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  • Writer's pictureFlow Australia

Treasurer keen to progress global tax deal at G20

An overhaul of global taxation, climate change and the energy transition will be raised by Treasurer Jim Chalmers at the G20 finance ministers meeting in India.

Treasurer Jim Chalmers remains optimistic progress can be made on multinational tax reform at a key G20 meeting.

Dr Chalmers and Reserve Bank of Australia Governor Philip Lowe will meet with their counterparts in Gandhinagar, India, this week to gain a better understanding of the global economy. 

Having an understanding of the conditions was "absolutely central" to making sure Australia's economic policies were aligned, the treasurer said.

"What's happening right now is the pressures that are coming at us from around the world are being felt around kitchen tables, and so we need to understand that," he told the ABC's Insiders program on Sunday, ahead of his flight to India.

Countries across the world are battling with persistent and high inflation, which is squeezing household budgets.

Dr Chalmers said making progress on sustainable finance for investment into energy and multinational tax reform would also be high on the agenda at the G20 meeting for finance ministers and central bankers.

Almost 140 countries have agreed to implement a global tax deal, which aims to ensure a fairer distribution of profits and taxing rights relating to the world's largest multinationals, including digital giants like Amazon.

Dr Chalmers has said getting the multinational tax arrangements right was a "really important opportunity" that would benefit Australia.

The treasurer, who will return to Australia on Wednesday, also wants the concerns of Pacific Island nations about climate change to be front and centre at the talks.


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