Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Hansard source

Thank you, Mr Speaker. I know that all members have a pressing engagement, so let me be very brief. I will proceed this evening from Australia to France for the G20 meeting. This is a very important meeting at a time when two big engines of the global economy are misfiring at the same time—that is, the economy in Europe and the United States economy. We have been very vocal about the need for Europe to put its house in order. We have seen a framework emerge from European leaders. Now in the context of the G20, we need to ensure that this framework ends up in concrete steps which are implemented to deal with the sovereign debt problems out of Greece and other nations, to deal with financial stability in Europe, to deal with fiscal consolidation needed in Europe and to make sure we do not see contagion in the banking sector.

The meeting is important for matters beyond the actions that need to be taken in Europe. It comes at a time when we do need to see a lift in global growth. The global economy does need a shot in the arm. We will certainly be lifting our voices in support of freer trade and ending the gridlock over the Doha Round because the global economy does need that shot in the arm. We will also be lifting our voices for the need for economies to act in a way that bolsters global growth for developed economies like our own. That means looking for new sources of growth like clean energy futures and the new sources of growth that can be realised from the National Broadband Network and new technologies. For developing nations that means that people need to confront hard questions of market-based currency arrangements. I will be at the G20 putting Australia's case on these questions on the need for global growth, global balance and trade.

Mr Speaker, given that time is short, with those words it may be an appropriate moment for question time to end and for people to meet a commitment they would like to meet. I ask that further questions be placed on the Notice Paper.

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