Australian G20 officials are happy with the progress being made to achieve a two per cent growth target, but concede there is still much work to be done.
Some 700 measures have been put forward by Group of 20 members aimed at both lifting global economic growth and employment.
G20 officials representing the world’s largest developed and developing economies met in Melbourne over the past two days to gauge the progress of the agenda at the half-way stage of Australia’s 2014 presidency.
These preparatory meetings will culminate with the Leaders Summit in Brisbane in November.
Department of Prime Minister and Cabinet’s Heather Smith, who represents Australia as its sherpa at the G20 to oversee preparations for the summit, is happy with the progress of work at the halfway point, although emphasised there is still much to be done.
“I think it is apparent to all of them that we are serious about the need for outcomes and the growth strategy being at the centre of that to be delivered by November,” Dr Smith told AAP on Tuesday.
One key aim of a tight Australian agenda is to lift economic growth by two per cent over five years compared with current projections.
Treasury’s Barry Sterland who represents Australia as its G20 finance deputy believes considerable progress has been made since finance ministers last met in Washington in April.
He said there are already 700 measures that have been identified by G20 members that come under the core areas of employment, trade, competition and infrastructure aimed at lifting growth.
“Many represent substantive responses to reform gaps within these countries,” Mr Sterland said.
However, there has been an uneven contribution from countries and this was acknowledged at the meetings of the past few days.
At the same time, not all measures are equally robust and some employment measures are harder to quantify as directly contributing to growth, he said.
Even so, Mr Sterland said the measures have lifted in “quality and depth” since April and there is a mood of strong commitment coming from the meetings.
G20 finance ministers and central bankers will again meet in Cairns in September.