23 February 2023

Today I will depart for the G20 Finance Ministers’ and Central Bank Governors’ Meeting in Bengaluru, India.

G20 meeting in Bengaluru, India

Today I will depart for the G20 Finance Ministers’ and Central Bank Governors’ Meeting in Bengaluru, India.

The meeting on 24‑25 February comes as the global economy faces multiple interconnected challenges.

Nations are battling high inflation, rising interest rates, a global energy shock and weakening economic growth.

The G20 meeting begins on the first anniversary of Russia’s full‑scale invasion of Ukraine, an event that has been a major contributor to the challenges we now confront.

While there have been some slight upgrades to global growth forecasts in recent weeks, the IMF is still predicting the weakest two‑year period for the global economy – aside from the downturns caused by the GFC and pandemic – in a generation.

I will meet with counterparts including:

  • Nirmala Sitharaman, Minister of Finance, India
  • Chrystia Freeland, Deputy Prime Minister and Minister of Finance, Canada
  • Christian Lindner, Minister of Finance, Germany
  • Sri Mulyani Indrawati, Minister of Finance, Indonesia
  • Choo Kyung‑ho, Minister of Economy and Finance, Republic of Korea
  • Jeremy Hunt, Chancellor of the Exchequer, United Kingdom
  • Sigrid Kaag, Deputy Prime Minister and Minister of Finance, Netherlands
  • Elisabeth Svantesson, Minister of Finance, Sweden (president of the Council of the European Union)

The G20 meeting will provide an opportunity to discuss economic developments and share insights on steps to address inflation – the number one challenge facing the global economy and our own economy.

We will discuss measures to address the price pressures our economies are facing, including by making sure any cost‑of‑living relief is well targeted, by easing the strain in global supply chains, and by ensuring fiscal policy isn’t working against monetary policy.

Discussions at the meeting will also focus on efforts to support sustainable finance, which is critical to ensuring our economies grasp the opportunities presented by more cleaner, cheaper and reliable energy.

Australia is working to support consistent, credible and internationally‑comparable rules so that business and investors have the certainty they need to manage climate risks and invest in new opportunities.

As G20 president, one of India’s key priorities this year is to support the international development of the digital financial system.

I will update my counterparts on Australia’s work to position our economy to take advantage of new digital products and services, including through the improved regulation of crypto assets to protect consumers.

The G20 meeting will be critical in taking the temperature of the global economy and feeding that back into preparations for our May Budget at home.

In the face of ongoing global challenges, the Albanese Government’s economic plan is about making the budget more responsible, our economy more resilient, and providing Australians with responsible cost‑of‑living relief without adding to inflation.