Economic growth, driven by the private sector and supported by trade liberalisation, is a key objective of Australia's engagement with the world. Strong economies are an important shaper of prosperity, security, stability and peace.

Workers on a building site (Austrade)

Did you know?

Australia is currently ranked fifth on the Index of Economic Freedom.

Through its membership of international economic institutions, Australia actively promotes open trade to encourage global economic growth and job creation.

As president of the G20 in 2014, Australia led the push for G20 members to grow their gross domestic product by an additional two per cent by 2019. This would add nearly US$2 trillion dollars to the global economy and create millions of jobs.

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Australia is the leader of the Cairns Group in the World Trade Organization. The group of 19 countries from the Americas, Africa, Asia and the Pacific works to free up agricultural trade.

Australia's aid program promotes sustainable economic growth and poverty reduction in developing countries. Aid investments help expand the capacity of countries to trade their products, encourage economic growth to create jobs, and empower women and girls to better participate in the economy.

Domestically, Australia is working to reduce government debt, remove unnecessary taxes and cut regulations and costs for business. This will ensure Australia remains an attractive destination for international investment so our economy can continue to grow and develop new industries.

Australia and the G20

As a member of the G20, Australia influences decisions relating to the global economy. Australia's strong financial sector and effective system of financial regulation means Australia is well placed to make a strong contribution to the G20's work. Through its membership of the G20, Australia is also strengthening its engagement with the world's major economies.

Did you know?

On 1 December 2013, Australia began a year as president of the G20. It held a series of meetings culminating in the G20 Leaders' Summit on 15–16 November 2014 in Brisbane.

Flags of the G20 nations
Last Updated: 22 August 2016