Tomorrow and Friday I will attend the APEC Finance Ministers’ Meeting in Nusa Dua, Indonesia.
The meeting will be the first official international engagement since being sworn in as Treasurer and comes at a crucial time for the global economy.
The Pre-Election Economic and Fiscal Outlook outlined the significant downside risks to the Australian economy and the Budget, including the risks of moderating growth in emerging economies such as China. I look forward to discussing this matter with my international counterparts.
Further, I will outline to my counterparts that, once again, Australia is open for business under a Coalition Government.
APEC Finance Ministers are well placed to share views and provide advice that will improve the understanding of the regional economy and collectively allow its member Governments to be better placed to respond to the challenges that exist. I also look forward to discussing with them practical steps to boost infrastructure investment, which is front and centre at APEC this year.
Recognising the importance of the Indonesian relationship, my first bilateral meeting as Treasurer will be with Indonesia’s Finance Minister, Dr Muhammad Chatib Basri. I will also have bilateral meetings with counterparts from China, Korea and Singapore.
I look forward to building on the strong relationships started during my time as an economic minister in the former Coalition Government as well as hearing the views of other senior ministers from across the region.