Treasurer Jim Chalmers will head off to Washington for key talks with world counterparts, with global financial uncertainty set to dominate discussions.
Dr Chalmers will take part in the G20 finance ministers' talks in the US, as well as taking part in the IMF World Bank meetings and central bank governors' meetings during the three-day trip.
The treasurer will also be joined at the events by Reserve Bank governor Philip Lowe and Treasury secretary Steven Kennedy.
Dr Chalmers said the talks with financial heads would be critical ahead of next month's federal budget.
"There could not be a more important time to take the temperature of the global economy, as we carefully calibrate the settings of the May budget," he said.
"Global conditions have become more complex and confronting than they were even a few months ago."
Dr Chalmers will meet US Treasury Secretary Janet Yellen, UK Chancellor of the Exchequer Jeremy Hunt and Ukrainian Finance Minister Sergii Marchenko.
It's expected high interest rates across the world, growing inflation and economic challenges posed by the ongoing invasion of Ukraine will dominate the talks.
"Recent tremors in global financial markets have increased uncertainty and downside risks, and the IMF is now forecasting the weakest five year period for global growth in more than three decades," Dr Chalmers said.
"In this uncertain environment, our job is to strike the right balance between dealing with our immediate challenges, preparing for the future and safeguarding our economy against global risks."
The treasurer will hand down his second budget on May 9.
© AAP 2023