Today I will meet a number of key private sector representatives in New York to discuss how the financial crisis is unfolding and how it is impacting on the prospects for global growth and commodity prices.
I will meet with one of the Managing Directors of Credit Suisse, Paul Ezekiel, to discuss the current conditions in financial market.
We will also discuss the critical role that financial markets are playing in the development and operation of carbon emissions trading schemes.
The Rudd Government is committed to tackling climate change responsibly through its Carbon Pollution Reduction Scheme - which will allow an orderly and gradual adjustment to a low-carbon economy.
With Dean Maki, Chief Economist of Barclays, I will discuss the impact the global financial crisis is having on the prospects for the global economy and the role that further monetary and fiscal stimulus may play in supporting global growth.
I will also meet with a number of commodities experts, to discuss the outlook for commodity prices.
The deterioration in the global economic outlook has already contributed to significant declines in global commodity prices. This has impacted on growth, incomes and government revenue in many countries including Australia
If a deeper and more prolonged global downturn eventuates, this could lead to further falls in global commodity prices, with inevitable consequences for our economy and budget revenues.
I will also use these meetings to continue to outline the strengths in the Australian economy and the measures taken by the Rudd Government to support growth and strengthen our financial system.
13 November 2008