This week I will join international counterparts for the G20 Finance Ministers and Central Bank Governors meetings in Durban, South Africa.
There could not be a more important time for G20 nations to work together and for Australia to be part of that collective effort.
Australia is a big believer in these multinational opportunities and a big beneficiary of global economic cooperation and free and open markets.
We engage enthusiastically with the world in the interests of Australian workers, industries and our economy.
Subdued global growth, extreme uncertainty and fragmentation demands more engagement, more collaboration and more resilience and that's what guides our strategy.
Together we are navigating a world where volatility, uncertainty and unpredictability are now the norm, not the exception.
Conflict in the Middle East and Eastern Europe and escalating trade tensions pose substantial threats to the international economic outlook.
My priorities at these meetings are strengthening ties, bolstering supply chains and capital flows, and making the most of the global net zero opportunity.
I will also engage with G7+ countries on critical minerals, and meet individually with six of my international counterparts, including:
- Indonesian Minister of Finance Sri Mulyani Indrawati
- Japanese Finance Minister Katsunobu Katō
- Canadian Minister of Finance François‑Philippe Champagne (our first in‑person meeting after a productive phone call last month)
- United Kingdom Chancellor of the Exchequer Rachel Reeves
- South African Minister of Finance Enoch Godongwana
- German Vice‑Chancellor and Minister of Finance Lars Klingbeil (our first meeting)
The Australian economy is not immune from global uncertainty but we are well‑placed and well‑prepared to face the challenges ahead.
Inflation has moderated in a substantial and sustained way, unemployment remains near historic lows, real wages are growing again, and we've delivered the biggest nominal budget turnaround in our history.
Last year, Australia was one of only two G20 nations to achieve the trifecta of continuous growth, inflation with a 2 in front of it and unemployment in the low 4s.
Under Labor, our budget position has gone from the fifth‑weakest to the fifth‑strongest among G20 nations and our debt is now the fifth‑lowest.
Our international engagement recognises that the global economic environment will be the main factor shaping the choices we make in our second term of government.
These meetings will provide important perspectives on the global outlook and help us to make further progress at home and with our key international partners.
