In just under two weeks, the leaders of the G20 will assemble in Brisbane. This will be the largest ever gathering of world leaders in our history, and it is the culmination of Australia’s presidency of the G20. The G20 is the world’s most important economic forum. The countries of the G20 generate 75 per cent of all world trade and 85 per cent of the world’s Gross Domestic Product. At this G20 Summit, our focus will be on building a stronger world economy. Because economic growth means more jobs, higher living standards and governments that are better able to reduce tax and fund better services. Australia has already secured an agreement that G20 countries will aim to boost their collective economic growth by 2 per cent above what is currently expected over the next five years. Countries have been working on their action plans and collectively, we have already reached 90 per cent of our growth target. Australia is leading by example with our Economic Action Strategy – scrapping the carbon tax and the mining tax, cutting red tape costs, signing free trade agreements and undertaking the largest infrastructure investment in our history. The G20 focus will be on the fundamentals of the economy: trade, infrastructure, tax and banking. Our discussions will include the $1 trillion world-wide infrastructure gap, reducing tax avoidance by global companies, and increasing participation in the workforce. While a stronger economy won’t solve every problem; it will make almost every problem easier to tackle. So it’s an honour to be hosting the G20. I know there will be inconveniences in Brisbane as the leaders gather and I thank people for their patience. It is an important event for Australia. I’m confident that it will make a lasting difference for our country and for our world.

• published: 02 Nov 2014
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