G20 to shutdown tax leaks: Abbott

Australia is the new chair of the G20, the top global forum for examining the world's economic. Source: AAP

AUSTRALIA hopes to lead a united global charge against profit shifting during its Group of 20 presidency.

The nation on Sunday assumed host rights for the 2014 forum of the world's leading economies, with Prime Minister Tony Abbott setting a clear agenda.

"We are determined to ensure that we, as far as we can, improve the world's international taxation arrangements so we don't have the kind of leakage we've had in recent times through transfer pricing," Mr Abbott told reporters in Brisbane, the host city for November's leaders summit.

"The principle here is you should pay tax in the country where you earn the revenue and we will be talking to our G20 partners to make sure this is the case."

There will be a focus on private sector-led economic economic growth with talks on trade and banking, Mr Abbott added.

"We will be demonstrating what we believe is sound economic policy," the prime minister said, championing his domestic agenda of reduced taxation and regulation to drive productivity.

"It isn't just a meeting, it is a year to show practical leadership."

Australia will extend an invitation for the upcoming G20 to "key member of the global economic system" Singapore and "closest friend" New Zealand.

And as Australia continues to heal its wounds with Indonesia over spying allegations, Mr Abbott deflected speculation that visiting G20 leaders could be subject to eavesdropping, as was allegedly the case in 2013 when Russia hosted the summit in St Petersburg.

"I can promise leaders around the world that are visiting Australia that I'm going to be absolutely candid with them," Mr Abbott said.

"I won't be saying anything in private that I don't say in public. That's my commitment to the leaders of the world and I want to build the best possible G20."

The G20 presidency will see Australia host meetings of finance ministers, trade ministers and employment ministers, culminating in the leaders' summit, with some 4000 delegates and 3000 media representatives due to visit the country.

"The cost to the commonwealth is in the order of $400 million ... but we believe that the benefits of hosting a gathering like this ... far outweigh the costs," Mr Abbott said.

But at least one group will be voicing opposition to the event.

"While the coming together of nations could be an opportunity to promote peace, social justice and ecological sustainability, the G20 is perpetuating financial and economic system that is failing the majority of the world and destroying the planet," Kim Stewart said on behalf of the Brisbane Community Action Network G20.

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