The setting of an economic growth target for the G20 summit is not enough and more work is needed on resilience and climate, says Julia Gillard.
Former prime minister Julia Gillard believes setting a target for economic growth should only be a small part of Australia’s G20 summit agenda.
Prime Minister Tony Abbott has asked G20 leaders, who will meet in Brisbane in November, to lay out plans to meet a target of two per cent economic growth beyond that already forecast over five years.
The recent G20 finance ministers meeting in Cairns heard that the proposals put forward to date could boost the global economy by 1.8 per cent.
Ms Gillard, who secured the hosting of the summit when she was PM, said setting a target missed the point.
“I think if I was still there as prime minister this opportunity would be one to really deal with the strengthening of the global economy, not just the setting of aspirations but knuckling down to structural reforms within economies that are needed to boost global growth,” she told AAP.
She said the G20 as an organisation had managed the emergency response to the global financial crisis well.
But it now risked being seen as not having the “grunt to push the world through the necessary rebuilding”.
“So it’s very important that this isn’t just about target setting, but it’s about the nitty gritty to bolster global growth.”
Ms Gillard, who is on a national tour to promote her memoir My Story, said the G20 also needed to put climate change on the agenda.
“At the end of the day, if we could get some sort of movement that brought together the major economies of the world then that would stand us in good stead for a global arrangement at the next UN climate meeting, which is in Paris next year.”