Australia has been invited to join the newly formed international economic forum, the G20.
The G20 will discuss international economic and financial policy issues, including measures to improve the stability of the international financial system.
The G7 major industrial countries agreed to establish this new group at its meeting in Cologne in June. In addition to the G7 economies, the Group would include countries systemically important to the world financial system.
The membership of the G20 was settled during the course of the recent IMF/World Bank Annual meetings in Washington, attended by the Treasurer.
Australia’s inclusion in the G20 is further recognition of the strong performance of the Australian economy in recent years as well as further acknowledgement of the significant contribution Australia has made to advancing international financial reform since the onset of the Asian crisis
Australia has played a high profile role in promoting international financial reform through the Manila Framework Group, the Interim Committee (now the International Monetary and Financial Committee) of the International Monetary Fund and in APEC.
Recognition of the role we have played, as well as Australia’s growing position as an important financial centre, was evident in June when Australia was invited to join the Financial Stability Forum. The Financial Stability Forum is focussing on promoting information exchange and co-ordination on financial issues among national authorities, international institutions and international financial regulatory bodies. In June the G7 decided to extend the Forum to include four additional financial centres: Australia, Hong Kong SAR, Singapore and the Netherlands.
The G20 will be Chaired by Paul Martin, the Canadian Minister for Finance, and the first Ministerial meeting will be held in December in Berlin.