World leaders today agreed that Australia will host the G20 in 2014.
The G20 will be the most significant gathering of international leaders Australia has ever hosted.
It will allow Australia to shape the international economic agenda, while showcasing Australia's economic strengths and providing a boost to Australian businesses.
G20 leaders meeting in Cannes unanimously endorsed the choice of Australia as host, recognising Australia's active role in the G20 and our strong record of hosting successful international meetings.
Hosting the G20 will allow Australia to set and shape the international agenda on issues of fundamental importance to our national interest, including the health of the global economy, financial regulation, trade, jobs and clean energy.
The G20 will also offer an unparalleled opportunity to showcase Australia's fundamental economic strengths. It will provide an excellent platform for the business community to promote Australian commercial interests, including with international business leaders who attend the parallel B20 business forum.
The G20 is the world's pre-eminent forum for global economic cooperation and decision-making. It contains the world's largest economies, accounting for some 85 per cent of global GDP, and all of our major trading and investment partners.
As an open and liberal economy, Australia's economic fortunes are closely linked to those of the global economy. A healthy and growing global economy is fundamental to Australian jobs, living standards and economic opportunity.
A decision on which city will host the G20 will be made in due course.