Australia officially assumed its one year Presidency of the G20 on Sun 1.12.2013. The G20 leaders will meet in Brisbane in November 2014. As well, there will be 5 Finance Ministers’ meetings in the course of the year, 2 of which will be in Australia, the first in February 2014 in Sydney and one in Cairns later in the year. The Prime Minister said Australia’s G20 Presidency in 2014 will focus on strong private sector led economic growth; and making the global economy more resilient to deal with future shocks.

Mr Abbott also said that under Australia’s presidency, the G20 would seek to improve the world’s international taxation arrangements “so that we don’t have the kind of leakage that we’ve had in recent times through transfer pricing”. He said “the principle here is that you should pay tax in the country where you earn the revenue and we’ll be talking to our G20 partners about ensuring that this is the case”.

Source: Transcript of PM’s press conference, 1 December 2013

[LTN 233, 2/12/13]

About the author