Australia to stand tall, PM tells G20

Ms Gillard has just concluded a two-day Group of 20 (G20) nations summit in the Mexican city of Los Cabos.

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The prime minister and other G20 world leaders on Wednesday released a final communique from the summit, which included a commitment by eurozone leaders to address the crisis in Europe through growth, fiscal discipline and greater integration of its banking system to restore confidence.

Ms Gillard said each nation had its part to play and there was a commitment to “pulling together”.

“In the case of Australia, we are committed to ongoing investment in skills, tax and transfer reform and investment in infrastructure,” she told reporters in Los Cabos.

She also cited Australia’s recent pledge to provide an extra $US7 billion to the International Monetary Fund (IMF).

She said the G20 communique was a “significant development” and would, for the first time, ensure a level of “mutual accountability”.

“Countries’ performance will be subject to peer review.

“If you like, we will be holding each other’s feet to the fire.”

Ms Gillard said it had been a productive summit at a challenging time for the global economy.

“We made good progress but as is always the case, the task we face to restore global growth is an ongoing challenge,” she said.

“In these times, when the global economy is such a strong talking point, Australians can continue to have confidence in their own economic situation.

“Our economy is growing, we’re creating more jobs, inflation is low (and) our government’s finances are strong.”

Ms Gillard said the world economy may face more “stumbles” on the road to recovery.

“But throughout all of that, Australia with its strong economy will stand tall,” she said.

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