Speaking at Melbourne Business School, Walsh said he commonly got asked about whether he worried about the Chinese slowdown.

“In short, no. China’s ‘new normal’ is all about slightly ‘slower but higher quality growth’,” he said.

“Yes, China’s GDP will decline from the double digits of some years ago, and from around 7% this year to on average about 4-5% through to 2030.

“China’s steel intensity will continue to rise and in the rest of the world steel demand will grow 65% over the next 15 years.

“Over that period, 470 million people in China, India and the ASEAN will move to an urban environment, so these are huge population flows and materials needs - be they for food, energy, metals and minerals.

“And Australia with its assets, its relationships, and its knowledge can play a critical role.”

Walsh said it was that logic that led the company to approve the Amrum bauxite development in Queensland last week.

“Australia should look to embrace these opportunities with China, India and SE Asia as it did many decades before with Japan and Korea,” he said.

“With the external trade frameworks in place, now is the time for Australia to get the internal settings right to make best use of them.”

Walsh noted that Australia’s tax system had fallen out of step with the rest of the world, with other countries cutting corporate tax rates.

“When 10 of Australia’s 125 taxes and levies generate 90% of the revenue it begs the question: what are the other 115 doing to competitiveness and entrepreneurialism?” he said.

“Clearly Australia has much to consider in the rates and taxes in its economic mix. As a suggestion look closer to home, to Asia, than to a theoretical OECD or European average.

“If Australia looks to the future and to its region – the average corporate tax rate in Asia is closer to 21%.

“A worthy goal to consider and continue Australia’s pivot towards, and engagement with, Asia.”