In a statement this morning, Mr Newman said Queensland was ready and willing to work with the Australian Government to host an "excellent summit" but "these events involved considerable expense".

"The former Labor Government left behind a $2.8 billion deficit and debt fast approaching $100 billion and therefore Queensland is not in a position to contribute a significant amount of funding toward the cost of hosting the G20 Leaders' Summit," Mr Newman said.

"I am pleased to announce that as this event is clearly a Commonwealth Government responsibility, agreement has been reached that the Commonwealth will pay the majority of costs, as it has with similar events in other states."

He said Prime Minister Julia Gillard had also agreed to pay the additional police costs directly associated with hosting the event.

"Importantly, the Australian Government has also given an undertaking that no Queensland community will be left with inadequate police resources due to the Summit," he said.

The Australian Government had also agreed in good faith to provide funding to bring forward work to upgrade Queensland's communications network from analogue to digital.

"This is a win for Queensland as it will improve our communications capabilities," Mr Newman said.

Earlier, The Courier-Mail reported that the world's most powerful leaders would visit Brisbane in 2014 for the G20 conference.

Prime Minister Julia Gillard will today announce that Brisbane will host the gathering, which brings together the heads of powerhouse nations such as the US, Britain, China and Russia for annual talks.

A regional Queensland city will host a meeting of the G20 finance leaders, including the federal government's treasurer, so the benefits of the summit are spread throughout the state.

"With Queensland a driving force behind the nation's economy, there could be no better place to welcome the world's leaders than Brisbane," Ms Gillard said.

"Hosting the G20 in 2014 provides an invaluable opportunity for Australia to influence the global economic agenda."

Deputy Prime Minister Wayne Swan said Brisbane had played a key role in Australia's economic success, despite major setbacks created by last year's floods.

"The benefits to Brisbane of hosting this forum will extend across the hospitality, transport and tourism sectors, as well as many other service providers, delivering a major boost to countless Brisbane businesses over the five days of the summit," Mr Swan said.

"The G20 will put Brisbane at the centre of world events for those five days, and will showcase our thriving River City and Australia at its best."

The Leaders' Summit, scheduled for November 15 and 16 in 2014, will put Brisbane on the world's economic map, attracting not only the political chiefs but also heads of the United Nations, the World Bank, the International Labour Organisation, the World Trade Organisation and the International Monetary Fund.

They will be joined by 4000 delegates and about 3000 accredited media.

The announcement will probably boost Labor's standing in Queensland, with Ms Gillard delivering the world's biggest political names to the state.

Brisbane beat bids from other Australian cities, winning because of factors including its convention centre and the flexibility of its airport to host the world summit.

Brisbane was able to tick every box authorities were considering, with the airport having no curfew and offering sufficient parking space to host the world leaders.

The Brisbane Convention and Exhibition Centre was available and big enough to host the Leaders' Summit.

Other business and labour forums will also be held across the city to coincide with the summit.

The Federal Government will employ a G20 Taskforce, largely from Queensland, and co-ordinate 500 volunteers to plan and deliver the event.

Coolum on the Sunshine Coast held the Commonwealth Heads of Government Meeting in 2002, which included the Queen's attendance, but Queensland has not hosted anything on the scale of a G20 summit.

Last month, Ms Gillard joined President Barack Obama, British Prime Minister David Cameron, Russian President Vladimir Putin and United Nations Secretary-General Ban Ki-moon for the 2012 G20 conference in Mexico.

By holding the 2014 summit, Australia will join the G20's three-member management group from 2013-15.

Ms Gillard said hosting the event provided a "vital platform to build on Australia's role in global economic decision-making".

The event's legacy is rooted in attempts by the world leaders to come together in 2008 to battle the global financial crisis. Previously the summits had not necessarily included political leaders.

Member states agreed to work together to achieve global economic stability and to do what they could to prevent further economic crises.

As host nation, Australia will have the opportunity to invite countries to join the G20 group at the summit.

Ms Gillard said the G20 forum would provide opportunities for other communities across Australia, with preparatory meetings of delegations being staged in the lead-up to the Leaders' Summit.

"These meetings are also large events and are likely to take place in locations across Australia and those details will be announced as we get closer to the G20 Summit," she said.

Previous host cities include London, Pittsburgh, Toronto, Seoul, Cannes, and Los Cabos in Mexico. In 2013, the G20 will be held in St Petersburg, Russia.

Source from: http://www.news.com.au/national/brisbane-set-to-host-g20-conference-in-2014/story-fndo4ckr-1226422826373

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