When Treasurer Jim Chalmers took to the stage to open The Australian Financial Review Business Summit on Monday, there was plenty of the near-term politicking you would expect a year or so out from the next federal election.

But it was when Chalmers began discussing Australia’s long-term growth prospects and challenges that he became more thoughtful. Solving the big, thorny problems that lie ahead – the energy transition, the digitisation of the economy, defence, skills and aged care, to name five – will require a mixture of finely balanced decisions and bold reform.