Today I will travel to Riyadh, Saudi Arabia to attend the first G20 Finance Ministers’ and Central Bank Governors’ Meeting under Saudi Arabia’s 2020 G20 Presidency.
The G20 brings together the world’s major advanced and emerging economies representing 80 per cent of all global trade, and is the premier forum for international economic cooperation.
The meetings with Australia’s regional neighbours and significant trade and investment partners will be used to discuss the challenges and opportunities flowing from the current conditions in the global economy, including trade tensions and the coronavirus.
Australia has a seat at the top table when it comes to global economic matters. I will ensure Australia’s economic interests are protected and our successes recognised, while reaffirming our commitment to an open, free, rules-based trading system as a means to higher economic growth, more jobs and greater investment. I will send the clear message that this has been the lesson for the Australian economy in the past and that this will guide us in the future.
Our strong, growing economy is an example of the benefits of free trade and investment. Australia has seen 29 consecutive years of economic growth and we are one of only 10 countries in the world to have a triple-A credit rating from all three major ratings agencies.
Australia continues to play a key role in driving the G20’s infrastructure agenda, and at the meeting we will look at the role technology can play in providing us with more efficient and effective infrastructure for our cities and regions.
The meeting will also provide an opportunity to reaffirm our commitment to achieving a multilateral, consensus-based solution to the tax challenges arising from digitalisation.
Driving a strong and relevant agenda through international institutions is essential for Australia to ensure they remain capable of addressing new global challenges.
I look forward to representing Australia’s interests in this forum and emphasising the need for global cooperation.