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

2 June 2010

NO.046

Treasurer to Attend G20 Finance Ministers' Meeting in South Korea

In the coming days I will attend the G20 Finance Ministers' Meeting in South Korea to discuss recent global developments and continue work on key reforms. 

I will also visit Shanghai to attend the Australian Pavilion at the Shanghai World Expo 2010 and Beijing to meet with senior Government leaders and policy-makers.

The G20 Finance Ministers' and Central Bank Governors' Meeting comes at a time of renewed turbulence in financial markets stemming from difficulties in Greece and Europe more broadly. 

These meetings will be a timely opportunity to take stock of recent developments and discuss global and regional conditions with Finance Ministers from around the world.

The renewed turbulence in global financial markets has highlighted that risks remain for the global recovery and has underscored the need for G20 members to continue their cooperation to secure strong, sustainable and balanced growth. 

Concerns around sovereign debt levels of some European economies have also highlighted the importance of maintaining strong government finances.  I will be discussing these issues with fellow Finance Ministers, noting Australia's 2010 Budget which will return to surplus in three years and halves peak net debt, as well as our major tax reforms which will boost national savings and increase Australia's competitiveness.

Through fiscal consolidation combined with lasting structural reforms, the G20 has an opportunity to strengthen the global economy for future generations.  Further work in these areas should be the next stage of implementing the Framework for Strong, Sustainable and Balanced Growth

I look forward to working with my G20 colleagues to continue our progress on reforming the financial system, because failure to act would be a failure to learn the lessons of the crisis. But I will also continue to emphasise the importance of careful supervision as well as the need for standards that each nation can apply flexibly in its own financial system.

Australia did not suffer the kind of turmoil experienced in other countries during the global recession, and has emerged as one of the world's strongest economies, so our country will not need to make the kinds of adjustments required in some other countries.

Additionally, my focus will be on ensuring that the G20 delivers on its current commitments to reform the IMF into a responsive, well resourced and properly represented organisation.  The quick response to sovereign debt issues in Europe highlighted our collective interest in a well resourced and effective IMF that can meet the needs of its members. 

On the way to Korea I will visit Shanghai to go to the Australian Pavilion at the Shanghai Expo. The Australian Pavilion provides an excellent opportunity to showcase Australian innovation and dynamism to China and to the world.

As part of the Business Program at the Australian Pavilion, I will hold an investor briefing, following similar successful briefings in New York, London and Tokyo.

I will also meet with representatives from both the Asian and Australian financial sectors in Shanghai, the financial capital of China, and will launch the Australian Financial Services Summit, a joint initiative of the Treasury and the Australian Trade Commission.  The Summit is also supported by the Investment and Financial Services Association (IFSA) and the Australian Bankers Association (ABA).

The Summit is an opportunity to promote Australia as a regional leader in financial services, and will discuss key initiatives in the 2010-11 Budget designed to strengthen Australia's financial services sector. 

I will highlight that Australia has one of the strongest and best regulated financial sectors in the world, which will continue to be a key focus of the Rudd Government as the global economy recovers.

While in Shanghai I will also attend the opening of the new Shanghai branch of ANZ Bank. Australia's banking presence in China continues to grow and Australia looks forward to a continued increase in financial services trade between our two countries.

Following the G20 meeting in South Korea, I will hold further talks with Chinese Government leaders in Beijing.

I will meet with the Chairman of the National Development and Reform Commission (NDRC), Mr Zhang Ping to discuss the global and regional macroeconomic outlook, foreign investment frameworks and the importance of institutional links between the Australian Treasury and the NDRC.

A meeting with the Governor of the People's Bank of China, Mr Zhou Xiaochuan will also provide a valuable opportunity to discuss China's macroeconomic and financial environment.

These very important meetings will provide an excellent opportunity to strengthen Australia's bilateral relationship with China. I will also use them to promote the resilience and dynamism of the Australian economy, the benefits of our strong and well-regulated financial sector and Australia's many advantages as a trade and investment partner.

2 June 2010