Prime Minister Julia Gillard, Treasurer Wayne Swan and Senator for Queensland Jan McLucas today announced that Cairns will host a G20 Finance Ministers' and Central Bank Governors' meeting in 2014.
Cairns is a favourite destination for both Australians and tourists from around the world.
It has world-class accommodation, international event meeting facilities and the perfect climate.
Hosting this meeting in Cairns will put this spectacular city on the international stage in the lead up to the G20 Leaders' meeting in Brisbane.
The G20 will provide a huge boost to Cairns particularly across the accommodation, hospitality, transport and tourism sectors.
It will also allow us to advertise everything that's great about Tropical Queensland to the rest of the world.
The G20 brings together Leaders, Finance Ministers and Central Bank Governors from major developing and advanced economies to address the critical economic and financial challenges facing the world.
It accounts for 85 per cent of global GDP, 80 per cent of global trade, and all of Australia's major trading and investment partners.
The G20 Finance Ministers' and Central Bank Governors' meetings are a critical part of the preparatory process to support the Leaders' summit.
As the chair of the G20 Finance Ministers' and Central Bank Governors' meetings in 2014, we will be able shape a global economic agenda that promotes Australia's values.
This is an important and complex meeting to organise and it is critical for the Commonwealth, State and local governments to work together, and that is exactly what we plan to do to deliver a successful meeting.
We will announce shortly the location for a second Finance Ministers' and Central Bank Governors' meeting. The dates for these meetings are still to be finalised.
CAIRNS