Australian Politics Forum

http://www.theaustralian.com.au/national-affairs/foreign-affairs/g20-must-act-on-economy-to-avert-crisis-rudd-warns/story-fn59nm2j-1226154466640

FOREIGN Minister Kevin Rudd has warned that the G20 could lose international relevance if its leaders, meeting in France next month, fail to co-ordinate action to resolve economic uncertainty.

And if the G20 loses relevance, he says, Australia could lose influence on the global stage.

Mr Rudd made the comments in Brisbane yesterday amid uncertainty about Europe's debt problems and fears that if Greece defaults on its debts, it could spark a new global financial crisis.

As the German government increased its financial assistance to debt-burdened European neighbours yesterday, Mr Rudd said the world stood at a "critical point" in economic history and the response of the G20, which includes Australia, would be vital to avoiding further trauma.

"When the financial crisis began (in 2008), it was fundamentally about market failure in the finance industry," he told a forum at the University of Queensland. "It has now evolved to become a broader lack of faith by markets in governments' capacity to deal effectively with the crisis."

As Mr Rudd took to the stage at his old campus in front of a clearly adoring assembly of students, it was not missed that he was now the "everywhere man".

Introducing Mr Rudd to deliver the university's annual public lecture in politics and international studies, vice-chancellor Paul Greenfield expressed amazement at the Foreign Minister's schedule, at home and abroad, since recovering from surgery.

"Some of you would be aware of the satirical road song I've been Everywhere, Man, and (Mr Rudd) has just about been everywhere," Professor Greenfield said.

Mr Rudd was in no mood for a low-key return to UQ, where he was briefly an adjunct professor before entering politics.

The university might have forgotten to alert the media on his 30-minute address, but Mr Rudd's office certainly didn't.

When he took to the stage, it was vintage Kevin 07, with memories of his time as "shelf-stacker" in the undergraduate library, before morphing into Kevin 11, and casually mentioning he spent last weekend with Henry Kissinger in New York.

His audience ate it up, sending him off the stage with rousing applause and swarming around for autographs and photographs.

Despite Mr Rudd's office warning it was a "speech-only" event -- meaning no doorstop to answer questions about the latest poll finding that he is more popular than Julia Gillard in Queensland -- he couldn't help but oblige.

In fact, Mr Rudd even waited for his media advisers to find the news cameraman.

"People are very kind, but I am very happy being Foreign Minister," he said.

In his speech, Mr Rudd said the G20, which replaced the G7 as the world's primary venue for economic co-operation when the GFC began in 2008, would be seen to have failed if it were unable to make progress in Cannes on the fresh crisis now facing the world.

He used the same rhetoric on the Climate Change topic

Remember the "climate change greatest moral challenge of our time and we must act now" rhetoric???

all he's done is changed the words to "critical point in economic history"

perception_now likes the words "Peak Oil"

same stuff car salesman use "this offer is only good today"

it's meant to conjure an image that if you don't do something now it's gone tomorrow

hasnt he just pledged $64 mill or something like that to PNG.???...

maybe he should be running the IMF sounds like he has money to burn.. and as his stim saved Asutralia..!!!!! he couldnt fail could he?

I seem to remember similar words before the last G20.. its all crap it also costs a mint..and nothing changes... unless you calling getting worse change!

all this posturing gets on my nerves to be honest,

You cant half tell he is planning a leadership challenge. does Gillard get any of these kinds of receptions?