"WHAT IS THE MOTIVATION FOR EVERYTHING WE DO?"

This question was posed rhetorically by Australian Foreign Minister Penny Wong at this month's Australian Financial Review Business Summit, discussing Australia's role in an increasingly contested and strategically deteriorating region.

"Our motivation is always stability. It is always peace," said Minister Wong, emphasising the need for both deterrence and assurance in Australia's foreign policy and defence. Minister Wong's insightful fireside chat was one of many highlights of the AFR Business Summit, which featured a star-studded lineup including many AmCham members.

BHP's Geraldine Slattery, Commonwealth Bank of Australia's Matt Comyn, Fortescue's Mark Hutchinson and Dino Otranto, Google's Melanie Silva, J.P. Morgan's Jamie Dimon, Treasury Wine Estate's Tim Ford and Woodside's Meg O'Neill were just some of the business leaders sharing their expectations for the economic trends ahead - with a mix of optimistic and ominous projections.

Chairman and Chief Executive Officer of J.P Morgan Jamie Dimon gave a 65 per cent likelihood of a mild or deep recession in the United States in the coming one to two years, warning stagflation is not off the table.

While former Treasurer, now Chair of Goldman Sachs Australia and New Zealand the Hon Josh Frydenberg had a "glass half full" view of Australia's economy. Like many, he had a dire forecast for the geopolitical landscape, worried by the increasing volatility and dangers of growing cooperation between malign actors on the world stage and a politically divided United States heading into a contested Biden vs Trump rematch.

This month, President Joe Biden delivered a powerful State of the Union address, the third of his term. "Not since President Lincoln and the Civil War," said Biden in his opening remarks, "have freedom and democracy been under assault here at home as they are today."

Much like the leaders at the AFR Business Summit, despite his claims the free world is "at risk," Biden had a positive economic message in the face of unsettling strategic circumstances. Biden celebrated the US economy as "the envy of the world," touting job creation, 50-year low unemployment, record numbers of new small businesses, and inflation dropping from 9 per cent to 3 per cent.

Despite these numbers, as the Australian Financial Review reported this month, "pick any poll across the country, and you will find Trump is ahead of Biden by about 20 points on his ability to handle the economy."

Closer to home, AmCham will provide members with exclusive opportunities to hear from our own leaders on the state of the Australian economy.