NO.089

TREASURER TO ATTEND G-20 MEETING IN CHINA

The Treasurer will attend the Group of Twenty (G-20) meeting of

Finance Ministers and Central Bank Governors in China on 15-16 October 2005.

Economic growth and development, reform of the Bretton Woods institutions (the

IMF and World Bank), and demographic challenges and migration will be discussed.

Australia will succeed China as host of the G-20 in 2006 and will

continue the G-20’s tradition of promoting open and constructive dialogue

on global economic developments and governance.

The G-20 was established in 1999 in the wake of the Asian financial

crisis. It has evolved to become a key forum driving the international economic

and financial agenda. The G-20’s composition — it represents two-thirds

of the world’s population and 90 per cent of world output — and

practical focus on important global issues provide it with legitimacy and authority.

It has built a tradition of a frank and free exchange of ideas.

The G-20 comprises Finance Ministers and Central Bank Governors

from the G-7, plus systemically important countries: Argentina, Australia, Brazil,

China, European Union, India, Indonesia, Mexico, Russia, Saudi Arabia, South

Africa, South Korea, and Turkey. The IMF, World Bank and European Central Bank

are represented.

CANBERRA

12 October 2005

Contact: Amanda Kennedy

02 6277 7340