G20 meeting in Gandhinagar, India

This week I will join international counterparts in India as part of the G20 Finance Ministers and Central Bank Governors meetings in Gandhinagar.

The global economy is a challenging environment right now.

Over the next two years, global growth is expected to be the weakest in over two decades, outside of the GFC and the pandemic.

As nations continue to grapple with the challenges of high inflation and slowing global growth, now is an important time to convene with my colleagues.

In my engagements with the G20, I will outline how Australia’s responsible economic management has helped us build a much stronger foundation from which we can help people and invest in the future; update counterparts on our important efforts in sustainable finance to boost investment in cleaner, cheaper energy and make Australia a renewable energy superpower; and highlight the need for collaboration and coordination in the G20 efforts to deal with the global inflation challenge and build a stronger, more resilient and sustainable global economy.

Australia is not immune from the uncertainty in the global economy but with more Australians in work than ever before, record high labour force participation and wages growing in welcome ways, we are better placed than most other nations to deal with the challenges ahead of us.

This meeting will give us new perspectives on global economic challenges and help us ensure that we continue to carefully calibrate our budget and our economic plan to the challenges we face in the future.