Australia, Indonesia sign economic pledge



Australia and Indonesia have pledged to step up economic cooperation ahead of a meeting of G20 finance ministers.

Treasurer Jim Chalmers met with Indonesian Finance Minister Mulyani Indrawati in Canberra on Monday to sign the Memorandum of Understanding.

The agreement will facilitate the exchange of departmental officials from both countries, with dialogue and cooperation to focus on areas such as tax policy and financial regulation.

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Clean energy, climate finance and pension systems were also on the agenda.

“That is why we are deepening and renewing the MoU today so that we can continue to share policy experiences in key reform areas and build capacity in both our departments,” said Dr. Chalmers in his opening remarks.

dr. Chalmers also pointed to facilitating further investment from the Australian $3.4 trillion pension reserve in Indonesia.

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G20 finance ministers will meet in Washington DC in October.

The treasurer says the meeting comes at a time of economic uncertainty, spurred by the Russian invasion of Ukraine, with warnings of another global recession.

“Let’s not mince words: Our challenges are increasing, not disappearing,” said Dr. Chalmers.

“Inflation is creeping up on the world and central banks are reacting resolutely and bluntly.

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“Global growth is slowing (and) most of the risks are on the downside.”



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