G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more.
This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting. We are all committed to step up, and deliver that growth target to the Brisbane Leaders’ Summit in November.
The world economy is gaining some momentum, though it is uneven and risks remain. We must avoid being complacent.
The G20 recognises that many of the decisions and actions to get the world economy moving are difficult. But we are determined to lift growth, and countries are willing to use all our macroeconomic levers – monetary, fiscal and structural policies – to meet this challenge.
Australia, as G20 President, set a practical agenda at its Sydney meeting to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs.
We have never under-estimated the challenge, particularly given the high levels of unemployment and subdued international confidence.
Genuine measures have been put forward by all G20 economies. Around 80 per cent of these 1,000 measures are new.
We will now redouble efforts and hold each other to account on meeting this target as we go forward.
We 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.
We have delivered on our core commitments to build a stronger financial system to make the economy and the financial system more resilient.
We are also focused on developing international tax rules for the 21st century. We are halfway through delivering the two-year 15-point Base Erosion and Profit Shifting (BEPS) Action Plan, designed to ensure international tax rules keep up with advances in changing business models.
We have endorsed far-reaching initiatives to identify and catch tax cheats through the automatic exchange of information using a Common Reporting Standard (CRS). We encourage others to match this commitment so that there are no places to hide.
The International Monetary Fund quota and governance reform remains a key priority and we encourage the United States to ratify the reforms agreed in 2010.
G20 Members are also concerned about the human cost of the Ebola epidemic and the potential serious impacts on growth and stability in affected countries, underscoring the importance of a coordinated international response.
Cooperation is evident through the number of Ministers and Central Bank Governors who have travelled to Cairns, a very special part of Australia, for this meeting. I thank them for being part of this important gathering which is ultimately about growing our economies and creating jobs.
I also express my deep gratitude to all of the Cairns community for their incredibly generous hospitality. They have made all Australians proud of their efforts in the lead up to and during the G20.