Economic Growth a 'Poverty Buster': Peter Costello at Asialink

Economic Growth a 'Poverty Buster':
Peter Costello at Asialink

Thursday, 26 October 2006

The Federal Treasurer of Australia made a rare public appearance in October at one of Asialink's Business Briefing lunches

In a speech, principally about global economics, given in the lead-up to November's G20 meeting the Hon Mr Costello said that economic growth is the greatest 'poverty-buster' ever invented. He said that it is estimated that in Asia around 580 million people have been lifted out of extreme poverty (US$1 per day) in the 20 years since 1981. "This is principally China and to a lesser degree in India", Mr Costello said.

Peter Costello is the current chairman of the G20, a meeting of Finance Ministers and Central Bank Governors. The G20 meeting held in Melbourne represented two-thirds of the world's population and 85 per cent of global GDP.

Mr Costello said that "trade is more important than aid in economic growth," and that "Australia has a lot of credibility on international economic issues because of our record of reform and success."

At the G20 meeting significant industrial and emerging market economies including China, India, Indonesia and Japan discussed issues including energy security, ageing societies, and reform of the IMF as well conduct frank discussions of each nation's economies.

G20, Mr Costello said, provided an opportunity to "forge stronger relationships both globally and within our region." G20, Mr Costello said, provided an opportunity to "forge stronger relationships both globally and within our region".

To read a copy of his speach visit: http://www.treasurer.gov.au/tsr/content/speeches/2006/023.asp#footnote1

Asialink, The University of Melbourne

Economic Growth a 'Poverty Buster': Peter Costello at Asialink