Federal Treasurer Jim Chalmers has begun a week-long trip to the United States and South Korea to meet investors and international counterparts at a critical time for the global economy.
The Treasurer’s itinerary includes engagements at the G20, IMF and World Bank annual meetings, as well as the Asia-Pacific Economic Cooperation forum.
“In the face of growing global uncertainty and ongoing geopolitical tensions, this is a critical time to confer with counterparts,” Chalmers said.
“In the past week alone, we’ve seen a welcome de-escalation of conflict in the Middle East at the same time as we’ve seen a significant escalation in trade tensions. Our engagements with international counterparts and investors are all about managing and making the most of the big shifts shaping the global economy.”
Chalmers said his meetings will focus on showcasing Australia’s strengths as an investment destination and on promoting resilience in global markets.
“Whether it’s our resources or renewable energy, our skills or stability, Australia has exactly what the world needs, when the world needs it,” he said.
While overseas, the Treasurer is scheduled to take part in a series of discussions on the global economy, financial sector resilience and the opportunities arising from the transition to cleaner and cheaper energy, as well as the growth of the digital economy.
He will meet counterparts and colleagues from Europe, Asia and the United States, including US National Economic Council director Kevin Hassett, UK Chancellor of the Exchequer Rachel Reeves, Indonesia’s Vice Minister of Finance, Tommy Djiwandono, and Republic of Korea Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol.
Additional meetings will include discussions with European Central Bank president Christine Lagarde and Asian Development Bank president Masato Kanda.
Chalmers will also travel to New York City to meet with several global investors to reinforce Australia’s position as a stable, high-performing economy.
“Of all G20 countries, last year Australia was the only one to record continuous quarterly growth at the same time as we ranked in the top 10 in the G20 on important measures like inflation, low unemployment, investment, low gross debt and budget balance,” he said.
“But Australia is not immune from the volatility that is such a defining feature of the global economic outlook right now. While we’ve made a lot of progress together on the economy, there’s still plenty of work to do.”
Chalmers said collaboration with international partners remains key to ensuring growth, resilience and sustainability.
“Collaborating with our counterparts on growth, resilience and sustainability will make our economies more prosperous and productive and make our people big beneficiaries of global churn and change,” he said.
