Australian Treasurer Wayne Swan returned from G20 finance ministers' discussions in London and described on Tuesday the meeting as the "most important" the group had held.

"What this demonstrates is just how difficult the global environment is at the moment and why there is such an urgent need for international action," Swan said.

Swan told the parliament that all finance ministers agreed on the importance of economic stimulus.

"Finance ministers from across the political divide understand the importance of boosting demand to avoid a damaging loss of output, much higher unemployment and then, of course, much higher budget deficits," Swan said.

According to Swan, the meeting at the weekend has discussed how to take control of toxic assets in the global financial system, to adopt measures in the communique put forward by both the Australian and British governments.

The meeting has also agreed to reform the International Monetary Fund and regulate and supervise the global financial system.

Figures presented to the meeting showed growth, on an annualized basis, in the developed world went back seven percent in the December quarter.

(Xinhua News Agency March 17, 2009)