ANTHONY ALBANESE, PRIME MINISTER OF AUSTRALIA: Well, it is my great pleasure to welcome President Adeang back to Canberra. As I said during the President's last visit here, our countries share a special bond. We share geography, we share history, we share a region. And of course, we share deep and strong bonds between our people.
So, I'm delighted to join President Adeang here in signing the Nauru-Australia Treaty to strengthen our relationship even further. Australia is Nauru's largest economic, security and development partner. We view this partnership as a serious responsibility and a sign of the enduring respect between our two nations.
Together in the spirit of friendship and cooperation, Nauru and Australia developed this Treaty guided by the best interests of both countries. President Adeang has expressed clearly to me that Nauru's long term economic resilience, including access to banking services, is his priority and Nauru's greatest need. Here in Australia, we recognise that the economic stability of our neighbours benefits our entire region. The Nauru-Australia Treaty will take our relationship to a new level. It will strengthen Nauru's longer term stability and economic resilience. It is also firmly in Australia's interest in a peaceful, secure and economically resilient Pacific region. The region that together we call home.
Under our Treaty commitments, Australia will ensure the people of Nauru have ongoing access to banking services, including correspondent banking services which the Commonwealth Bank will provide from 2025 after Bendigo Bank departs. And I thank the Commonwealth Bank for their support. This is a vital outcome for keeping Nauru connected to the global economy. Australia will also provide Nauru budget support of $100 million over five years. This will give the Nauru Government the certainty it needs to make long term investments for its citizens in areas like education, health and social services.
The Treaty also reflects our nation's shared commitment to Pacific led security. Australia will invest $40 million over five years to enhance Nauru's policing and security through support for recruitment, training and infrastructure. Recognising that the security of one of us affects the security of both of us, the Treaty provides that Nauru and Australia will jointly agree to any engagement by other countries in Nauru's security, banking and telecommunications sectors.
The Treaty underscores Australia and Nauru's commitment to strengthening Pacific led solutions to meet our region's security, economic and development needs. This Treaty will make our region stronger and it will make it safer.
This is a good day for Australia. This is a good day for Nauru. And it is a good day for the security and resilience of the Pacific region. We are both part of the Pacific family and this Treaty reflects that. And I thank President Adeang for his friendship, for his partnership and for his leadership. And I look forward to strengthening the deep bond that our two countries share. Thank you, President.
DAVID ADEANG, PRESIDENT OF THE REPUBLIC OF NAURU: It is my great privilege and honour to represent the Government and the people of Nauru to mark this historic milestone in the Republic of Nauru's relationship with the Commonwealth of Australia.
The signing of this Treaty reaffirms our deep friendship and shared commitment to building a peaceful, prosperous and secure future for our two nations and for our region. To Nauru, Australia it's not just a friend, but family bound by shared history and values. This Treaty strengthens our own economy, enhances also our mutual security and addresses critical challenges like banking and ensuring inclusive growth and resilience for our own people.
I welcome very much the efforts by the Prime Minister and the Government of Australia in ensuring that the Commonwealth Bank of Australia will commence banking operations in Nauru in 2025, a step toward greater financial stability for our people.
This partnership is vital for Nauru. The United Nations classifies Nauru as the most vulnerable nation in the Pacific and the fifth most vulnerable nation in the world. We appreciate Australia's steadfast support as we try to address our unique development challenges while we continue diversifying our economy, exploring innovative opportunities and safeguarding our region's peace and stability.
My heartfelt appreciation to Prime Minister Anthony Albanese and several of your Government Ministers who work tirelessly for your unwavering friendship, leadership and commitment. I also acknowledge and commend the hard work of officials from both our sides who have brought this Treaty to fruition. With these few words on behalf of our Government and people of Nauru, thank you Mr Prime Minister, and may God bless Nauru and Australia and our partnership.