Phillip Barresi (Deakin, Liberal Party) Share this | Link to this | Hansard source

My question is addressed to the Treasurer. Would the Treasurer outline to the House the results of the G20 meeting of finance ministers and central bank governors last week?

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Deakin for his question. I can report to the House that the Group of 20 central bank governors and finance ministers met in Melbourne over 18 and 19 November. The group brings together the 19 systemically important economies of the world plus the European Union. It represents over 85 per cent of global GDP and two-thirds of global population. It is the premier economic forum to look at global issues and economic prospects.

This forum brought together the key producers and consumers in world energy markets. The summit came to an agreement about ways to progress increased investment, openness, transparency and better pricing in those markets. It highlighted the benefits of the Extractive Industries Transparency Initiative and garnered support for that, and called for the Joint Oil Data Initiative to be extended to other energy sectors such as natural gas. Getting certainty in world energy markets will be a big part of ensuring affordable energy and also containing global inflation.

In addition to that, the meeting pressed ahead with reform of the Bretton Woods institutions. It has become a premier forum for reforming those institutions. It also analysed demographic change, and Australia made an offer to countries with ageing populations to assist with retirement incomes products and policy. In addition to that, it dealt with the issues of aid commitments and effectiveness. Many of those who were present indicated it was the best summit that the G20 has ever held.

I would like to thank the officers of the Treasury, led by Martin Parkinson, who did such an outstanding job; the people of the Grand Hyatt in Melbourne for their work; Comcar, who did all the transport; and especially the Victoria Police, who had to put up with quite outrageous violence on the streets of Melbourne run by anarchist, socialist and other far-left groups. I want to particularly thank Gary Jamieson and Mick Williams, who were responsible for the security arrangements. I think all reasoned, thinking people would say that the right to protest is one thing but that appearing in the streets of a major capital city, charging barricades, destroying property and invading shops is totally unacceptable in our society and that police officers should not have to endure assaults or urine filled balloons being thrown at them. I would hope that even the Labor Party would support that proposition as well. I would hope that the Labor Party as well would thank the Victoria Police.

Julia Gillard (Lalor, Australian Labor Party, Shadow Minister for Health and Manager of Opposition Business in the House) Share this | Link to this | Hansard source

Ms Gillard interjecting

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I do not know why the member for Lalor is interjecting.

Julia Gillard (Lalor, Australian Labor Party, Shadow Minister for Health and Manager of Opposition Business in the House) Share this | Link to this | Hansard source

I am agreeing with you.

Peter Costello (Higgins, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Oh no, you weren’t. You were not agreeing. You were saying, ‘Grow up.’ No wonder you are going as red as your hair, Member for Lalor. You were caught. You were saying, ‘Grow up.’ You were not endorsing the Victoria Police at all. Now you can come out and say that every well-meaning person would do that, and I would have expected that from the outset rather than those kinds of interjections. I would expect both sides of this House to support the Victoria Police in their efforts to keep the streets of Melbourne secure for innocent and peaceable people.