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

18 April 2013

G20, IMF and World Bank Meetings

Tomorrow I begin meetings with G20 Finance Ministers and Central Bank Governors in Washington DC, before attending the Spring meetings of the IMF and World Bank over the coming days.

I will use these meetings to emphasise to my colleagues the urgency of taking policy actions to underpin growth and support jobs in the global economy, given the challenging economic conditions and unacceptably high levels of unemployment seen in many parts of the developed world.

The IMF has underscored this by calling for policy makers to focus on jobs and growth, supported by accommodative monetary policy aimed at increasing internal demand, and sensible fiscal adjustment built on measures that limit damage to economic activity.

I will also have the opportunity to meet with some of my colleagues, in particular, Chairman of the US Federal Reserve, Ben Bernanke, new US Treasury Secretary Jack Lew, President of the European Central Bank, Mario Draghi and new Chinese Finance Minister Lou Jiwei.

I will also meet with Finance Ministers from the United Kingdom, Germany, France, Mexico and South Africa to further consider global efforts to combat tax avoidance.

Getting first hand insights from discussions with my international colleagues from across the region and the world is an important part of gauging global economic conditions ahead of next month's Budget and ahead of Australia's G20 host year in 2014.

As G20 hosts in 2014, we have an unprecedented opportunity to influence global economic policy making and a jobs and growth agenda will remain as relevant as ever.

Australia comes to these meetings from a position of strength - we have an economy more than 13 per cent bigger since the end of 2007 and unemployment with a '5' in front as well as contained inflation, low government debt, record high investment, strong public finances and a triple A rating.