NO.050

AUSTRALIA’S HOSTING OF THE GROUP OF TWENTY (G-20) IN 2006

The Government announced tonight that it has committed $14.5 million for Australia

to host the influential Group of Twenty (G-20) Meeting of Finance Ministers

and Central Bank Governors in 2006. The Treasurer will Chair the meeting.

Chairing the G-20 in 2006 gives further recognition to the Government’s

commitment to increasing Australia’s standing and influence in the international

and regional arena, a goal that will be furthered by Australia’s hosting

of Asia-Pacific Economic Cooperation (APEC) in 2007. It represents a unique

and important opportunity for Australia to participate in shaping the development

of the global economy.

Since its establishment in 1999 in the aftermath of the Asian financial crisis,

the G-20 has evolved into a significant forum driving the international economic

and financial agenda. Representing two-thirds of the world’s population

and 90per cent of world gross domestic product, the G-20 is a key forum for

Australia’s participation on the international stage. G-20 members are

the G-7 and other ‘systemically significant’ industrialised and

emerging market economies.¹

The funding supports the operation of a secretariat in the Treasury, whose

duties include strategic policy development and the administrative and logistical

responsibilities arising from hosting the G-20 meeting in November 2006 and

four associated meetings of senior international officials (including the OECD’s

Global Forum on Harmful Tax Practices in November2005).

The funding also supports Australia’s membership of the

G-20’s ‘troika’ in 2005-07 — its strategic management

committee comprising the previous, current and next years’ Chairs.

Australia has joined China and Germany on this year’s troika.

CANBERRA

10 May 2005

¹

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

India, Indonesia, Italy, Japan, Korea, Mexico, Russia, Saudi Arabia, South Africa,

Turkey, the United Kingdom and the United States. The European Union is represented

by the Presidents of the Council and the European Central Bank. The Managing

Director of the IMF and the President of the World Bank, plus the chairpersons

of the International Monetary and Financial Committee and Development Committee

of the IMF and World Bank, also participate as ex-officio members.