On Tuesday I will join my international counterparts at the Asia‑Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting in Hong Kong, meet bilaterally with the Chinese Finance Minister, and engage with big investors from across our region.
This is all about enhancing our fuel and energy security, engaging with key trading partners, and promoting Australia as a premier investment destination in Asia.
Fuel security will be a substantial focus because almost all of our fuel imports come from Asia and we are the region’s second largest LNG exporter.
The war in the Middle East and higher oil prices are pushing up inflation and borrowing costs and weighing on growth around the world, around our region and in Australia.
Global oil prices are well over a hundred dollars a barrel and bond yields have spiked in the United States, Japan, Australia and elsewhere.
I will reiterate Australia’s view that from an economic point of view we desperately need the war to end and the Strait of Hormuz to properly reopen.
In a world of uncertainty and volatility, strong trade relations are a source of stability, including when it comes to fuel security.
This will be a welcome opportunity to meet with China’s Minister of Finance, Lan Fo’an.
China is Australia’s largest trading partner, we have complementary economies that benefit from strong investment and trade ties and I look forward to building on this important relationship.
I will also meet with Singapore’s Transport Minister Jeffrey Siow and President of the Asian Infrastructure Investment Bank Zou Jiayi.
Like China, Singapore is a major supplier of refined fuels to Australia and is crucial for regional fuel security.
Hong Kong is one of the world’s largest financial centres and the biggest hub for cross‑border wealth management globally. As bond yields and competition for capital increase worldwide, it’s more important than ever to engage with global investors to highlight our economic strengths and attract more investment.
While there I will address some of the world’s largest investors, who collectively manage more than $2 trillion in assets and investments, to present Australia as a leading international investment destination.
APEC economies account for over 73 per cent of Australia’s trade and we are working to grow that even more.
Our abundant traditional and renewable energy resources, critical mineral deposits, AI and digital infrastructure, deep capital pools, strong and stable institutions and our reputation as a reliable partner are all assets that make Australia one of the world’s premier investment destinations.