Australia’s presidency of G20 this year means we’ll have lots of senior visitors. Chancellor of the Exchequer George Osborne and Governor of the Bank of England Mark Carney were in Sydney this weekend for the G20 Finance Ministers Meeting. It brought together ministers and central bankers responsible for 85% of the world’s economy.
Mr Osborne outlined Britain’s strong support for Australia’s G20 programme, which is focused on promoting jobs and growth. Their aims on tax and trade resonate with PM Cameron’s “3Ts” initiative during last year’s UK G8 Presidency.
Whilst he was here, the Chancellor took part in a well-attended Q & A session hosted by the Sydney Institute. He was asked many questions about the UK and global economy and a number of participants commented very positively on the UK’s strong growth figures. The event was hosted at the spectacular new offices of the law firm Corrs at 8 Chiffley Square which opened last year, designed by the world-renowned British architect Richard Rogers. Mr Osborne also appeared on Channel Seven’s popular Weekend Sunrise breakfast TV show and was profiled in The Australian newspaper.
Treasurer Joe Hockey is keen to use G20 to promote infrastructure investment internationally, in line with the Australian government’s own domestic plans. He hosted an infrastructure round-table for ministers to meet with Australian business leaders in the B20 grouping. Australia’s big road construction programme offers particularly valuable prospects for UK suppliers, and our UKTI team are currently running a High Value Opportunity campaign to help British businesses engage. Australian pension funds and other institutions are also major investors in UK infrastructure, particularly airports and water utilities.
Participants were impressed by Mr Hockey’s chairing of the meeting and the efficient way that the Australian government handled all the complex arrangements. People are going to become very familiar with Australia’s memorable G20 logo over the next year.