The Group of 20 Nations (G20) has pledged to continue working together to restore stability and foster growth in the international financial system, after a meeting in Brazil over the weekend.
While the group said bold actions already taken in several countries had begun to ease pressures it was ready to take further urgent action to help stabilise the global economy.
"We agreed that we must draw policy lessons from the current crisis and take all necessary steps to restore market confidence and stability and to minimise the risk of a future crisis," a statement from the G20 said.
The meeting followed an update provided by the International Monetary Fund (IMF) on Friday revealing further deterioration in the outlook for global economic growth.
Treasurer Wayne Swan said the forecasts were the second to be released by the IMF since October, highlighting how rapidly global events were unfolding.
Mr Swan said the government would continue to “actively work with international counterparts, particularly through key forums such as the G-20, to coordinate an effective global response to the current turmoil”.
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