Australia Joins G20 Finance Ministers Virtual Link-Up Hosted by Saudi Arabia

By AAP
July 18, 2020 Updated: July 18, 2020

Finance Minister Mathias Cormann will discuss the global depression and economic recovery with his G20 counterparts in a virtual meeting hosted by Saudi Arabia on July 18.

Saudi Arabia will be hosting the meeting of G20 finance ministers and central bankers to discuss and coordinate efforts for the global economic recovery after the steep downturn caused by the COVID-19 pandemic.

The global economy is suffering its worst recession since the Great Depression while Australia is in the midst of its first recession in nearly 30 years.

Australian Treasurer Josh Frydenberg will release an economic and fiscal update on Thursday, July 23, providing the first set of economic forecasts since the mid-year budget review last December.

The traditional handing down of the May budget was postponed until October because of the pandemic.