Hauser called on Australian economists and academics to lead a 'hat trick' of innovations to stimulate future economic growth.

Reserve Bank deputy governor Andrew Hauser emphasized the importance of innovative economic research, recalling Australia's history of overcoming crises through creative solutions.

Recent monetary policy decisions kept the official cash rate steady at 3.85%, defying market expectations of a cut and disappointing mortgage holders seeking relief from high costs.

He also referenced two 'Golden Ages' in Australian economic history—one that helped the country recover from the Great Depression and another that resulted in decades of recession-free growth.

The Productivity Commission noted that while trade tariffs might offer temporary benefits, increasing global uncertainty and potential trade wars could ultimately harm Australian living standards.

Australia is currently confronting unprecedented economic challenges, including trade tariffs, climate change, and productivity slowdowns, all of which threaten the nation's living standards.

A significant concern is Australia's declining productivity, with ongoing research involving public agencies aimed at understanding and reversing this trend.

Hauser highlighted major ongoing risks such as the global shift away from free trade, rising geopolitical tensions, climate change, and declining productivity.