The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

21 April 2010

NO.021

Treasurer to Hold Meetings in New York

Today I depart for New York to hold meetings with key investors and business leaders, as well as the New York Federal Reserve ahead of the G20 Finance Ministers' Meeting in Washington, DC.

Tomorrow's meetings are an important opportunity to promote Australia's economic stability and strength and to assess the ongoing impacts of the global recession as well as the progress of the global recovery ahead of this year's Budget on May 11.

This time last year New York was at the epicentre of the most dangerous financial and economic crisis in our lifetimes. More than 60 per cent of value had been wiped from world share markets and the world economy had contracted for the first time since the Great Depression.

Australia has come through the global recession in better shape than practically any other advanced economy, however the global recovery remains uneven and substantial challenges remain particularly in advanced economies.

Tomorrow's meetings will provide a timely first-hand report from both market participants and key regulators on the outlook for the global economy and the current state of the largest financial centre in the world. These first-hand reports will help inform my preparation of the upcoming Budget and will help ensure that Australia's success during the global downturn is converted into lasting gains for Australian families.

I will meet Mr Terence Checki, Executive Vice President and head of the Federal Reserve Bank of New York's emerging markets and international affairs group. Mr Checki has been a prominent leader at the Federal Reserve for over two decades and is highly regarded for helping to manage and resolve economic and financial challenges during that period. I look forward to discussing current economic challenges and opportunities with Mr Checki, as well as the need for an overarching framework for strong, sustainable and balanced global growth which G20 Finance Ministers will discuss in Washington.

I will also be promoting to the international investment community the resilience and dynamism of the Australian economy, the measures taken by the Rudd Government to support growth, and the major opportunities for Australia in the period ahead as our region increasingly drives global growth.

The meetings also provide an excellent opportunity to emphasise to investors the continued strength of the Australian financial system and our regulatory framework.

21 April 2010