SENATOR THE HON PENNY WONG

LEADER OF THE OPPOSITION IN THE SENATE

SHADOW MINISTER FOR FOREIGN AFFAIRS

LABOR SENATOR FOR SOUTH AUSTRALIA

CHRIS BOWEN MP

SHADOW TREASURER

MEMBER FOR MCMAHON

JOINT MEDIA RELEASE

3 September 2016

TURNBULL NEEDS TO TAKE A STRONGER GROWTH AGENDA TO THE G20

TOPIC: G20

The G20 is the premier forum for global economic matters and it is vital theHangzhou summit provides strong international leadership to promote growth and resist increasing moves to restrict trade and reinforce protectionism.

The former Labor Government played a key role in elevating the role of the G20 during the global financial crisis, and helped provide the leadership needed to overcome the world’s greatest economic crisis since the Great Depression.

Unfortunately, since the election of the Abbott/Turnbull Government, Australia’s commitment to the G20 has waned, highlighted by the failure of the Brisbane G20 summit led by then Prime Minister Abbott and Treasurer Hockey.

Prime Minister Turnbull must recommit Australia to playing a leading role in the G20, and help drive an agenda that will counter growing anti-globalisation sentiment and lift economic growth.

The Prime Minister needs to take an actual agenda for growth, stability and development. This means that Australia needs to play a leading role in promoting global infrastructure investment, driving reforms to create and secure more employment and tackling climate change with more renewable energy.

Simply talking about “jobs and growth” either at home or abroad is not good enough.

An engaged and respected Australian voice at the G20 is undoubtedly in Australia’s national interests.

While Australia was able to avoid the worst of the global recession, sluggish international growth continues to act as a drag on our economy and an effective G20 will be crucial to turning this around.

The Turnbull Government must use theHangzhou summit to again raise Australia’s standing with the world’s most powerful economies, and play our part in driving the debate that will lift world economic growth, and benefit Australia and the global economy.