Future Fund boss Raphael Arndt says the possible re-election of Donald Trump as US president next year is “quite a dangerous point in history”, as he joined Reserve Bank governor Michele Bullock and Treasurer Jim Chalmers in warning geopolitical tensions are among the economy’s biggest challenges.

Dr Chalmers told the Australian Securities and Investments Commission’s annual forum in Melbourne on Tuesday the next two years of growth would be the weakest in the past two decades, outside of the global financial crisis and the pandemic.