The Treasury’s international economic role includes:
- providing strategic advice on international economic policy issues
- providing advice on trade policy, including communicating the benefits of trade and economic openness
- advancing Australia’s interests and supporting a strong and resilient international financial architecture through the international financial institutions and international forums such as the G20
- building strong links with key trading and regional partners to advance Australia’s interests, and
- forecasting and providing advice on global economic and trade conditions.
Statistical data regarding Australia’s standing within the global economy can be found on the following sites:
Promoting Australia’s economic and strategic interests through international organisations
The Treasury engages closely with multilateral development banks and international financial institutions to contribute to shaping outcomes that further Australia’s economic and strategic interests.
The Treasury provides advice and support to Australia’s constituency offices at the IMF, World Bank, Asian Development Bank, Asian Infrastructure Investment Bank (AIIB) and European Bank for Reconstruction and Development. The Treasury also provides support to the Treasurer in his role as Governor at these institutions to ensure Australia is best placed to help shape important regional and global policy agendas.
Through active leadership in our AIIB constituency and the AIIB Board, the Treasury supports the continuing development of the AIIB into an effective, accountable and transparent organisation to address the significant infrastructure gap in the region.
Further information about Australia’s role in these international organisations and Australian constituency offices can be found on the following sites:
- International Monetary Fund
- World Bank Group
- Asian Development Bank
- Asian Infrastructure Investment Bank
- European Bank for Reconstruction and Development
Joint Economic Forecasting Group
The JEFG Committee meets three times a year to discuss the domestic and global outlook with an informal update round conducted in June. A JEFG Report is prepared by Treasury in consultation with the other partners. The report provides Treasury’s assessment of the domestic and global outlook, including its revised economic forecasts.
To help inform public discussion and debate, the JEFG reports are released after a period of 2½ years, starting with the March quarter 2008 Report.
The JEFG Committee consists of Treasury, the Reserve Bank of Australia, the Department of the Prime Minister and Cabinet, the Department of Finance and Deregulation and the Australian Bureau of Statistics.