(Bloomberg) -- Treasurer Jim Chalmers pledged to deliver “values-based capitalism” in Australia by revamping markets, renovating institutions and urging the private sector to co-invest with the government as the global economy confronts an inflation crisis.

“Australia can do more and do better than just batten down the hatches in 2023 or hope for the best,” Chalmers wrote in a 6,000-word essay that will be published in Australian magazine The Monthly on Monday. “We can build something better, more meaningful and more inclusive.”

In the article, Chalmers, who took office in May after Prime Minister Anthony Albanese’s Labor Party took power, criticized the neoliberal approach of the previous government and promised to “redefine and reform our economy and institutions.”

“We will renovate the Reserve Bank, responding to the RBA Review,” Chalmers wrote, saying the Productivity Commission would be turned into a think tank to advise the government.

Chalmers said the way markets allocate and arrange capital also needs restructuring.

“Government has a leadership role to play,” he wrote. “Defining priorities, challenges and missions – not ‘picking winners’. This is critical to guide how we design markets, facilitate flows of capital into priority areas.”

The treasurer said co-investment with businesses was a “powerful tool,” and the government would look to employ it in the industry, housing and electricity sectors.

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