September 23, 2009.
AUSTRALIA'S success as a financial regulator will be showcased at the G20 meeting in Pittsburgh starting tomorrow as world leaders seek ways to keep the recovery going while avoiding another global banking meltdown.
And Treasurer Wayne Swan is set to get the most up-to-date picture of the health of the global economy when he meets with officials from the Federal Reserve, the IMF and US Treasury later today.
The G20 agenda includes thorny issues such as how to rein in executive pay, how to finance efforts to tackle climate change, and when and how to withdraw government economic stimulus packages which so far total about $5 trillion.
But international officials are also expected to examine how Australia managed to avoid the worst of the global meltdown by having rigorous and watchful regulators.
Mr Swan said the G20 leaders would consider a raft of proposals amid sobering reports about unemployment in the OECD hitting 10 per cent -- or about 57 million people.
"We saw the OECD come out last week to indicate that there is still a very bleak outlook for employment and rising unemployment in OECD countries," Mr Swan said.
"That's why it's important through this meeting in Pittsburgh that global leaders maintain their support for economic stimulus and also have a very important discussion about the nature of global growth as we move forward to recovery."
The Pittsburgh summit will also look at ways of co-ordinating the government stimulus packages, while also looking at how to encourage future growth by getting surplus nations like China to start spending their savings.
Mr Swan said that while the pace of contraction in US economic activity had slowed, the fall in US GDP over the past year was the worst since 1947.
The G20 group of nations is set to emerge from Pittsburgh as the key body dealing with the ongoing financial crisis, overtaking the G8 which largely excluded developing nations.
The G20 was created after the 1990s Asian financial crisis.