HON. J. B.

HOCKEY
Treasurer
Sunday, September 21 2014
G20 FINANCE MINISTERS AND CENTRAL BANK GOVERNORS MEETING
G20 Finance Ministers and Central Bank Governors in Cairns today have
delivered strateies that !ill achieve 1"# per cent o$ additional ro!th across the
lobal economy" Ministers $urther areed that !e can and !ill do more"
%his result means !e are &0 per cent o$ the !ay to meetin the 2 per cent
ro!th ambition !e set at our Sydney meetin" 'e are all committed to step up,
and deliver that ro!th taret to the Brisbane (eaders) Summit in *ovember"
%he !orld economy is ainin some momentum, thouh it is uneven and risks
remain" 'e must avoid bein complacent"
%he G20 reconises that many o$ the decisions and actions to et the !orld
economy movin are di+cult" But !e are determined to li$t ro!th, and
countries are !illin to use all our macroeconomic levers , monetary, -scal and
structural policies , to meet this challene"
.ustralia, as G20 /resident, set a practical aenda at its Sydney meetin to
strenthen international cooperation to deliver on its ambition to boost lobal
ro!th and create millions o$ ne! 0obs"
'e have never under1estimated the challene, particularly iven the hih levels
o$ unemployment and subdued international con-dence"
Genuine measures have been put $or!ard by all G20 economies" .round #0 per
cent o$ these 1,000 measures are ne!"
'e !ill no! redouble e2orts and hold each other to account on meetin this
taret as !e o $or!ard"
'e areed to shi$t $rom overnment1led ro!th to!ards private sector1led
ro!th, particularly $rom e3tra in$rastructure investment" %o meet this, !e have
areed to a Global 4n$rastructure 4nitiative !hich !ill include member country
commitments to boost investment throuh best1practice plannin and
development"
'e have delivered on our core commitments to build a stroner -nancial system
to make the economy and the -nancial system more resilient"
'e are also $ocused on developin international ta3 rules $or the 21st century"
'e are hal$!ay throuh deliverin the t!o1year 151point Base 6rosion and /ro-t
Shi$tin 7B6/S8 .ction /lan, desined to ensure international ta3 rules keep up
!ith advances in chanin business models"
'e have endorsed $ar1reachin initiatives to identi$y and catch ta3 cheats
throuh the automatic e3chane o$ in$ormation usin a Common 9eportin
Standard 7C9S8" 'e encourae others to match this commitment so that there
are no places to hide"
%he 4nternational Monetary Fund :uota and overnance re$orm remains a key
priority and !e encourae the ;nited States to rati$y the re$orms areed in 2010"
G20 Members are also concerned about the human cost o$ the 6bola epidemic
and the potential serious impacts on ro!th and stability in a2ected countries,
underscorin the importance o$ a coordinated international response"
Cooperation is evident throuh the number o$ Ministers and Central Bank
Governors !ho have travelled to Cairns, a very special part o$ .ustralia, $or this
meetin" 4 thank them $or bein part o$ this important atherin !hich is
ultimately about ro!in our economies and creatin 0obs"
4 also e3press my deep ratitude to all o$ the Cairns community $or their
incredibly enerous hospitality" %hey have made all .ustralians proud o$ their
e2orts in the lead up to and durin the G20"
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