G20 Country Australia: A Power Centre In The Pacific
G20 Country Australia: A key player in global commodity markets, the country's strategic location in the Asia-Pacific region positions it as a vital trading partner for both East and West.
Prime Minister: Anthony Albanese
- Anthony Albanese was sworn in as the 31st Prime Minister of Australia in May 2022, as the head of the Labor government.
Australia is a full-time member of the Group of Twenty (G20) which was formed in the wake of the 1997 financial crisis. The Pacific country is also part of the Quadrilateral Security Dialogue (QUAD) along with India, Japan, and the United States to address the concerns across the Indo-Pacific region.
Often referred to as the 'Land Down Under', Australia plays a vital role in the G20, an international forum that brings together the world's major economies to discuss and coordinate on global economic issues. The world's sixth-largest country by land area, covering approximately 7.7 million square kilometres, the multicultural nation has a diverse landscape with a population of over 25 million people.
Australia's economy is a robust mix of industries, focussed mainly on services, mining, and agriculture. A key player in global commodity markets, the country's strategic location in the Asia-Pacific region positions it as a vital trading partner for both East and West, fostering economic ties with G20 members across the globe.
Australia hosted the G20 Summit on November 15 and 16, 2014, when Tony Abbott was the prime minister.
Apart from the G20 member nations, six non-member countries took part in the 2014 Brisbane G20 Summit, which included Spain, Mauritania, Myanmar, Senegal, New Zealand, and Singapore.
The Summit revolved around the agenda of growth and jobs, economic resilience, and strengthening global institutions and the leaders held discussions on key global economic challenges and strategies for economic growth. The highlight was the commitment by the bloc to lift the G20 GDP by more than 2 per cent over 5 years. The G20 leaders also agreed to boost growth and create quality jobs according to the Brisbane Action Plan.
The summit put at highest priority on raising global growth to deliver better living standards and quality jobs for people across the world. It also addressed risks from financial markets and geopolitical tensions and aimed to achieve strong, sustainable, and balanced growth.
Another highlight of the Summit was in the field of banking regulation wherein the Finance Ministers and Central Bank Governors endorsed the Common Reporting Standard for the Automatic Exchange of Tax Information. The leaders also endorsed the goal of ‘Brisbane 25 by 25’, which aimed to reduce the gender gap in the labour workforce by 25 per cent by 2025.
Prime Minister Anthony Albanese will attend the G20 Summit being held under India’s Presidency in 2023, months after he held bilateral talks with Prime Minister Narendra Modi during the latter's trip to Australia.
Australia and 19 other G20 nations account for 65 per cent of the world population, 75 per cent of global trade and 85 per cent of the world GDP.
The Group of Twenty includes Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Turkey, the UK and the US, as well as the European Union.
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