The Government announced tonight that it has committed $14.5 million for Australia to host the influential Group of Twenty (G-20) Meeting of Finance Ministers and Central Bank Governors in 2006. The Treasurer will Chair the meeting.
Chairing the G-20 in 2006 gives further recognition to the Government’s commitment to increasing Australia’s standing and influence in the international and regional arena, a goal that will be furthered by Australia’s hosting of Asia-Pacific Economic Cooperation (APEC) in 2007. It represents a unique and important opportunity for Australia to participate in shaping the development of the global economy.
Since its establishment in 1999 in the aftermath of the Asian financial crisis, the G-20 has evolved into a significant forum driving the international economic and financial agenda. Representing two-thirds of the world’s population and 90per cent of world gross domestic product, the G-20 is a key forum for Australia’s participation on the international stage. G-20 members are the G-7 and other ‘systemically significant’ industrialised and emerging market economies.1
The funding supports the operation of a secretariat in the Treasury, whose duties include strategic policy development and the administrative and logistical responsibilities arising from hosting the G-20 meeting in November 2006 and four associated meetings of senior international officials (including the OECD’s Global Forum on Harmful Tax Practices in November2005).
The funding also supports Australia’s membership of the G-20’s ‘troika’ in 2005-07 — its strategic management committee comprising the previous, current and next years’ Chairs. Australia has joined China and Germany on this year’s troika.
CANBERRA
10 May 2005
1 G-20 members: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States. The European Union is represented by the Presidents of the Council and the European Central Bank. The Managing Director of the IMF and the President of the World Bank, plus the chairpersons of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate as ex-officio members.