NO.098

TREASURER TO ATTEND SECOND MEETING OF G-20

I will be attending the second annual meeting of the G-20 Finance Ministers

and Central Bank Governors in Montreal on 24-25 October 2000.

The G-20 was established last year as a forum for informal, high-level

dialogue among policy-makers of systemically important economies in the

world financial system. In addition to the G-7 economies and Australia,

its membership includes Argentina, Brazil, China, India, Indonesia, Mexico,

Russia, Saudi Arabia, South Africa, South Korea, Turkey and the European

Union.

Australia is a member of the G-20 in recognition of the high profile

role it has played in promoting international financial reform. My participation

in the G-20 meeting also reflects the Governments commitment to representative

groups that better reflect the changing economic weight of the worlds

economies, and more properly represent the economies of our region.

The G-20 agenda includes discussion of the policy challenges facing the

global economy in the current environment and the appropriate policy responses

to the challenges posed by globalisation. Discussions will also be focussed

on measures to promote a more stable international financial system in

which countries are less vulnerable to crisis, including on the emerging

consensus on “best practices” in a number of key policy areas.

Before the G-20 meeting I will be going to New York to meet with key

corporate and financial investors. In a recent paper, the US Federal Reserve

recognised that Australias productivity growth has out-performed that

of the United States in recent years. I will take the chance to emphasise

Australias strong economic fundamentals, including high growth, low inflation,

high productivity and an excellent outlook.about our economys strong

performance and outlook, including on its “new economy” characteristics.

CANBERRA

17 October 2000

Contact: Niki Savva 02 6277 7340