The global economic outlook remains fragile and uncertain. Global economic imbalances persist and we must address them or risk future instability.

There is a reason the world always looks to America.

America has always understood this principle of the economy - that everyone can benefit when everyone competes.

I know people are looking at what's happening in Washington and then they also look at events in Europe, in Greece and Portugal and other places and worry about that.

Afghanistan must never again be a safe haven for terrorism.

My guiding principle is that prosperity can be shared. We can create wealth together. The global economy is not a zero-sum game.

Through hard work and education, we can deliver a strong economy and opportunity for all.

Those of you who have spent time with Australians know that we are not given to overstatement. By nature we are laconic speakers and by conviction we are realistic thinkers.

I know reform is never easy. But I know reform is right.

Our future growth relies on competitiveness and innovation, skills and productivity... and these in turn rely on the education of our people.

We encourage China to engage as a good global citizen and we are clear-eyed about where differences do lie.

Here in Australia we do get impacted by global economic events. But we should have some confidence that our economy has got strong underlying fundamentals.

I want you to know what I have told Australia's Parliament in Canberra - what I told General Petraeus in Kabul - what I told President Obama in the Oval Office this week. Australia will stand firm with our ally the United States.