity shift in this country actually looks like, of how he will encourage businesses to invest again and attract capital, of how he will get the economy moving again. Simple things. No pressure.

His speech to the National Press Club tomorrow is the perfect opportunity; a moment of greater prominence now that his boss has been ghosted by Donald Trump, courtesy of the US President’s hasty exit from the G7 to return to Washington to prevent a Middle Eastern skirmish becoming a full-blown war.

Much to the relief of a Prime Minister who had been pacing the hallways of the G7, nervously waiting for his moment in the principal’s office. He’s been given a stay of execution. The cane can wait.

Despite the enormity of his May election win, Albanese has stashed away his usual confidence on this North American sojourn, with Trump’s sore points weighing heavy on his mind — the AUKUS apathy, the targeted trade tariffs, the battle over beef, Australia’s woeful defence spending, not to mention the PM’s history of Trump slurs.

His travelling crew had made it clear there was one objective for the week: Don’t stuff up.

This defensive posture failed to recognise that any strength shown to Trump — a man considerably disliked by most sensible Australians — would be to his benefit.

Moot point now. But a glimpse inside the inherent conservativeness of a leadership that is more comfortable plodding than reforming.

With all those critical issues now at an impasse, the microphone passes to Jim. Elevated to fourth fiddle in a busy week.

Don’t stuff it up. Because everyone is watching now.

It is arguably Chalmers’ most important speech, as he outlines the economic agenda of a second-term government that’s ready to shake-off its first-term nerves and talk seriously about lifting productivity, attracting investment, and finding avenues for growth.

Important, because with economic growth running at an anemic 1.3 per cent, with productivity lagging at a 60-year low, with business investment screeching to a halt, with high energy prices driving record insolvencies, Chalmers needs to talk answers and solutions.

Meat on the bones.

The Albanese Government’s elevation of productivity — the ability to generate more output from the same amount of effort — as a term two topic du jour is to be commended.

It’s worthy of prioritisation, despite its deep unsexiness. Despite the clear difficulty political leaders have had in explaining to the great unwashed what the term actually means, while providing the reassurance that no, the robots aren’t coming for your jobs. Well, not all your jobs.

Lagging productivity has become one of the biggest handbrakes on Australia’s economic growth. It’s a key reason why many investors are now hesitating before committing capital to Australia and why multinational companies are looking at Chile, Malaysia, India and Vietnam before they consider our shores.

There is an enormous reserve of foreign capital sitting offshore, in a holding pattern, ready to be deployed into Australia’s most critical sectors. But those investments are being held back by weak productivity, rising business costs, mounting red tape and regulation, and uncompetitive tax settings — all of which are combining to create an unprecedented level of capital risk.

This is much-needed investment destined to improve Australia’s energy capacity, create downstream processing capability for critical minerals, and build out the digital infrastructure, data centres, cloud computing and fibre-optic cables that will set Australia up for decades of economic growth and innovation.

What has already been announced in this crucial tech space is the tip of the iceberg; spare change sloshing around in one of the biggest capital pools on the planet outside of defence, waiting for serious policy certainty before the floodgates are opened.

Deliver real solutions to drive productivity growth, turn intention into action, and you unlock that investment — capital that, in turn, fuels even greater productivity gains.

Can we really wait two months for a roundtable to tell us what we already know?

There is a nice podium at the National Press Club.

Start there.