Update on New G20 Arrangements

Important decisions were made at the G20 meeting particularly the decision for the G20 to become the premier global economic decision making body. Now Australia's voice will be heard on major global economic decisions that affect our country and our world.

Added 5 months ago

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I wanted to tell you about a very exciting development for Australia.

I've just come back from Pittsburgh in the US, where I attended the G20 Leaders meeting last week.

The G20 brings together the world's largest economies.

As a group, we've committed to co-operating on economic decisions.

Before the G20, global economic decision making was dominated by the G8, a small group of major economies, mostly in Europe and North America.

Australia was left out, cut off, without a voice or a direct chance to influence major economic decisions.

But now that the G20 has replaced the G8 as the principal institution of global economic decision making, that all changes.

Australia will now have a voice in every major global economic decision.

This is critical to jobs right here in Australia. Jobs in your community. Jobs for your family and friends.

As you know, globalisation means that what happens abroad can be felt right here as well.

The most obvious example is the Global Financial Crisis, which started in the United States and quickly spread to all corners of the globe and every suburb in Australia.

So, being at the table is good news for Australia, the top table of global economic decision making, and will really help Australia secure a strong and vibrant future.

The next global challenge for world leaders is to come together to work towards securing the outcome we need on climate change at the Copenhagen summit in December.

That's going to be tough, but we intend to put our shoulder to the wheel.

• A strategy for sustainable economic recovery - the role of the G20

• G20 response to the global recession