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Output in the US economy rose to a 31-month high after American businesses cheered on the election of Donald Trump and the prospect of lower corporate taxes and a wave of deregulation.

Mining billionaire Gina Rinehart’s rallying cry to Australians ahead of the federal election is “make our bank accounts great again” as she urges the Coalition to follow the lead of Donald Trump with an uncompromising policy agenda.

It says something about national smugness when the feelings of the ‘Jidirah Spirit Whale’, which tells all the fish in the sea what to eat, when to mate, and where to migrate, overrides an $18.7 billion Woodside offshore gas project with the capacity to power 8.5 million homes for 30 years.

Australia is confronted by three big changes in our strategic circumstances that are making our steady-as-you-go approaches to security and economic development untenable.

We face a markedly increased risk of war in the Indo-Pacific; the global economy is restructuring rapidly in adverse ways; and the Australian economy has stalled with essentially zero productivity growth, declining international competitiveness and a flight of much-needed investment.

One of Donald Trump’s most eye-catching moves this week was appointing Elon Musk and fellow tech billionaire Vivek Ramaswamy as outside efficiency experts to the US federal government.

The Business Council is calling for a national de-regulation agenda to boost economic growth by cutting red tape, and the plan outlined today by the corporate regulator, ASIC, to reduce regulatory complexity is strongly welcomed.