Peter Costello

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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.

12 October 2005

Contact: Amanda Kennedy
02 6277 7340

12 Oct 2005

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