PM: I have just arrived in France for the G20 meeting, bringing together the leaders of the biggest 20 economies in the world.
This G20 meeting comes at the most testing time for the global economy since the depths of the global financial crisis. Leaders at this meeting need to come together and show the leadership the world needs to lock in behind jobs and growth.
Australia has a strong and resilient economy but we are not immune from what happens in the rest of the world.
Even before coming to this G20 meeting, for a period of time I have been raising Australia's concern about the situation in Europe. We have been consistently raising our concern about European financial stability and also about the sovereign debt problems in Greece.
When European leaders came together on 27October and put together a plan, Australia was supportive of that plan. We said then and we continue to say now that the plan needs to have all of its details finalised and the plan needs to be implemented.
Now I would have come to the G20 to say that in any event, but circumstances in the last 36 hours with the announcements from Greece means that there is now new uncertainty in the European situation.
That means it is important for European leaders to shore up the plan that they have developed and to ensure that all details are finalised and that the plan is implemented. Now it is more important than ever that words become deeds.
What Greece has announced has effectively put the European crisis on fast-forward. That means that inevitably over the next few days the focus will be on how the European plan can be implemented and what else needs to be done in Europe to get stability and growth back into Europe, and European economies.
Now this is an issue for European leaders to deal with - front and centre for European leaders. But of course the G20 won't be sitting on the sidelines. I believe it is important for the G20 to be addressing questions that can increase confidence during this period.
I particularly believe it is important that the G20 look at the question of IMF resourcing. That would be one thing that the G20 could do which would increase the confidence of markets and show that there is sufficient resourcing to deal with anything else that may flow, arising out of the European problems.
I will be raising the need to increase IMF resourcing, both at the G20 meeting itself, and at my bilateral meetings, starting today at my bilateral meeting with the President of Brazil.
For Australia's part, we stand ready to participate in an increase in IMF resources. I am here in France attending the G20, to make sure that the voices of Australians are heard on the global economy, because the global economy does matter to Australian jobs, and Australia's future.
I am very happy to take questions.
JOURNALIST:Prime Minister, have you got a figure regarding what Australia is happy to contribute further to the IMF?
PM: Well clearly I have just arrived and I will be participating in discussions over the next few days but I am indicating Australia is standing ready to play its part in any increase in IMF resources.
And I do believe that the G20 does need to address increasing IMF resources. Now from Australia, this is not a new perspective. People would recall that the Treasurer has been talking about IMF resourcing for a substantial period of time and I have also raised it directly in the run-up to this G20 meeting.
But now of course, with the circumstances in Greece effectively pressing the fast forward button, it becomes more critical for the G20 to address IMF resourcing.
JOURNALIST: Given that the domestic, political situations in Greece, Italy and Spain and so on, are really crucial to getting action, is there much point to the G20 over the next couple of days?
PM: European leaders do need to resolve the situation in Europe. What the G20 can do is assist with making sure that there is the political will for European leaders to resolve the situation in Europe.
From Australia's part, we believe that when European leaders meet on 27October and struck their plan, we were supportive of that.
Now the plan has to have all of its details finalised and it needs to be implemented, words on a piece of paper are one thing, actions are another.
Yes Dennis.
JOURNALIST: Prime Minister, how concerned are you that the European crisis is now overshadowing what the G20 can do for the medium and longer term for global security?
PM:I believe the G20 needs to look at medium term questions too, we have this European problem and it is for European leaders to address, and in the last 36 hours we've seen a new uncertainty, a new set of questions arising from what has been said by Greece.
It is pivotal that European leaders address how their plan is going to be implemented and what else they are going to do to reform European economies and put them on a path of growth.
Standing here right now we don't have the answers to either of those two questions and European leaders must provide those answers. So that has to be done. I believe the G20 can play a role in bolstering political will and on the question of IMF resourcing, but I also think the G20 needs to address a set of medium term questions that would make a difference to global growth.
Trade is one of those, getting freer trade would be like a shot in the arm to the global economy and make it stronger, but putting pressure on everyone to keep reforming their economies, for developed nations to be looking to new sources of growth, as we are with our Clean Energy Future and the National Broadband Network, and for developing countries to also be looking at questions like market based exchange rates.
Andrew.
JOURNALIST: Prime Minister, on a domestic issue we've had a dreadful situation with the death of at least seven people possibly 20, and then the arrival of two more boats since then. What's your reaction to the deaths of these asylum seekers and your response to the, what has been a quite a bitter political fight since you've been in the air?
PM: Well thedeaths, the tragedy here, the loss of life, is obviously quite devastating. I obviously haven't been able to see the TV images or the people who survived interviewed. I haven't been in a position to do that given that I've just arrived.
But even reading the words that they've said tears at your heart, so this is a tragic situation.
Being over here in France I'm not intending to run commentary on parliamentary domestic debates.
JOURNALIST: But Prime Minister would you consider any compromise as far as your offshore legislation which in still on the books to try and have a strong deterrence. All your
Ministers are saying that there is a need for stronger deterrence?
PM: The position of the Government is that we want to implement the arrangement with Malaysia and we want to amend the legislation which would give this government and future governments the powers they need to implement the arrangements that they believe fit, the arrangements that are their policies.
JOURNALIST: NAB has put up their interest rates. Do you have any comment on whether that was a good move by them, given that other banks have decided to cut theirs in line with
what the Government wanted?
PM: Imade my position clear before I left Australia in the Parliament as soon as the news of the interest rate reduction came through, which is that Australian banking customers, the people who go to banks, the people who use banks, the people who rely on banks, would expect banks to pass these interest rate reductions through.
JOURNALIST: That's must be pretty grubby isn't it, behaviour-
PM: -Well look I've made my position clear. We'll just take just one last question here.
JOURNALIST: Just on Julian Assange, the WikiLeaks founder. It has been decided by the High Court in London that he will be extradited to Sweden. He has expressed concerns that he fears execution if he is then extradited on to the United States. What is your reaction to the decision of the court today?
PM: I was advised of this matter literally in transit here, it's only just happened. So we'll get briefed and understand fully what's happened here and make a statement if necessary.
JOURNALIST: Do you share his concerns?
Well, I am not going to deal with it. I have literally heard five, ten minutes ago so we will get you an answer when possible.
Thanks very much.