Australia is committed to active participation and policy leadership within the G20. Membership of the G20 gives Australia the capacity to influence key policies relating to the global economy.
Australia will chair the G20 in 2014.
Australia's engagement with the G20 involves a whole-of-government approach under the leadership of the Prime Minister.
Australia values the G20's commitment to reduce trade protectionism. During the crisis world trade fell by 12.2% (over 2009, WTO). The free flow of goods and services within a rules-based trading environment is key to Australia's economic prosperity.
Australia has a strong financial sector, with banks performing remarkably well during the global economic crisis. That is why it is important for Australia to have a seat at the table and be involved in guiding development of improved financial standards.
Australia, alongside South Africa, co-chaired the G20’s IMF Working Group which laid the groundwork for IMF quota and governance reform delivered by G20 Leaders at the Seoul Summit.
Strong development of the poorest countries is not only important in improving the living standards of these countries, but also in achieving sustainable economic growth for the whole world. Australia will benefit from stronger growth in our trade partners.
Australia co-chaired the two elements of the ‘Growth with Resilience’ pillar of the G20 development working group during 2011, along-side Indonesia (on the social protection element) and Italy (on international remittances element). Australia also actively participates in other areas of G20 development agenda, including infrastructure and food security.
Australia and France co-hosted a G20 workshop in October 2011 on 'Re-energising Global Agricultural Productivity' which contributed to addressing the decline in global agricultural yields and bridging the gap between developed and developing country productivity. Australia also co-chaired with France a workshop on the 'New Financial Landscape' in July 2011.
Australia's engagement with the G20 involves a whole-of-government approach under the leadership of the Prime Minister.
Australia is represented at the G20 Leaders' Summits by the Prime Minister. The Treasurer and the Reserve Bank Governor participates in G20 Finance Ministers and Central Bank Governors Meetings. The Prime Minister and the Treasurer are supported in their engagement with the G20 by the Australian G20 'Sherpa' (the Prime Minister's special representative for the G20) and the Finance Deputy.
