The Treasurer has also revealed boosting productivity will be the focus of the Albanese government’s second term, while still reining in inflation.

Appearing on ABC’s Insiders following Labor’s thumping victory, Mr Chalmers said he had been given a rundown by Treasury secretary Steven Kennedy at 6.45am on Sunday.

He said his “immediate focus” would be on how the returned Labor government managed the risks posed by the increasingly volatile US and China relationship.

He said the “spectrum of scenarios” posed by the global outlook was “much broader” following the impact of Donald Trump’s trade war.

Its impact on the Chinese economy will pose the biggest threat to Australia, with China being our biggest trading partner, accounting for about $212.7bn or 26 per cent of exports.

“We know that the direct impact on us from the tariffs is manageable and relatively modest but there is a huge downside risk in the global economy,” he said.

“I think what’s happening, particularly between the US and China, does cast a dark shadow over the global economy and we’re not uniquely impacted by that.”

Although he said it would be the primary concern for “every country,” he said he believed Australia was “well-placed” to combat the issues.

“Global economic uncertainty really is the big influence on my thinking and my work on day one of a second term,” he said.

“We need to have the ability – and we will have the ability – to manage that uncertainty at the same time as we roll out our domestic agenda,” he said, naming Future Made in Australia, housing, energy, human capital and boosting competition.

Supercharging productivity, how the economy can do more and produce more without further spending, while not increasing inflation was another second-term goal.

Prior to the election, business groups had been calling for more government investment into boosting productivity, which covers policy areas like industrial relations, cutting red tape and boosting investment in key sectors.

“I’m looking forward to rolling out the changes we announced on a national regime for occupational licensing, the non-compete clauses change, the competition policy I’m working up with the states, revising national competition policy,” he said.

“The best way to think about the difference between our first term and the second term that we won last night – the first term was primarily inflation without forgetting productivity.

“The second term will be primarily productivity without forgetting inflation.”

He also flagged a major Productivity Commission review due to report in the third quarter of this year.

Prime Minister Anthony Albanese, who led Labor to second term with a strong majority at Saturday’s election, has already said Mr Chalmers would remain as Treasurer.