The Group of Twenty
The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialised and developing economies to discuss key issues in the global economy. Australia is represented in the G-20 by the Australian Treasurer and the Governor of the Reserve Bank of Australia.
The G-20 has progressed a range of issues since 1999, including agreement about policies for growth and dealing with financial crises. The G-20 aims to foster the adoption of internationally recognised standards through the example set by its members in areas such as the transparency of fiscal policy and combating money laundering and the financing of terrorism. (The Reserve Bank administers certain sanctions on international financial transactions.)
G-20 countries have also committed to new higher standards of transparency and exchange of information on tax matters, with the aim of combating abuses of the financial system and illicit activities including tax evasion.
The G-20 is also committed to developing a common view among members on issues related to further development of the global economic and financial system. This includes providing political momentum for reform of, and strategic direction to, key international economic and financial institutions, like the IMF and World Bank.
