Post Brexit, the UK will become an important partner and voice in the advocacy for our rules based trading system and the benefits of open and fair trade.In the last six years we have secured duty-free or preferential access for our exporters to an extra 1.7 billion consumers. Only a national government, especially one accountable through the ballot box and the rule of law, can define its national interests. Rules Based Audio is a half-hour, fortnightly podcast covering stories from the cracks and faultlines in the global order, hosted by Kelsey Munro and powered by the Lowy Institute. A land of durable institutions and shared values.So I am honoured to accept the invitation of my friend Prime Minister Modi to visit India in January, including to deliver the inaugural address at the Raisina Dialogue.The visit will be accompanied by a business delegation that I have invited Ashok Jacob, Chair of the Australia-India Council Board, to lead. This includes respecting electoral mandates of their constituencies.We should avoid any reflex towards a negative globalism that coercively seeks to impose a mandate from an often ill defined borderless global community. It is a great pleasure to address the Lowy Institute this morning. In a sharp change to policy, the Reserve Bank of Australia has already more than doubled its holdings of Australian dollar government and private debt and announced a ceiling not only on the overnight or cash rate, but medium-term bond rates as well.As the health emergency ends, it is apparent that the pandemic will change the terms of the political and economic debate in Australia — as it may change the debate in other Western democracies. For an organisation like ASD this was a major step. Because sovereign debt is very cheap and the cost of long-term unemployment is very expensive, it will not be sensible to aim for a rapid reduction of deficits at a time of high unemployment and fragile sentiment. And how my government is responding to these challenges.Ladies and gentlemen, we are living in a world in transition that former US Treasury Secretary, Hank Paulson, has described as “an unusually delicate moment in time.”A new economic and political order is still taking shape.We have entered a new era of strategic competition - a not unnatural result of shifting power dynamics, in our modern, more multi-polar world and globalised economy.It is a time of technological disruption, some of which is welcomed, some resented and feared.A time when global supply chains have become integrated to an unprecedented degree, and more of our economies are dependent on global trade than at any other time, including the major economic powers of the United States, China, Japan and Europe.There is both the promise and the threat of automation and artificial intelligence. There are fears, overstated in my opinion, of technological bifurcation – a sort of economic ‘Iron Curtain’ coming down.It is also an era of continuing security threats from terrorism, extremist Islam, anti-semitism, white supremacism, and evil on a local and global level.An era where pragmatic international engagement, based on the cooperation of sovereign nation states, is being challenged by a new variant of globalism that seeks to elevate global institutions above the authority of nation states to direct national policies.An era in which elite opinion and attitudes have often become disconnected from the mainstream of their societies, and a sense of resentment and disappointment has emerged.An era of insiders and outsiders, threatening social cohesion, provoking discontent and distrust.Whether directly or indirectly, these changes impact Australians.On our jobs, what we earn, our living standards and the essential services we rely on, that depend on a strong budget and strong economy.On our environment, our oceans, our coasts, our grazing and pasture lands, our water resources, our soil, that depend upon our practical conservation.On our safety, that depends on our national security, afforded by our alliances,  our defence, diplomatic and intelligence capabilities, our adherence to the rule of law and our ability to enforce the law.On our freedom, that depends on our dedication to national sovereignty, the resilience of our institutions, and our protections from foreign interference.This is not the first time our children have grown up in a time of global tension and disruption. Colleagues, friends, ladies and gentlemen. Jonathan Pryke is the director of the Lowy Institute’s Pacific Islands program and Mr McGarry is the media director of the Vanuatu Daily Post. Because of that example, his son became a blessing to our nation.While your childhood was darkened by the Holocaust, your eyes have always remained defiantly bright with hope for the future.In your speech last year for this Lecture you said “the list of our blessings is long” … and that you believe Australia has never been in a better position to influence international events, and to benefit from them.Tonight, it is a great privilege as Prime Minister to deliver this lecture, named in your honour.As a politician, my instincts and passions have always been domestic.Despite my activity of the past year, I am not one who naturally seeks out summits and international platforms. We agree that our relationship has significant further potential, including in hydrogen, critical minerals and security.I would add that the Indo-Pacific would be even stronger if Japan and the ROK can overcome their recent tensions.Ladies and Gentlemen, I can report from my most recent visit to the US at the kind invitation of President and Mrs Trump, that the state of our relationship is strong.Our alliance with the United States is our past, our present and our future.And it’s one that we contribute to as we undertake the greatest peacetime recapitalisation of our Defence Force ever and increase spending on Defence to two per cent of our GDP.Deep US engagement in the Indo-Pacific is essential for maintaining stability and prosperity.But even during an era of great power competition,  Australia does not have to choose between the United States and China.The strategic importance of our relationship is clear.China is a global power making significant investments in military capability as a result of its extraordinary economic success.It is having a profound impact on the regional balance of power.It’s now the world’s second largest economy accounting for 16 percent of world GDP in 2018The world’s largest goods exporter since 2009 and the world’s largest trading nation since 2013.The world’s largest banking sector, the world’s second largest stock market and the world’s third largest bond market.