NO.096

TREASURER INVITES APEC FINANCE MINISTERS TO AUSTRALIA

The Treasurer, Mr Peter Costello, today invited APEC Finance Ministers to attend the next APEC Finance Ministers Meeting in Australia in 2007.

“We are delighted to host the 14th APEC Finance Ministers’ Meeting in 2007 and I hope that you will join us in Australia,” said Mr Costello.

The Treasurer thanked Vietnam’s Minister of Finance, His Excellency Mr Vu Van Ninh, for successfully hosting the 2006 APEC Finance Ministers’ Meeting.

“We have made excellent progress on important economic and financial issues in Vietnam”, he said.

“These issues are vitally important to tackle if we are to promote economic growth, development and stability in the Asia Pacific region.”

The 14th APEC Finance Ministers’ Meeting will be held on Queensland’s Sunshine Coast on 2–3 August 2007. In December this year, Australia will start its host year responsibilities with the first of two officials’ meetings.

The APEC Finance Ministers’ Meeting provides an annual forum for APEC Finance Ministers to exchange views on regional macroeconomic and financial developments and on national and regional policy priorities.

A central part of the Asia Pacific economic architecture, the APEC Finance Ministers’ Meeting encourages Ministers to engage on issues that are crucial for economic development, growth and stability in the region.

In 2007 the Finance Ministers’ Meeting policy themes will be transparency in the public balance sheet and deepening and integrating private capital markets. The first theme will examine issues around the sustainability of government finances, in particular how to identify and manage risks from public-private partnerships, pension liabilities and state-owned enterprises. The second theme will focus on how to liberalise financial markets to improve investment and promote economic growth.

The Treasurer will also work to promote and develop APEC’s structural reform agenda and strengthen APEC’s activities in the important area of investment.

“As hosts we will bring Australian friendliness and openness to the APEC Finance Ministers’ Meeting,” said Mr Costello.

“My aim is to draw on the Australian characteristics of openness and informality to address important regional economic policy issues”.

In this year’s Finance Ministers’ Meeting in Hanoi, the outlook for the world economy and global imbalances were discussed by Ministers.

They also discussed the need to develop stable and efficient revenue systems and the need for financial market reform to attract capital investment.

HANOI

8 September 2006

Contact: Renae Stoikos

0418 568 434