Prime Minister Julia Gillard and Treasurer Wayne Swan today announced that Brisbane will host the G20 Leaders Summit on November 15 and 16, 2014.
The G20 Summit is now the world's premier forum for global economic co-operation and decision-making, bringing together Leaders and Finance Ministers of countries which account for more than 85 per cent of global economic output.
"It is a real honour for Australia to host the G20, and provides a vital platform to build on Australia's role in global economic decision-making," The Prime Minister said.
"Our international standing goes from strength to strength, having fought off the global recession, achieved strong growth, low unemployment, a return to a budget surplus and key economic reforms.
"With Queensland a driving force behind the nation's economy there could be no better place to welcome the world's leaders than Brisbane.
"Hosting the G20 in 2014 provides an invaluable opportunity for Australia to influence the global economic agenda. A strong and stable global economic and financial environment is essential for Australia's long term prosperity."
The Summit will be attended by 20 leaders, five non-G20 leaders, seven heads of major international organisations, and up to 4,000 delegates and almost 3,000 media.
Deputy Prime Minister and Treasurer Wayne Swan said Brisbane had played a key role in Australia's economic success in the face of huge setbacks presented by last year's floods, and would be an outstanding host city for this historic Summit.
"The benefits to Brisbane of hosting this Forum will extend across the hospitality, transport and tourism sectors, as well as many other service providers, delivering a major boost to countless Brisbane businesses over the five days of the summit.
"The G20 will put Brisbane at the centre of world events for those five days, and will showcase our thriving River City and Australia at its best," the Deputy Prime Minister said.
The Government sought expressions of interest from all states and territories to host the summit. Brisbane was chosen on the basis of its overall capacity to host such a large and complex event.
The Brisbane Convention and Exhibition Centre will be the principal meeting venue and will host the leaders' summit and some preparatory meetings. Business and labour forums will also be held at venues across Brisbane.
Planning and delivery will be overseen by the G20 Taskforce within the Department of Prime Minister and Cabinet.
This will include employing a large proportion of the Taskforce from the local community, contributing towards job creation and spending and up to 500 volunteers to assist with summit logistics.
The Prime Minister said the G20 Summit would also provide opportunities for communities across the country, with preparatory meetings of delegations from all participating countries being staged in the run up to the Summit.
"These meetings are also large events and are likely to take place in locations across Australia and those details will be announced as we get closer to the G20 Summit," the Prime Minister said.