There’s an understandable inclination at first blush to see the US presidential election outcome as auguring difficult times ahead on the global stage. President-elect Donald Trump’s iconoclastic rhetoric on Ukraine, Gaza, Taiwan, tariffs and more in the lead-up to the election, coupled with his transactional approach to business, alliances and international institutions, and of making America great again appear to be zero-sum propositions for which the world is bracing for impact.

Australia is a bit of an outlier on this, though, on a range of fronts. Public statements have invariably emphasised shared values, but it is enduring overlapping interests that will feature more prominently now.

Economically, Australian stocks are high. The biggest direct foreign investor in Australia is the US – by a country mile. The US retains a considerable trade surplus with Australia, which can be expected to act as a buffer for Trump’s tariff instincts. Thanks in part to the multitrillion-dollar super funds portfolio, the US is a significant beneficiary of Australian funds investments.

Security-wise, the collaboration is far more profound than most would appreciate. Dating back multiple generations, to the dark days of the second world war, if not to the shared crucible of war in 1918 in France, deep, trusted and trusting collaboration has seen the relationship go far beyond the Anzus pact of 1951. That 800-plus-word essay did not include a mutual defence clause, a headquarters, a commander or........

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