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Treasurer to attend second meeting of G-20



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TREASURER

NO.098

TREASURER TO ATTEND SECOND MEETING OF G-20

I will be attending the second annual meeting of the G-20 Finance Ministers and Central Bank Governors in Montreal on 24-25 October 2000.

The G-20 was established last year as a forum for informal, high-level dialogue among policy-makers of systemically important economies in the world financial system. In addition to the G-7 economies and Australia, its membership includes Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey and the European Union.

Australia is a member of the G-20 in recognition of the high profile role it has played in promoting international financial reform. My participation in the G-20 meeting also reflects the Government’s commitment to representative groups that better reflect the changing economic weight of the world’s economies, and more properly represent the economies of our region.

The G-20 agenda includes discussion of the policy challenges facing the global economy in the current environment and the appropriate policy responses to the challenges posed by globalisation. Discussions will also be focussed on measures to promote a more stable international financial system in which countries are less vulnerable to crisis, including on the emerging consensus on "best practices" in a number of key policy areas.

Before the G-20 meeting I will be going to New York to meet with key corporate and financial investors. In a recent paper, the US Federal Reserve recognised that Australia’s productivity growth has out-performed that of the United States in recent years. I will take the chance to emphasise Australia’s strong economic fundamentals, including high growth, low inflation, high productivity and an excellent outlook.about our economy’s strong performance and outlook, including on its "new economy" characteristics.

CANBERRA 17 October 2000

Contact: Niki Savva 02 6277 7340