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He said the regions made sense for programs of property development, given capital city property prices were beyond so many aspiring homebuyers. “So is there a little bit of a solution staring us in the eye, which is let’s get more properties built in regional Australia?” he said. “That’s great nation building … Get the right immigrants in, get the right resources allocated, create enormous amounts of jobs and create this self-fulfilling outcome over the next five or 10 years.” Want to read more of the stories you love on one of our state news websites? Click here to sign up for a free trial and access 12 locked articles on web over 12 weeks. Limits and T&Cs apply. Miller said Australia must use its comparative advantages to boldly explore new avenues of prosperity without the negativity which can sometimes limit public debate in this country. He warned that reliable pillars of national wealth, such as commodities, may subside in a rapidly changing world, compelling Australia to “reinvent” its economic uplift. Australia must unclutter regulation, and muster “moonshot” ambition, in attracting capital and talent from overseas. “I think we should be making the assumption that the great run we’ve had must at some point come off …” he said. “We need to get ready for that. Let’s challenge ourselves now to catch the next wave and let’s be ready for it.” Miller said the nation must take calculated economic risks, echoing the entrepreneurial overtones expressed by billionaire Andrew Forrest. “We just need everyone to agree that that’s what we want,” Miller said, “and therefore bring more purpose and focus to how we regulate, and more purpose and focus on how we want to get things done. “That should be a very positive public discussion and in fact easily accepted by everybody.” He cited issues with public debate touchstones, such as immigration and the energy transition, which suffered from “quite emotional” starting points. “Instead of the dogma and the debate around no net zero or net zero et cetera, why aren’t we focused on what we want – the most reliable, the most cost effective and the most emissions friendly grid in the world?” he said. Australia had gas, solar, wind and space. The nation should be seeking to provide data storage for “every single giant tech and data centred player in the world”. “And we get therefore all of the data storage,” he said. “We get all of the technology that follows, (and) all of the intellectual prowess and knowledge transfer that follows.” Miller, 55, started as Westpac chief executive late last year. He was one of six siblings who grew up in a small business family. His parents, aged 80 and 74, still work full-time in the family’s Brisbane swim centre businesses. In October, he agreed he was righting a wrong by reopening a Westpac branch in Moree, in northern NSW, which the bank had closed in 2023 after 150 years. New Westpac branches will open in regional Victoria and Tasmania in coming months. Miller said attempts to address the nation’s housing crisis were being thwarted by approval processes that allowed objectors, such as local councils, to delay projects. “Housing affordability in Australia is about building more houses at the right price,” he said. “It’s not about stopping intelligent men and women from around the world coming to Australia.” This article is part of the Back Australia series, which was supported by Australian Made Campaign, Harvey Norman, Westpac, Bunnings, Coles, TechnologyOne, REA Group, Cadbury, R.M.Williams, Qantas, Vodafone and BHP. Originally published as Westpac chief reveals bold plan for Australian housing, immigration
