For decades, Asia has been the world's growth engine.
It has lifted hundreds of millions of people into the middle class, created wealth on an extraordinary scale and transformed societies across the region.
What I am convinced will not change is Asia's central role in the global economy. It will remain the world's most important growth region for decades to come.
What is changing is not whether Asia will grow, but how it will grow.
And as Asia evolves, Australia's role in the region must evolve with it.
Asia's growth story is entering a new phase
For many years, Asia competed as the factory of the world. Its success was built on manufacturing scale, labour and urbanisation.
Today, the region is entering a different era.
Growth is increasingly being driven by technology, advanced manufacturing, artificial intelligence, digital infrastructure and higher-value services. Countries across Asia continue to adapt with remarkable pace and flexibility, creating new sources of growth and new opportunities for investment.
By the end of this decade, India is expected to become the world's third-largest economy, while Indonesia is on track to become one of the world's largest economies in the decade that follows. These are not distant developments unfolding elsewhere. They are taking place in our region and increasingly shaping the economic environment in which Australian businesses operate.
You can see it in semiconductors, data centres, automation, robotics, batteries and electric vehicles. Asia is not standing still. It is continuously reinventing itself.
That ability to adapt has been one of the defining characteristics of the region's success.
Despite its diversity of cultures, languages, political systems and economic models, there is a common thread. Across the region, there is a strong commitment to prosperity, supported by investment, hard work, adaptability and a willingness to embrace change.
Because of that, I remain optimistic about Asia's future.
A more complex world is changing how businesses grow
The world itself is changing.
For much of the past eight years, businesses optimised for efficiency. Supply chains became more concentrated, trade relationships deepened and capital flowed to wherever returns appeared most attractive.
Today, resilience matters just as much as efficiency.
Geopolitical tensions and a more uncertain world have changed how businesses think about growth. The idea that businesses can rely on one customer, one supplier, one source of raw materials or one source of energy is increasingly being challenged. Businesses are responding by diversifying supply chains, investments and sources of growth.
Diversification has become one of the defining economic themes of our time.
For Australia, that matters. In a world where access to multiple markets is increasingly valuable, the fastest-growing region on our doorstep becomes even more important.
The businesses that want to succeed over the long term will need to build deeper relationships across Asia and understand the opportunities emerging across a diverse and dynamic region.
[VIDEO HERE]
Nuno Matos recently joined Bernard Hickey on ANZ’s daily financial markets podcast 5 in 5 to discuss Asia's changing role in the global economy as part of his appearance at the AFR Asia Summit on 15 September 2026.
Australia starts from a position of strength
Australia is well positioned to play a larger role in Asia's next phase of growth. The economic relationship is fundamentally complementary.
Asia's growth requires capital, energy, critical minerals, food security, technology and infrastructure. Australia can contribute across all of those areas.
As Asia continues to invest in technology, infrastructure and new sources of growth, the opportunity for Australia extends beyond trade. There is scope for deeper relationships built on investment, expertise, capital and long-term partnership.
Australia's strengths go beyond what we produce. Australia benefits from strong institutions, a trusted legal system, high-quality education, abundant natural resources and energy, and close proximity to the region. Australia should continue to consolidate its role as the most important education hub of Asia Pacific. Equally important are the deep people-to-people, business, educational and cultural connections that have been built across Asia over many decades. These connections matter.
In an increasingly complex world, trust, long-term relationships and ability to work constructively across borders matter.
Australia is widely regarded as a trusted partner across the region. That trust creates opportunities for deeper economic relationships and greater collaboration as Asia enters its next phase of growth.
We already have deep connections throughout the region and a strong foundation on which to build.
Taking a long-term view of Asia
The opportunity is significant, but success is rarely immediate.
The businesses that succeed in Asia are usually those prepared to invest for the long term. They take time to understand markets, build relationships, earn trust and adapt to different operating environments.
That requires patience, consistency and a willingness to think beyond short-term outcomes.
Asia is not a single market. It is a collection of diverse economies, cultures and business environments. Success comes from understanding those differences rather than expecting them to disappear.
For Australian businesses, the question is not whether Asia will become simpler. The question is whether we are prepared to engage with the opportunities that already exist and accept the volatility and the cycles that accompany this.
Building the next chapter together
As Australia's most international bank, operating across almost 30 markets, ANZ sees every day how closely Australia's future is connected to Asia's continued growth.
We help Australian businesses expand into new markets, support companies as they become more international and connect global capital with Australia and New Zealand.
Most importantly, we walk with our customers through the world. We help them navigate complexity, build relationships and identify opportunities across Asia and beyond.
Ultimately, I think the conversation about Asia is not whether the opportunity exists. It is how Australia chooses to engage with it.
The economic logic is compelling. The relationships already exist. The opportunities are real.
The question is whether we are prepared to deepen those connections and participate more fully in the region's next phase of growth.
Because as Asia continues to evolve, Australia has every opportunity to grow alongside it.
Nuno Matos is Chief Executive Officer at ANZ