CAIRNS has beaten competition from across Queensland to be named as the destination for the G20 Finance Ministers' Meeting in 2014.
After announcing that Brisbane had scored the G20 Leaders' Meeting , Prime Minister Julia Gillard made it clear a second event would be held somewhere in Queensland but outside of the capital.
It is a massive win for the North Queensland city of 150,000, with about 2000 making up the visiting contingent of finance ministers, auxiliary staff and world media.
The Federal Government will pour $370 million into funding both G20 events, which will also require some state investment to ensure security standards.
During her press conference in Cairns, Ms Gillard refused to say which cities were the main rivals to the Cairns decision.
"There are so many beautiful parts of Queensland, it was always going to be a tough contest. But you should be very pleased that you have come out winners," she told reporters in Cairns.
Both the Sunshine and Gold coasts are within a two-hour drive from the G20 host city and each have more than double the population of Cairns.
Ms Gillard told reporters Cairns had the infrastructure already in place to handle the world political event.
"You have to have the right hotel stock, the right meeting venues, the right outlook and atmosphere - certainly Cairns has got all of that.
"We have wanted to benefit Cairns because we do know that it has been a bit tough in the recent period. Tourism has been impacted by our high Australian dollar."
The Prime Minister has just returned from a holiday in Port Douglas, about 67km north of Cairns.
Deputy Prime Minister and Treasurer Wayne Swan said as a Queenslander - who grew up on the Sunshine Coast - he could "think of no location better than Cairns" to hold the secondary G20 meeting.
"I think it's going to be a real boost to the confidence and to the standing of the region and a chance to showcase our reef, our wet tropical rainforest and all the other attractions here in tropical north Queensland."
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