Gillard arrives in Mexico for G20

18 Jun 2012, 7:30 am   -   Source: AAP
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Prime Minister Julia Gillard has arrived a day ahead of the start of the Group of 20 leaders' summit in Los Cabos, Mexico.

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Prime Minister Julia Gillard has touched down in Mexico ahead of the G20 leaders' summit, which comes as all eyes are on the election results in Greece.

She says what happens in Europe matters to the Australian economy because Europe is the single biggest economic zone in the world.

Ms Gillard told reporters she believed fiscal consolidation was "not enough".
 
"Ultimately the answer to this economic crisis is growth. It is growth that enables you to keep jobs and investment ... and put your budget on a sustainable footing," she said.

She says she will be pushing for each G20 nation to commit to specific action plans on jobs and growth

The prime minister said she would be pushing for each G20 nation to commit to specific action plans on jobs and growth.

She will also speak out against trade protectionism and breaking down regulation between nations.

"A stronger and more resilient global economy is in Australia's interests," she said.

Ms Gillard said senior officials had told her that the letter she wrote had become a "talking point" among other leaders.

She said she wanted to see other nations make renewed commitments to the International Monetary Fund, as Australia had done at last year's G20 summit in Cannes.

Ms Gillard said she would not be making an announcement about Australia's host city for the 2014 G20 while she is in Mexico.

"You will have an announcement on that in coming weeks," she said.

The prime minister declined to comment on the latest Galaxy poll, which showed the coalition holding an election-winning lead.

As the PM landed amid tight security across the tourist hub of Los Cabos, early results were showing a likely win for Greece's pro-bailout conservative New Democracy, in coalition with centre-left party Pasok and others.

The victory is likely to receive strong endorsement from G20 leaders, keen to ensure that Greece keeps to its pledges to reform its economy.

Australian Treasurer Wayne Swan said on Sunday that whatever the election result in Greece the challenges will "remain profound".

"Policymakers must continue with their reforms to boost growth and reduce debt, as well as reinforcing their financial firewalls," Mr Swan said in his weekly economic note.

The federal budget took a cautious approach to the European economic situation, forecasting growth there to contract by 0.75 per cent this year.

Ms Gillard's role at the G20 will be to reinforce the message of how Australia is reforming its economy, talk up the nation's strengths and urge an injection of confidence into global markets.

The prime minister will address business leaders meeting on the sidelines of the summit on Sunday afternoon.

Plans are under way for festivities across Los Cabos on Sunday night, including a fireworks display and beach concert.

A security crackdown has begun in Los Cabos, with thousands of soldiers and federal police patrolling streets and manning checkpoints.

The summit will start on Monday and wrap up with a communique on Tuesday evening.

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Your Comments

Labor cant protect our economy!

True Blue Ozzie - from Gladstone, 11 months ago

Labor can not protect Australia, from the money problems of over sea's countries, no matter how much they talk up our economy. Labor has gone into massive debt already, keeping Australia going, and wasted so much of Tax's Payers in it's term.The G20 wont change a thing because Australia is exposed to the Global markets, thanks to a past Labor Government. Unless Greece start to grow, the world will be on a knifes edge for a long time to come, growth is the only way out.

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