Donald Trump snubbing Anthony Albanese wake up call to 'get our house in order', US Studies Centre's John Kunkel declares
That is the assessment of the US Studies Centre's senior economics adviser John Kunkel after President Trump and Mr Albanese's highly anticipated meeting was abruptly cancelled.
Mr Albanese's bilateral meeting was scheduled to take place on Tuesday local time, but the US President instead left the summit on Monday night.
The two leaders were poised to discuss the AUKUS agreement alongside President Trump's sweeping tariff regime and the possibility of Australia securing an exemption from levies on steel, aluminium and beef.
Mr Kunkel joined Sky News' Business Editor Ross Greenwood and pointed out dealing with the escalating conflict in the Middle East was far more important than meeting the Australian Prime Minister.
'Prime Minister Albanese is a realist. He'll take that on at face value,' he told Business Now.
'I think really what it underscores is we've got a lot of work to do back in our own country in getting our house in order.'
Mr Kunkel highlighted low levels of productivity, poor fiscal growth and Australia's defence spending, which US officials have urged to rise to five per cent of GDP to counter the threat of China.
'There's an awful lot for us to be getting on with,' Mr Kunkel said.
'The Prime Minister had a big election win. There's a productivity round table coming up.
'I suggest we take this opportunity to come back and actually look at the context in which we are now operating internationally.
'We do need to be more competitive.'
Australia's economy is heading back towards per capita recession territory - consecutive quarters where population growth outpaces economic growth - with growth slumping to just 0.2 per cent in the March quarter while the population increased by 0.4 per cent.
The nation was in a per capita recession for 21 months before the economy picked up in the December 2024 quarter.
Deloitte Access Economics partner Stephen Smith said the GDP figures showed the need for a boost of business investment to charge Australia's growth.
"While household spending and housing construction growth both noticeably improved in the March quarter, soft business investment growth indicates an ongoing lack of spark in private sector activity," he said in a statement.
"Business investment is crucial to lifting productivity and sustainably growing the economy.
"That is why it is important to ensure policy settings are optimised for economic growth."
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