‘Keep calm and play the long game’: Westpac boss on Trump tariff call

The chief executive of one of the country’s largest banks said Australia should remain calm and use the Trump tariffs to our advantage.

Australia has a rare opportunity to become more self-reliant should US President Donald Trump continue with his tariff policies, says the head of one of the country’s biggest banks.

Speaking at the International Institute of Finance event in Sydney, Westpac chief executive Anthony Miller said it was important not to react to tariffs, but “keep calm and play the long game”.

“In a world where there is so much more volatility and uncertainty, remaining a transparent, consistent and reliable destination for capital and talent is something that is a differentiator for us and something that we should be working to protect and enhance,” Mr Miller said.

Westpac CEO Anthony Miller said Australia should be slow with its tariff response. Picture: NewsWire / Nikki Short

This comes despite calls from politicians and business leaders for an urgent response to Mr Trump’s 25 per cent blanket tariffs on all steel and aluminium imports to the United States, including from Australia.

So far Prime Minister Anthony Albanese has ruled out a reciprocal move on the US, but has urged Australians to buy locally made products.

Mr Miller said Australia could instead benefit from opportunities created by the Trump tariffs by focusing on our relative strengths.

He said there were examples throughout the Australian economy where the country could benefit from trading partners closer to home.

“There are areas where Australia has perhaps not given itself enough attention or focus,” Mr Miller said.

“For example, our agriculture sector and its capacity to provide quality produce to our neighbours across Asia is something we can put more thought and resources into, because it’s something that is uniquely part of our comparative advantage.”

Mr Miller also called for Australia to use this as an opportunity to become more self-reliant, although he acknowledged the nation’s coal, gas and iron exports have driven past success.

“That could mean moving beyond simply digging resources out of the ground and adding more processing capability – something the government is looking to achieve with its Future Made in Australia strategy,” Mr Miller said.

Mry Miller said it could create opportunities for the Australian market. Picture: NewsWire / Nikki Short

“While some of these geopolitical tensions are of concern it is forcing us to become a little more self-reliant.”

Mr Miller said Australia could also leverage its position as an attractive place to live.

“We should be attracting the best human capital,” he said.

“If you think about the volatile world that we’re in, in some respects that is our comparative advantage – it’s the safety and stability of living in Australia,” he said.

Despite the current geopolitical backdrop, Mr Miller said the Australian economy was starting to see green shoots of recovery.

“It has certainly been a difficult couple of years but there are indications that we’ve got through it,” he said.

“Unemployment is still relatively low, inflation is coming into the (Reserve Bank of Australia’s) target zone, and we’ve also recently seen the RBA deliver its first interest rate cut (in several years).

“What we’re seeing across our businesses is that the country has navigated this tough period pretty well.”

Originally published as ‘Keep calm and play the long game’: Westpac boss on Trump tariff call