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

22 April 2010

NO.023

Treasurer to Attend G20 Finance Ministers' Meeting

Tomorrow I will meet with fellow G20 Finance Ministers and Central Bank Governors in Washington DC before attending the Spring Meetings of the IMF and World Bank over the weekend.

We will use these meetings to track progress in the global economic recovery ahead of this year's Federal Budget on May 11, and to push ahead with reforms agreed by G20 Leaders in Pittsburgh and London.

This G20 Finance Minsters' Meeting comes at a critical time for the global economy. While we are seeing welcome signs of economic growth especially in our own region, the pace of recovery remains fragile and uncertain for many other advanced countries.

In recent times Australia's strong role in the G20, and our engagement with the IMF and World Bank, have been vital in shaping our domestic response to the global financial crisis. This response has proven to be one of the most effective of all G20 countries, with Australia almost alone among advanced economies in avoiding recession and dramatic increases in unemployment.

The meetings I will attend over the coming days will provide an important update on the progress of the global recovery and will again inform my preparation of this year's Budget, so we can convert Australia's economic success during the global recession into long-term gains.

These meetings are also an important opportunity to ensure we are making good progress on our commitments as we head towards the G20 Leaders' Summits in Korea and Canada.

Importantly, we will continue our work on the G20 Framework for Strong, Sustainable and Balanced Growth to underpin more enduring global growth based on a self-sustaining private-sector recovery.

G20 meetings over the next year will be aimed at striking the right balance between continued global action and national flexibility that will enable Australia to capitalise on future successes. It remains firmly in our national interest, especially in the lead-up to this year's Budget, that Australia is fully engaged with international efforts to build a stronger and more sustainable global economy.

I look forward to detailed discussions with my fellow Finance Ministers on the global economy and future growth prospects, financial regulation reform, and institutional reform of the IMF and World Bank.

In addition to the G20 Finance Ministers' Meeting tomorrow, I will also be meeting with Mario Draghi, Governor of the Banca d'Italia, Chairman of the Financial Stability Board, and member of the Governing and General Councils of the European Central Bank. Governor Draghi brings a wealth of experience and insight to these meetings, and our discussions will provide an excellent opportunity to discuss the strength of Australia's regulatory regime.

I will also hold meetings with the Managing Director of the IMF, Dominique Strauss-Khan, and President of the World Bank, Bob Zoellick. These institutions are key partners in the reform process and in helping all member countries deliver on our G20 commitments.

I will also be meeting with Korean Finance Minister Jeung-Hyun Yoon and Canadian Finance Minister Jim Flaherty who are the hosts of the G20 Finance Ministers' Meetings and Leaders' Summits in 2010.

While in Washington DC, I will attend the IMF International Monetary and Financial Committee Meeting, and the World Bank Development Committee Meeting.

Before I return to Australia I also look forward to speaking at the ANZAC memorial dawn service at the Korean War Memorial on the National Mall in Washington. ANZAC Day is at the heart of the Australian spirit and I look forward to commemorating this solemn occasion as a guest of our closest ally.

22 April 2010