“The lesson of these times is that supply chain resilience requires a new partnership between countries, governments and businesses,” he said.
“We have learnt we must build in resilience – because in the future, there will inevitably be times of turbulence and disruption.
“We have learnt that just-in-time supply chains aren’t enough. And we can’t take access to critical inputs for granted.”
Mr Morrison said many critical supply chains were yet to fully recover since the start of the pandemic.
“The recovery of global air and sea freight is still too slow,” he said.
“We are witnessing increasing costs and inflationary pressures, as well as reduced consumer supply.
“We need a greater collective focus on easing the constraints on international shipping and on the recovery of passenger flights.”
In a reference to China, Mr Morrison said more than ever there was a need to support the multilateral trading system, saying Australia had experienced the effects of economic protectionism and coercion.
“As a trading nation, we have held firm to our values pressures on supply chains and open, and decarbonisation of the global economy. But it has not been without cost,” he said.
“I believe it has also come at a significant cost to the countries which implement such measures. It’s hard to see how anyone wins.”
