Prime Minister Julia Gillard and Treasurer Wayne Swan today announced that Sydney will host a G20 Finance Ministers' and Central Bank Governors' meeting in 2014.
As an iconic Australian city and a dynamic business and financial centre, Sydney is an ideal host city for Finance Ministers and Central Bank Governors from around the world.
The G20 brings together Leaders, Finance Ministers and Central Bank Governors from major developing and advanced economies to address critical economic and financial challenges facing the world.
Along with the G20 Finance Ministers' meeting that will take place in Cairns, this meeting will do important preparatory work for the G20 Leaders' Meeting to be held in Brisbane.
Members of the G20 account for 85 per cent of global GDP, 80 per cent of global trade, and most of Australia's major trading and investment partners.
Chairing the G20 Finance Ministers' and Central Bank Governors' meetings in 2014 will help us shape a global economic agenda which promotes Australia's values.
The Sydney G20 Finance Ministers' and Central Bank Governors' meeting will attract up to 2,000 delegates and support staff, including international media, putting Sydney in the international spotlight.
This will be a complex event to organise and the Commonwealth will be working closely with the NSW Government to deliver a successful meeting.
It is fantastic that during the G20 host year not only will we be showcasing regional Australia by hosting a Finance Ministers' and Central Bank Governors' meeting in Cairns, but we will also showcase the vibrancy, culture and iconic attractions of Sydney to a global audience.
The dates for these meetings are still to be finalised.