Federal Treasurer Jim Chalmers is heading overseas on Sunday to represent Australia at the G20 Finance Ministers and Central Bank Governors meetings in Gandhinagar, India.
“As nations continue to grapple with the challenges of high inflation and slowing global growth, now is an important time to convene with my colleagues,” says Dr Chalmers.
“Australia is not immune from the uncertainty in the global economy but with more Australians in work than ever before, record high labour force participation and wages growing in welcome ways, we are better placed than most other nations to deal with the challenges ahead of us.
“This meeting will give us new perspectives on global economic challenges and help us ensure that we continue to carefully calibrate our budget and our economic plan to the challenges we face in the future.”
On Saturday Dr Chalmers told the ABC the trip wouldn’t be awkward, despite travelling with Reserve Bank of Australia governor Philip Lowe.
It comes after Dr Chalmers announced on Friday the government would not be renewing Dr Lowe’s tenure after seven years in the role.
“One of the really wonderful things about how this appointment was made is the very supportive way that Philip Lowe backed in our choice of Michelle Bullock to succeed him at the Reserve Bank,” Dr Chalmers said.
“He is behaving in an impeccable, dignified way.”
Philip Lowe is the first governor in nearly 30 years not to have his tenure extended.
Michele Bullock will become the ninth governor of the RBA, with her seven-year term beginning on September 18.