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

25 June 2010

NO.050

Deputy Prime Minister to Attend G20 Summit in Toronto

This weekend I will represent Australia at the G20 Leaders' Summit in Toronto, Canada, on behalf of Prime Minister Julia Gillard.

The G20 is the world's premier forum for global economic cooperation. Australia's participation in the G20 provides our country with a strong voice in key economic debates and decisions affecting the global economy.

The Summit comes at an important time. The global economy is recovering but this recovery is proceeding at different speeds in different regions and risks remain.

The strong rebound in our own region and in emerging economies is contrasted with weak growth in some advanced economies. The financial market turbulence of recent months, stemming from the difficulties in Europe, also reminds us of the potential risks to the global outlook and the challenges ahead.

In the lead‑up to the Summit, I have worked closely with my G20 finance colleagues to develop a framework to strengthen public finances, boost productivity and rebalance global demand. It is this work that will be considered in Toronto by G20 Leaders to strengthen the recovery and promote financial stability.

G20 Leaders will also be working in Toronto to ensure G20 members implement economic reforms that secure strong, sustainable and balanced growth, and boost the effectiveness of the IMF in preparation for the next G20 Summit in Seoul in November.

During my time in Toronto, I will also participate in a CEO roundtable discussion on the Australian economy and address a lunch hosted by Canada 2020 and the Canadian Chapter of the Canada‑Australia Chamber of Commerce.

Before the Toronto Summit, there will be a gathering of business leaders from across the G20 for Canada's B20 Business Summit. This Business Summit is an excellent opportunity to involve business leaders in the work of the G20 and ensure we remain focused on supporting the global recovery, strengthening businesses and employment prospects.

I am pleased to announce that Australia will be formally represented at this event by Mr John Denton, CEO of Corrs Chambers Westgarth, and Mr Mark Burrows AO, former Chairman of Lazard Australia.