Key Points
- The Australian government has again criticised Russia's invasion of Ukraine.
- It says this has prolonging the economic disruptions caused by the COVID-19 pandemic.
The Australian government has condemned Russia's invasion of Ukraine as prolonging the economic disruptions caused by the COVID-19 pandemic.
Addressing finance ministers from across the world, Treasurer Jim Chalmers said have not only had a human cost but also increased global uncertainty.
The treasurer is attending the two-day G20 finance ministers and central bank governors summit in Bali alongside Reserve Bank of Australia head Philip Lowe.
Reserve Bank of Australia governor Philip Lowe (left) and Treasurer Jim Chalmers (right) at the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia. Source: AAP / Made Nagi/AP
"The global economic situation has deteriorated and we are entering a difficult, if not dangerous, phase with costs and consequences for all of us.
"This is the sobering reality that we confront."
But in the midst of , it was also an opportunity for the world to take up , Mr Chalmers said.
"By increasing uncertainty around energy security, Russia's war on Ukraine has also reinforced the urgency of seeking cleaner, cheaper and more reliable energy - an area which my government can now show a renewed commitment to," he said.
Mr Chalmers said world leaders will need to work together to get through the challenging economic times ahead.
"The collective response will need to be carefully calibrated to ensure that growth is sustainable, balanced and inclusive, so that all of our economies and all of our societies can be stronger after COVID than they were before," he said.
While tensions over Russia's invasion of Ukraine have dominated previous discussions, Russia's finance minister will address the summit virtually and send his deputy in person.
Ukraine's finance minister Serhiy Marchenko has also been invited to the G20 summit and will give a virtual address.
Mr Chalmers praised Mr Marchenko and the "courageous" people of Ukraine, saying Australia strongly supports the nation's sovereignty and territorial integrity.
Minister's warning as Russia-Ukraine war overshadows talks
It comes after Indonesia's finance minister warned that a failure by the G20 finance leaders to reach a consensus during talks in Bali could be "catastrophic" for low-income countries facing soaring food and energy prices.
Representatives from the Group of 20 major economies are meeting on the resort island as host Indonesia tries to find common ground in a group frayed by the Ukraine war and rising economic pressures from soaring inflation.
Russia's invasion of Ukraine has overshadowed recent G20 meetings, including .
Sri Mulyani Indrawati said the world had high hopes the group would be able to find a solution to the triple threat of war, rising commodity prices and their spillover effects on the ability of low-income countries to repay debt.
Indonesia's Finance Minister Sri Mulyani Indrawati (centre) warned that a failure by the G20 finance leaders to reach a consensus during talks in Bali could be "catastrophic" for low-income Source: AAP / MADE NAGI / POOL/EPA
"The humanitarian consequences for the world, and especially for many low-income countries would be catastrophic."
G20 members include Western countries that have imposed sanctions on Russia and accuse it of war crimes in Ukraine - which it denies - as well as nations including China, India and South Africa, which have been more muted in their responses.
Sri Mulyani called for G20 members to talk less about politics and "build bridges between each other" to deliver more technical decisions and action.
"We need to strengthen the spirit of multilateralism, we need to also build a safety net for our future co-operation," she said.
German and French officials have expressed scepticism that common ground can be reached due to the tensions over Ukraine.
