Nicholas Moore appointed Special Envoy to Southeast Asia

PM appoints former bank CEO Nicholas Moore as Special Envoy to Southeast Asia, as government moves to deepen ties with the economic powerhouse.

Macquarie Group's former CEO Nicholas Moore.

Former Macquarie Bank chief executive Nicholas Moore has been appointed Australia’s new Southeast Asia tsar, as the Albanese government moves to deepen ties with the economic powerhouse region.

Anthony Albanese announced Mr Moore’s appointment as Special Envoy to Southeast Asia at the second ASEAN-Australia Summit in Cambodia on Saturday, saying he would drive the delivery of Australia’s 2040 regional economic strategy.

The Prime Minister told Southeast Asian leaders in Phnom Penh that Australia was committed to working with the grouping to ensure the region’s security and prosperity in “a complex and changing world”.

“Australia remains committed to a rules-based regional order with ASEAN at the centre,” he said, in a veiled reference to Chinese efforts to dominate the regional agenda

“Working in close consultation, we can forge a more secure and sustainable future, where international law and norms are upheld, and disputes are resolved amicably through diplomacy and dialogue.”

Mr Albanese said Australia was committed to working with the grouping to drive economic growth, realise the potential of digital economies, develop smart and sustainable cities, and advance science, technology and innovation.

Mr Moore’s appointment comes 12 months after the Morrison government tapped the former banker to lead a review in the effectiveness of the Australian Security and Investment Commission.

Mr Moore will lead consultations with business and other stakeholders in Australia and Southeast Asia over coming months to inform the new Southeast Asia Economic Strategy to 2040.

The strategy will set out a pathway to strengthen Australia’s economic engagement with Southeast Asia, identify trade and investment opportunities and provide a roadmap to bolster two-way trade and grow Australian investment.

Mr Albanese said: “We want to maximise the significant trade, investment and other economic opportunities for Australia and our region, and enhance our people-to-people ties.

“I thank Mr Moore for agreeing to this important appointment and am confident his vast experience will amplify our existing two-way commercial engagement and champion new trade and investment opportunities with Southeast Asia.”

Mr Moore was CEO of Macquarie Group for ten years and it’s the current chair of the Financial Regulator Assessment Authority.

Asia Society Australia director Richard Maude applauded Mr Moore’s appointment as a smart move that recognised Australia had work to do in building the economic relationship with ASEAN.

“As I understand it the Special Envoy will help lead the Southeast Asian economic review which is an important and big job and there’s definitely work to do there,” he said.

“The trade relationship is healthy enough but at a time when diversification has become very important to us it’s important to see whether value can be wrung out of various bilateral or multilateral Free Trade Agreements. And where extra opportunities for Australian exports might be emerging.”

While Australia’s trade relationship with ASEAN was “healthy enough” the region was keen to see greater Australian investment and a stronger commercial economic presence.

“There are good reasons why Australian companies have chosen to invest elsewhere but Southeast Asia today is not the southeast Asia of ten years ago and we do want our companies and super funds to have another look at the region as a long-term investment.”

“The economic relationship is hugely important to ASEAN and although they’re recovering now they were hit hard by the pandemic. They’re number one priority is economic growth and reducing inequality. That’s important to them but also important to us.”

Earlier, Treasurer Jim Chalmers departed for Indonesia for the G20 joint finance and health ministers meeting.

“The meetings come at a critical time for the global economy and our region, and provide an important opportunity to discuss global conditions and forge deeper international collaboration,” Mr Chalmers said.

He will be joined in Bali on Monday by Mr Albanese for the B20 Summit of business leaders. The Prime Minister will stay on for the G20 and a succession of bilateral meetings including expected talks with Xi Jinping.

Chinese officials released a meeting schedule for Mr Xi on Friday that did not include an Albanese bilateral.

A Chinese government spokeswoman said Mr Xi would also meet “others, upon request”, which may include the Australian Prime Minister.

Mr Albanese said China needed to lift its $20bn-a-year with of trade bans on Australian exports if it wants to normalise relations.