Australian Treasurer Joe Hockey looks on during a press conference at the G20 Finance Ministers and Central Bank Governors are meeting in Cairns, Sunday, Sept. 21, 2014.
Australian Treasurer Joe Hockey looks on during a press conference at the G20 Finance Ministers and Central Bank Governors are meeting in Cairns, Sunday, Sept. 21, 2014. AAP Image - Dave Hunt

G20 finance meeting switches growth focus to private sector

THE finance ministers of the world's biggest economies have agreed to encourage the private-sector to drive global growth.

The G20 Finance Ministers and Central Bank Governors meeting in Cairns have delivered strategies aimed at achieving 1.8% of additional growth.

Australian Treasurer Joe Hockey said there had been significant progress on existing goals.

"This result means we are 90% of the way to meeting the 2% growth ambition we set at our Sydney meeting," he said.

"The world economy is gaining some momentum, though it is uneven and risks remain. We must avoid being complacent."

Mr Hockey said Australia, as G20 president and host, had set a practical agenda at its Sydney meeting in July to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs.

"We have agreed to shift from government-led growth towards private sector-led growth, particularly from extra infrastructure investment. To meet this, we have agreed to a Global Infrastructure Initiative which will include member country commitments to boost investment through best-practice planning and development." - APN NEWSDESK


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