Australia to host 2014 G20 summit
Paul Osborne, AAP Senior Political Writer, AAP Updated November 5, 2011, 8:26 am
AFP © Enlarge photo World leaders have asked Australia to host the G20 leaders summit in 2014, as plans to get Europe back on track failed but progress was made on global trade and jobs.
Prime Minister Julia Gillard, who will get to set the summit agenda, said she would consult with the state premiers on who would host the event.
"Hosting the G20 will allow Australia to set and shape the international agenda on issues of fundamental importance to our national interest, including the health of the global economy, financial regulation, trade, jobs and clean energy," she said.
While the final communique spelled out plans for a jobs task force, stronger powers for the bank watchdog, financial sector reform and a way forward for the stalled Doha trade round, the leaders failed to agree on the future direction for Europe.
With European finance ministers due to meet next week, the only successes being claimed were convincing Greece to back down from a referendum on its bailout and Italy agreeing to get its budget back into surplus in 2012 and provide regular reports on its efforts to stave off a crisis.
G20 finance ministers, including Treasurer Wayne Swan, are set to meet as early as December to flesh out the details of how much the International Monetary Fund's resources will be bolstered.
Australia and China are among a number of countries to pledge extra resources for the IMF, while steering clear of the European Financial Stability Facility set up to stop the spread of the debt crisis.
The IMF is likely to put in place a new short-term credit line to help countries facing economic shocks that they can't immediately handle.
The extent of the global problem was shown in figures released by the Reserve Bank, which forecast GDP growth of 3.25 per cent for 2011/12, rather than the four per cent it had predicted in August, while for 2012/13 it forecasts GDP of 3.25 per cent rather than 3.75 per cent.
The Greek situation dominated much of the talks, with Greek politicians preparing to vote on a motion of confidence in the government of Prime Minister George Papandreou around midnight Athens time (0900 AEDT Saturday).
The governing Socialists have a slim two-seat majority in the 300-member legislature, and at least one MP has publicly threatened to vote against the government.
Ms Gillard said the best way forward for Greece is to swing behind the efforts of G20 leaders who want the nation to succeed, and not see its debt problems infect the rest of the global economy.
The leaders backed a plan being driven by Australia to set a road map for trade as the Doha round comes to a halt.
The round will be broken into more achievable pieces, with the first of these - in terms of Australia's focus - being reforming trade facilitation, such as fishing subsidies, and helping low-income countries.
Ms Gillard said the action plan on jobs and growth is the first time that G20 nations have committed to a united effort to tackle the issue.
Every country's actions will be monitored and a report provided to the summit in Mexico in 2012.
Before she left France, the prime minister briefly met with Microsoft founder and philanthropist Bill Gates, who addressed the G20 on a plan to find better ways to raise money to feed the world's poorest people.
Russia will host the G20 in 2013 and Turkey in 2015.
The issue of climate change was discussed, with the leaders calling for the Cancun agreements to be implemented, including the Green Climate Fund, and handing the G20 finance ministers the job of finding innovative ways to fund climate action.
Prime Minister Julia Gillard, who will get to set the summit agenda, said she would consult with the state premiers on who would host the event.
"Hosting the G20 will allow Australia to set and shape the international agenda on issues of fundamental importance to our national interest, including the health of the global economy, financial regulation, trade, jobs and clean energy," she said.
While the final communique spelled out plans for a jobs task force, stronger powers for the bank watchdog, financial sector reform and a way forward for the stalled Doha trade round, the leaders failed to agree on the future direction for Europe.
With European finance ministers due to meet next week, the only successes being claimed were convincing Greece to back down from a referendum on its bailout and Italy agreeing to get its budget back into surplus in 2012 and provide regular reports on its efforts to stave off a crisis.
G20 finance ministers, including Treasurer Wayne Swan, are set to meet as early as December to flesh out the details of how much the International Monetary Fund's resources will be bolstered.
Australia and China are among a number of countries to pledge extra resources for the IMF, while steering clear of the European Financial Stability Facility set up to stop the spread of the debt crisis.
The IMF is likely to put in place a new short-term credit line to help countries facing economic shocks that they can't immediately handle.
The extent of the global problem was shown in figures released by the Reserve Bank, which forecast GDP growth of 3.25 per cent for 2011/12, rather than the four per cent it had predicted in August, while for 2012/13 it forecasts GDP of 3.25 per cent rather than 3.75 per cent.
The Greek situation dominated much of the talks, with Greek politicians preparing to vote on a motion of confidence in the government of Prime Minister George Papandreou around midnight Athens time (0900 AEDT Saturday).
The governing Socialists have a slim two-seat majority in the 300-member legislature, and at least one MP has publicly threatened to vote against the government.
Ms Gillard said the best way forward for Greece is to swing behind the efforts of G20 leaders who want the nation to succeed, and not see its debt problems infect the rest of the global economy.
The leaders backed a plan being driven by Australia to set a road map for trade as the Doha round comes to a halt.
The round will be broken into more achievable pieces, with the first of these - in terms of Australia's focus - being reforming trade facilitation, such as fishing subsidies, and helping low-income countries.
Ms Gillard said the action plan on jobs and growth is the first time that G20 nations have committed to a united effort to tackle the issue.
Every country's actions will be monitored and a report provided to the summit in Mexico in 2012.
Before she left France, the prime minister briefly met with Microsoft founder and philanthropist Bill Gates, who addressed the G20 on a plan to find better ways to raise money to feed the world's poorest people.
Russia will host the G20 in 2013 and Turkey in 2015.
The issue of climate change was discussed, with the leaders calling for the Cancun agreements to be implemented, including the Green Climate Fund, and handing the G20 finance ministers the job of finding innovative ways to fund climate action.
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