Treasurer Joe Hockey flies out to the US this weekend to host his final G20 finance ministers meeting in Washington under Australia’s 2014 presidency.
Just a couple of weeks since they last met, Joe Hockey is jetting off this weekend for another meeting with his G20 counterparts in Washington.
The treasurer will host the fourth and last gathering of finance ministers and central bank governors from the world’s richest nations under Australia’s presidency before the leaders’ summit in November in Brisbane.
At last month’s meeting in Cairns, it was estimated that G20 members are 90 per cent of the way toward achieving a growth target that will lift global growth by an additional two per cent by 2018 through various measures.
The meeting also agreed to a Global Infrastructure Initiative that brings government and the private sector together to deliver major projects.
Mr Hockey said he will be seeking an agreement in Washington to a Global Infrastructure Centre, which will allow for greater exchange of information.
“Governments need new ways to work with business and other stakeholders to tap into private sector expertise and unlock the enormous potential for private sector funding of new infrastructure,” Mr Hockey said.
This will in turn create jobs.
Mr Hockey’s ambition is timely with International Monetary Fund chief Christine Lagarde warning that the global economy could be sinking into a prolonged period of “mediocre” growth which could endanger efforts to bring down unemployment worldwide.
Ms Lagarde said on Thursday that the world’s economy has weakened in the past six months, despite the efforts of leading central banks to boost activity with ultra-low interest rates.
Mr Hockey will hold a number of bilateral meetings while in Washington.
These include US Federal Reserve chair Janet Yellen, German Finance Minister Wolfgang Schable, Canadian Finance Minister Joe Oliver and World Bank president Jim Yong Kim.
On his way to and from Washington, the treasurer will stopover in New York and London respectively to meet with investment sector executives and representatives to discuss the G20 agenda.