I will join key economic ministers and central bank governors from the world’s most significant economies at the G20, International Monetary Fund and World Bank annual meetings over the coming days in Washington DC.
Australia is not immune from the volatility and vulnerability which characterises the global economy.
The risk of further escalation in the Middle East threatens a resurgence in oil prices and casts a dark shadow over the global outlook.
Conflict in the Middle East compounds the pressures already coming at us from the war in Ukraine, the slowdown in China, persistent global inflation, tepid global growth and sharp movements on stock markets.
There is always a premium on responsible economic management and engagement but especially now, with all this uncertainty around the world.
This is a really critical time to confer with colleagues and counterparts.
There will be in‑depth discussions on the global economy, the energy transformation, economic security and reform of our multilateral institutions.
This will include meetings with:
- New Japanese Finance Minister Katsonobu Kato, who I will meet for the first time;
- US Treasury Secretary Janet Yellen, for our sixth bilateral;
- Chair of the US Federal Reserve Jerome Powell;
- Director of President Biden’s National Economic Council Lael Brainard;
- South Korean Deputy Prime Minister and Minister of Economy Choi Sang‑Mok; and
- Canadian Deputy Prime Minister Chrystia Freeland.
I will participate in discussions as part of the G20 Taskforce on a Global Mobilisation Against Climate Change. Our focus will be on attracting the capital we need to create new jobs and opportunities in the transformation to cleaner and cheaper energy.
I’ll also have an opportunity to be briefed on Australia’s interests in the United States by Ambassador Kevin Rudd.
Responsible economic management is a defining feature of the Albanese Labor Government in these uncertain times.
Our Budget surpluses aren’t an end in themselves, they help in the fight against inflation, provide room for our priorities and they help build buffers against some of this global volatility.
Getting inflation down, helping with the cost of living, repairing the Budget and reforming our economy are the essential components of our strategy and we are making welcome progress.
In a little over two years we have halved inflation, created a million new jobs, got real wages growing again, provided tax relief to every taxpayer, delivered the first back‑to‑back surpluses in two decades, avoided $150 billion of inherited debt and saved tens of billions of dollars in interest costs.
These meetings will provide important perspectives on the global outlook and allow us to make further progress at home and with our key international partners.