On Sunday, Prime Minister Tony Abbott announced Australia's "presidency" over the 2014 forum for the world's leading economies for 2014.

"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 announced in a press conference held in Brisbane.

Brisbane will be the host city for the G20 2014 happening in November.

"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."

"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."

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

However, the G20 2014 will reportedly cost $400 million from the taxpayer's money, and Mr Abbott had transparently announced that Queensland will be shouldering this amount and it will not be covered by the Commonwealth.

"But we believe the benefits of hosting a gathering like this, which for Queensland will involve 4000 international delegates and 3000 international media people, we believe the benefits far outweigh the costs. The G20 is a good opportunity to contribute to the economic leadership of the world. It's a splendid opportunity to showcase our country and, in particular, to showcase the great city of Brisbane," explained Mr Abbott.

Brisbane Lord Mayor Graham Quirk remained positive in support of the G20 2014 as this event will label Brisbane as "a rising star in the Asia Pacific" he said

"This is a once-in-a-generation chance for Brisbane to step up and take its rightful place among the emerging world cities of the 21st century," Mr Quirk said.