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Malcolm Turnbull: Don't hide under the doona

AAP logoAAP 4/09/2016 Rashida Yosufzai

Prime Minister Malcolm Turnbull shakes hands with Chinese President Xi Jinping. © Reuters/Wang Zhao Prime Minister Malcolm Turnbull shakes hands with Chinese President Xi Jinping. Malcolm Turnbull has warned G20 leaders they risk a mistake of historic proportions if they "hide under the doona" and ignore economic scaremongering.

""That is a road we cannot afford to go down," the prime minister told business leaders at his first G20 commitment in the Chinese city of Hangzhou today.

In the wake of the Brexit vote and rise of Donald Trump, Mr Turnbull said leaders must restore public trust in economic reform, in open markets and open trade and counter rising calls for protectionism and isolation.

"In this time of change you can't afford to hide under the doona and pretend it isn't happening."

Now was not the time to reverse the rise of economic reform.

"It would be a mistake of historic proportions for the G20 to stand by while scare campaigns not based on facts or evidence foster protectionism or indeed isolationism," he said.

Business and political leaders alike must work together to do more on reassuring the public and promoting the benefits of open trade and investment.

Part of that was cracking down on multinational tax avoidance.

"Paying taxes is not optional," Mr Turnbull said.

"That's a critical element of rebuilding that trust."

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