Treasurer Joe Hockey is in Washington to host his fourth and final G20 finance ministers meeting before the November Leaders Summit.
Joe Hockey believes the G20’s achievements have been considerable under Australia’s 2014 presidency, transforming the grouping of the world’s top western economies from a reactive to a proactive one.
The treasurer is in Washington to chair the fourth and final G20 finance minsters and central governors two-day meeting (October 9-10) before the Leaders Summit in November.
At the September meeting in Cairns it was estimated the world’s richest nations were 90 per cent on the way to achieving their target of lifting global growth by an additional two per cent over five years – an initiative proposed by Mr Hockey earlier this year.
“We will intensify our efforts to find the final 10 per cent before the Brisbane Summit,” Mr Hockey told a conference on Wednesday.
More than 900 measures have so far been put forward by member countries.
The International Monetary Fund and the Organisation for Economic Cooperation and Development estimate these would lift global growth by 1.8 per cent, delivering an additional $2 trillion to the world economy and millions of new jobs.
Mr Hockey says the IMF and the OECD are monitoring the credibility of these measures.
Growth strategies have particularly focused on lifting investment infrastructure to address weakness in demand and improve productivity.
The Cairns meeting agreed to the Global Infrastructure Initiative that aims to improve project planning.
The next stage to be delivered at the Summit is a Global Infrastructure Centre that will have knowledge and information to assist governments, international organisation and the private sector.
Mr Hockey told the Centre for International and Strategic Studies that the B20 – the business arm of the G20 – estimates that such a hub could help to facilitate tens of billions of dollars of annual infrastructure investment.
“It’s clear that with the cost of capital at record lows, the time is right for action on infrastructure investment,” the treasurer says.
At the same time, the G20 is determined to crack down on global tax evasion.
“Let me be very clear, a tax cheat is a thief,” Mr Hockey said.
The Cairns meeting also made great strides in delivering stability and certainty financial regulation.
The Financial Stability Board will soon release a proposal to further protect taxpayer funds if large, global banks run into difficulty.
“Brisbane will mark a turning point for international financial regulation. It is time to draw a line in the sand on the global financial crisis,” the treasurer says.