PNG Oration 2014

Today I welcome to Parliament House the Governor of the Bank of Papua New Guinea Loi Bakani to deliver the third PNG Oration. The PNG Oration was inaugurated in 2011 to broaden understanding of the Australia-Papua New Guinea relationship, encouraging deeper engagement with our nearest neighbour.

Governor Bakani will speak about the opportunities and challenges for the PNG economy, which is estimated to grow by 15.5 per cent in 2015, driven largely by LNG exports. The Government of Papua New Guinea is focused on using this wealth to transform the economy and provide broad-based development and sustainable economic growth.

Australia is committed to working with PNG to manage this transformation and continues to advocate for the establishment of a best practice Sovereign Wealth Fund.

Papua New Guinea is a place of opportunity, with much of PNG's potential yet to be fully unlocked. In recognition of the role of the private sector in driving development and growth, over the next few years, 30 per cent of Australia's aid program will be redirected to reducing constraints to doing business and fostering trade.

Governor Bakani holds a Bachelor of Economics at the University of PNG and a Masters at the University of Wollongong. He began work with the PNG Central Bank in 1985 and was appointed as Governor in 2009.