Jim Chalmers’ message to Japan on gas and weathering winds of change in Donald Trump’s second term

Treasurer Jim Chalmers has assured Japanese business giants Australian gas will continue to flow to their shores while highlighting stable relationships are more important than ever as the world braces for major upheaval.

As the fallout continues to the US election result, Dr Chalmers also spruiked a major improvement in approval times for foreign investment.

Dr Chalmers on Thursday night addressed representatives from 30 Japanese companies responsible for a major splice of the $141 billion worth of investment the country held in Australia as of last year.

Japan is Australia’s biggest market for LNG, with exports more than doubling between 2021 and 2023.

The heavy reliance on Australian LNG has fuelled concerns in Japanese political and business circles about the Albanese Government’s interventionist gas policies, which they fear could threaten supplies.

Prime Minister Anthony Albanese and Resources Madeleine King have repeatedly sought to assure Japan those fears are unfounded and Australia can be trusted to supply the gas needed for its net zero transition.

In a speech to the Federation of Japan Chambers and Commerce and Industry in Australia, Dr Chalmers will strongly reiterate that message.

“Let me be very clear here,” Dr Chalmers told attendees, which included representatives from Mitsubishi, Nippon Steel and Mitsui.

“We understand the role we play in making sure you have access to the energy you require, and we will continue to be a responsible and reliable supplier – now and into the future.”

He said that promise was made clear in the Federal Government’s Future Gas Strategy and delivered in person when Ms King visited Japan last month.

Dr Chalmers also used the speech to highlight the early dividends of changes to foreign investment rules to speed up approvals.

Almost half of cases were approved within 30 days in the first quarter of 2023-24, up from 22 per cent in 2021-22.

“This is good for our country and good for investors around the world, as we continue to approach foreign investment in a stronger, more streamlined way,” he said.

The world is coming to grips with Mr Trump’s election win and the potential international implications of his America-first agenda, which includes slapping tariffs on China.

Dr Chalmers echoed Prime Minister Anthony Albanese and Foreign Minister Penny Wong’s message that “change” should be expected in the second Trump presidency.

He said Japan and Australia shared a common interest in ensuring the United States remained “engaged in the world and engaged in our region”.

“In this world, strong, stable friendships built on shared values are more important than ever,” he said.