Canberra, Dec 1 (IANS): As Australia officially assumed the presidency of the G20 Sunday, Prime Minister Tony Abbott said hosting the event in 2014 is a "big opportunity".

"Hosting the G20 in 2014 is a big opportunity and a big responsibility for Australia," Xinhua quoted Abbott as saying in a press release.

Abbott said the G20 presidency allows Australia to "help shape the global economic agenda for the benefit of all countries, and provides the opportunity to showcase the best of our nation".

The prime minister said G20's membership includes most of Australia's largest trading partners -- particularly those in the Asia-Pacific with whom Australia already has close and valued relationships.

Apart from economic growth and employment, Australia's G20 presidency in 2014 will also focus on making the global economy more resilient to deal with future shocks.

The G20 group comprises Argentina, Australia, Brazil, Canada, China, France, Germany, Indonesia, India, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, Britain, the US and the European Union.

Australia has invited Singapore and New Zealand to join the G20 table in 2014.

The G20 Summit is expected to be held Nov 15-16, 2014, in Brisbane, Queensland.