This week I will engage with key international counterparts at the G20 Finance Ministers' and Central Bank Governors' Meeting hosted by the US and the IMF‑World Bank 2026 Spring Meetings in Washington DC.
I'll continue Australia's calls for an enduring ceasefire, an end to the conflict in the Middle East and the proper reopening of the Strait of Hormuz because that's what the global economy desperately needs.
From an economic perspective, a proper end to this war can't come soon enough.
Australians are paying a hefty price for events on the other side of the world.
These engagements come at a dangerous time for the global economy.
They provide a welcome opportunity to help calibrate the Budget in May with these severe global economic disruptions.
The Albanese Government, our preparations for our fifth Budget less than a month from now, and these engagements with key colleagues and counterparts are all focused on fuel security, supply chain resilience and economic reform in uncertain times.
I'll be departing Australia Wednesday morning and my five focus areas in less than 24 hours on the ground in DC will be:
- Joining with other countries continuing to call for an enduring end to the war
- Working with key partners to amplify the efforts of our PM and other ministers to help secure Australia's fuel supplies
- Strengthening partnerships and supply chains more broadly
- Calibrating our Budget forecasts with expectations, forecasts and developments in the world economy
- Promoting Australia as an investment destination
In addition to formal G20 group engagements chaired by US Secretary of the Treasury Scott Bessent and informal discussions with economic ministers and central bank governors from the world's biggest and most important economies, I will also meet bilaterally with key counterparts including major fuel exporters to Australia:
- Koo Yun‑Cheol, Deputy Prime Minister and Minister of Economy and Finance, Republic of Korea
- Satsuki Katayama, Minister of Finance, Japan
- Lan Fo'an, Minister of Finance, the People's Republic of China
- Rachel Reeves, Chancellor of the Exchequer, United Kingdom
- Purbaya Yudhi Sadewa, Minister of Finance, Republic of Indonesia
- Indranee Rajah, Second Minister for Finance and Second Minister for National Development, Republic of Singapore
There couldn't be a more important time to engage with countries and counterparts which are so crucial to our supply chains and our prospects more broadly.
The IMF's World Economic Outlook shows it's a dangerous moment for the global economy.
The world is expecting slower growth, higher inflation, and extreme volatility arising out of the conflict in the Middle East and we are too.
We're weighing all of this extreme uncertainty as we prepare a budget focused on resilience and reform.
The costs and consequences of the conflict in the Middle East will be felt for some time, in Australia and around the world.
Australians didn't choose the circumstances of this war but they're paying a hefty price for it at the bowser and beyond.
We're taking decisive action to address this global fuel challenge, by halving the fuel excise to help with the cost of living, holding petrol companies to account, working to secure more fuel and get it to where it's needed in our economy, and engaging internationally.
