Jim Chalmers will visit the US and South Korea in mid-October to “make the most of the big shifts shaping the global economy”, across forums including the G20, IMF, and World Bank annual meetings.
The federal treasurer, who will also participate in the Asia-Pacific Economic Cooperation (APEC) forum, said that in order to manage global shifts with international counterparts and investors, Australia would need to showcase its desirability as an investment destination.
“Whether it’s our resources or renewable energy, our skills or stability, Australia has exactly what the world needs, when the world needs it,” Chalmers said in a statement.
Discussions on the treasurer’s international trip will range from financial sector resilience to transitioning to cleaner and cheaper energy to the digital economy.
His schedule will also feature meetings with global investors in New York, noting Australia’s domestic economy was not immune to the volatility of the global economic outlook.
Essential reading for Australia’s public service.
Stay ahead of policy shifts, leadership moves, and the big ideas shaping the public service. Sign up to The Mandarin’s free newsletters.
By continuing, you agree to our Terms & Conditions and Privacy Policy.
“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.
“While we’ve made a lot of progress together on the economy, there’s still plenty of work to do,” he said.
Chalmers plans to meet with top officials from Europe, Asia, and the US, including US Economic Council director Kevin Hassett, UK Chancellor of the Exchequer Rachel Reeves, Indonesian Vice Minister of Finance Tommy Djiwandono, and Korean Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol.
The treasurer will also hold meetings with European Central Bank president Christine Lagarde and Asian Development Bank president Masato Kanda.
“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,” Chlamers said.
“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.”