It is a pleasure to be here for the opening of the 2011 Commonwealth Business Forum in Perth.
This Forum is an important member of the Commonwealth family.
And it's great to be able to welcome you as friends to our country.
We meet at a time of challenge and opportunity.
At a time of transformation as the economic and political weight of our world shifts from West to East.
Over the past two decades alone, China and India have almost tripled their share of the global economy.
This transformation is affecting us all, big and small, poor and wealthy.
It matters for Australia and I am determined our nation makes the most of this, the Asian century.
But other parts of the world are growing quickly too.
Africa is home to one billion people and already has an extraordinary story of growth to tell.
One day perhaps we will talk of an African century too.
Ghana's economy, for example, is over 9 times larger than it was 30 years ago and Botswana's is over 16 times larger.
Both countries have enjoyed average growth rates of 8 to 10 per cent, rivalling those of some of their Asian counterparts.
Sub-Saharan Africa as a whole is expected to grow by 5.3 per cent this year and 5.8 per cent next year, well over twice the pace of the developed world.
I heard something of this story in my meeting yesterday with the Commonwealth Business Council.
They project that Commonwealth investment flows are expected to reach $220 billion in 2015, more than double the level of 1997.
Commonwealth trade is expected to triple in value over the same timeframe.
Our friends in the Business Council call it the "Commonwealth factor", the web of connections, friendships and values that drives opportunity among the 54 nations of our fellowship.
It is a story of growth that resonates so greatly here in this dynamic metropolis of Perth.
This city that looks so optimistically to the nations of Asia and Africa to our north and west.
It is a city where introspection and gloom are seldom entertained.
But it must be admitted that the story of growth I just described is tempered by considerable uncertainty and risk.
As a measure of the challenges we face, consider these facts:
The IMF has spoken of a “dangerous new phase” in the global economy.
The Bank of England chief Sir Mervyn King has talked of a decline that could be even worse than the Great Depression if events get out of control.
And the International Labor Organization records a human tragedy of 200 million people without a job around the world.
Uncertain times.
Threatening times.
So we look to the world for action.
We look to the United States to support President Obama's jobs package, while charting a path towards fiscal consolidation in the medium term.
We look to our friends in the big emerging economies, including China, to rebalance their economies towards domestically driven growth and market-driven interest and exchange rates.
But our deepest uncertainty comes from Europe.
All of us as Commonwealth member nations stand to suffer if the correct response is not forthcoming:
Those of us in Commonwealth countries who have worked so hard to maintain prudent financial oversight and balanced growth.
Those of us who have worked so hard, especially in Africa, to boost governance, democracy and the rule of law.
Those of us who rely upon the flow of remittances from our workers abroad to sustain our economies at home.
It's time for Europe to respond.
And yet global financial markets continued to fluctuate as we watch for a convincing plan from the second European leaders' summit on Wednesday.
Yes, we acknowledge the steps Europe has taken and how painful they have been.
But much more needs to be done, and needs to be done fast.
European leaders will need to stabilise the situation by resolving sovereign debt issues and ensure there are adequate safeguards to avoid contagion.
Europe also needs to ensure that its private banks are adequately capitalised to ensure stability and growth.
This is no time for delay.
This is the message I will take to the G20 summit in Cannes in nine days time.
G20 leaders will need to strike the right balance between addressing short-term risks and pledging reforms that promote growth into the future.
Australia has long been a vocal advocate for structural economic reforms on a global scale.
That is why I have written to the French President and 2011 G20 chair, Mr Nicolas Sarkozy, urging decisive action in Cannes.
The G20 Action Plan will need to outline the commitments and measures required to achieve stronger economic growth.
The G20 also needs a strong development agenda, particularly in areas such as food security, infrastructure and remittances.
The crisis in the Horn of Africa reminds us of the urgency of addressing the challenge of global food security, and Australia supports a comprehensive approach.
We need concrete initiatives for improving productivity, market transparency and crisis management.
I will also be advocating strongly for G20 leaders to commit to reducing the costs of sending remittances.
The needs of the developing world must be central to the G20 agenda, not something peripheral or remote.
So friends, for all of you who do business within the Commonwealth - and those of us in government who support you - these are critical days.
Challenging times for Europe and the world.
Times in which we must prove ourselves equal to the task.
It's a great opportunity for the G20 to once again play a decisive role in shaping our response to the global economic situation.
And remember one-quarter of the G20's members are also Commonwealth members, so we have a real voice.
Like 2008, we face a moment of choice that requires absolute clarity of thought and action to keep the global economy from slipping backwards into a new crisis and to build the foundations of sustainable growth through partnership and reform.
The road to recovery will not be easy but I remain optimistic.
I believe that world leaders have understood the most fundamental lesson of the Global Financial Crisis:
That in this interconnected world, economic problems do not begin and end at national borders.
So we must not only meet our current challenges.
But ensure the next phase of world growth is very different to the last:
Greater balance and less debt.
More investment in the drivers of human capital like skills and health care.
Rebuilding our cities and our infrastructure.
Freer trade and fewer barriers.
Less attention to creating exotic financial products and more to creating the goods and services that sustain real growth.
Above all, making the transition to a clean energy future that is the only way we will avoid the disastrous consequences of global warming.
Of course, you already know all these things: they are the very topics that form the agenda for this Forum.
Now I know you've all come to Perth with your sleeves rolled up, ready to strike deals and form new business partnerships.
And I would simply say: Go for it.
Seize the moment.
With 1200 participants, 16 heads of government and 150 business leaders here in Perth, you'll never have a better time.
As you network and deal, let me just leave you with the assurance that my fellow leaders and I will be fighting for youat the G20 and beyond.
Fighting to build a world where those of you in business, who work hard, innovate and take risks - have the best possible chance to succeed, create wealth and foster jobs and opportunity for the people of the Commonwealth.
With these thoughts in mind, I wish you every success in your deliberations.
I look forward to meeting with you at tonight's dinner and the roundtable on Thursday.
And I take great pleasure in declaring the 2011 Commonwealth Business Forum open.