 Matthew Goodman, welcome to the Lowe Institute. You're here from the Centre for Strategic and International Studies in the US, here for a Think20 seminar, and we're delighted to have you. Thank you very much, Mike. Delated to be here. One of the issues that's around at the moment is concern over the global economy. The opening of this week's economy starts off by saying there's problems in the global economy. The G20, one of its objectives is to try and boost, promote global growth. There's a challenge. What do you think that we can achieve at this Brisbane summit that may make a positive contribution to global growth? Yes, well thank you, Mike, for having me. It's great to be here at Lowe. So yes, you're right. I think the global economy is in a rather uncertain phase here, where growth in all the major economies is in some sense below par, whether you look at the United States, which is doing relatively better, but still has sub par growth and some risks as well. Europe is flat and on the risk of going into deflation and recession. China is slowing down, still growing at sort of 7% plus, but slower than it had been with some big risks there in the financial system in the property sector. In Japan, the other big economy also having some real doubt about its growth prospects. So I think this is a challenging time for the global economy and the G20 was set up to deal with precisely these sorts of problems. It was of course established in 2008 as a leaders forum in crisis. We're not exactly in that kind of burning crisis, but it is a real, it's a slow burning crisis of slow growth and the G20 needs to do something to show that it can address this growth problem. And Australia, I think, has set out some good objectives and ideas for doing that. Yes, the world does need a little burst of confidence, a burst of optimism and it does need to have some demonstration that countries are cooperating together, because if we step back right now and look at it, we have problems with the WTO, the World Trade Organization, in that this long fought agreement, the Bali agreement isn't going forward. It's been vetoed by G20 member. We have geopolitical tensions and we have sanctions being imposed between G20 countries and of course we have the U.S. not agreeing to the reform of the IMF, which has resulted in some alternative institutions, shall we say, being created in the region. Do you think we can get the burst of confidence, a demonstration that G20 countries are cooperating together at Brisbane? Well, it's very important to try to do that. I mean, that's what the G20 offers the opportunity to do because you have leaders from about 85% of the world economy's weight here in a room talking about all the issues you mentioned and certainly, this is a huge opportunity. I think that the initial confidence and the cooperation that was engendered in the early meetings of the G20 is going to be hard to reproduce because there was a clear shared sense of crisis and common purpose. But you need to try to recreate that in a new way by showing that we can work together in specific tangible ways to advance an agenda. And so I think the Australian growth strategy approach of setting a 2% additional GDP target by 2018 is a good one to focus minds and the reforms that are needed in individual countries. They're good proposals on trade, on tax, on energy, on other issues that the G20 can make some tangible progress and show that it's actually a useful forum to get some things done and to sort of set a direction for the global economy, which is what it does best. Yes, I think you're right. One of the advantages of having the 2% target has it certainly focused the mind. And it's also focused that we do need extra policies. It's not business as usual. If you want more growth, you need to have more policies. Of course, implementation is the challenge and that you can't solve the implementation issue at domestic summits. You've got to go home and do it domestically, which raises the issue in the US and the problems that the US has in terms of implementing commitments at these international agreements. So that's always one of, I think, the concerns that the rest of the world has in terms of whether it will be delivered. Absolutely. And I think that you mentioned the IMF reform. That was something that actually, ironically, the United States championed at the 2010 summit and then it was unable to deliver on this commitment because the US Congress has not enacted the relatively minor financial transfer. It's almost kind of an accounting issue, not really a substantial new spend for the US and yet Congress has not been willing to approve this. And that's really undercut US credibility and I think has made overall global governance harder because while the United States cannot run the world alone, it is indispensable to advancing progress on any of those issues that we talked about. And if the US doesn't have the credibility to come to the table on an issue like that, then I think it's going to be very hard for the group as a whole to really achieve progress. So I certainly hope that the US will follow through and implement its commitments and I hope other countries will as well. Absolutely. Well, thanks very much. We all hope that everyone will implement their commitments and we'll have a successful summit. Thanks very much and thanks so much.