Australia to Chair Group of Twenty (G-20) in 2006

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Australia to Chair Group of Twenty (G-20) in 2006



Australia looks forward to hosting the Group of Twenty (G-20) Finance Ministers

and Central Bank Governors meeting in Melbourne on 18-19 November 2006.

Australia comes to the 2006 chair with a great respect for the G-20. It is

the key forum on global economic development and governance — it comprises

the world’s major developed and emerging market economies1,

covering two-thirds of world population and 90 per cent of world output.

The G-20’s workable size, consensus nature, and spread of representation

allow Ministers and Governors to have a frank and free exchange of ideas in

developing practical solutions to key global issues.

A highlight of the 2005 G-20 meeting, completed today in Grand Epoch City,

China, has been the commitment to reform of the Bretton Woods institutions.

The discussion has helped set parameters for a strategic review of the role

and operation of the IMF and World Bank. A key theme in Australia’s 2006

work programme will be to monitor progress on the reform of the Bretton Woods


The Treasurer said, “We need to address voting representation in the

IMF and align quotas to the economic weight of nations. The risk of countries,

especially in Asia, disengaging from the IMF is becoming more serious and undermining

its authority and good work. Without broad representation, the IMF risks its

legitimacy and relevance”.

At the suggestion of Australia, the G-20 considered the economic effects of

global demographic trends. A multi-faceted response is needed within countries

and between countries to meet the challenge of demographic change. The G-20

is the right forum to take this forward internationally. Demographics are likely

to remain on the G-20’s work programme in future years.

In each year since its inception the G-20 has focussed on promoting sustainable

world growth and this tradition will be continued under the Australian chair

in 2006. Australia’s work programme will also bring changes in resources

(energy and minerals) markets on to the G-20 Agenda.

Australia welcomes the opportunity to continue working

closely with China, the 2005 Chair, on the G-20 management troika in 2006. I

also congratulate South Africa, who will host the G-20 in 2007, and welcome

it to the troika in 2006.

Australia has been an active participant in the G-20 since its inception and

considers it an honour to host the grouping in 2006. We will build on the important

work undertaken to date by the G-20 and help position it to continue an even

more influential role in the years ahead.

Australia will host one meeting for finance ministers and central bank governors,

two meetings for finance and central bank deputies, and will host one of three

G-20 workshops. This undertaking will be administered primarily by the Treasury,

with support from the Reserve Bank of Australia.

16 October 2005

Grand Epoch City, China

Contact: David Alexander (0418) 210 601


G-20 members: Argentina, Australia, Brazil, Canada, China, European Union, France,

Germany, India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia,

South Africa, Turkey, the United Kingdom and the United States. The IMF and

the World Bank are also represented.