G20 Meeting In South America

Australian Treasury

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

The global economic outlook is highly uncertain and the risks are evolving.

Since G20 economic ministers last met, the UK and Japan have recorded technical recessions with around a quarter of G20 economies either recording technical recessions or narrowly avoiding them as interest rates weigh heavily on growth.

With high but moderating global inflation, slower global growth and risks from conflicts in Europe and the Middle East, it’s an important time to confer with my colleagues.

In my engagements at the G20, I will outline Australia’s responsible approach to economic management that has seen us make welcome progress when it comes to inflation, real wages, budget repair and maximising opportunities from the big shifts in our economy.

I will also highlight the importance of collaboration when it comes to tackling global inflation and laying the foundations for strong, sustainable and inclusive growth.

Many people are under pressure and our economy has not been immune from ongoing global uncertainty, high but moderating inflation and higher interest rates – which are weighing on growth in expected ways.

But Australia confronts these challenges from a position of genuine economic strength, and is better placed than most other nations to deal with what is coming at us.

We have low unemployment, moderating inflation, a return to real wages, and a stronger budget position – and since coming to Government we have presided over stronger jobs growth than any major advanced economy.

We are focused on helping Australians earn more and keep more of what they earn, including through our cost‑of‑living tax cuts, and laying strong foundations for future growth.

This G20 meeting will provide valuable perspectives on the evolving global outlook and will be an important forum for collaboration on shared challenges.

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