Australian Government coat of arms

Prime Minister of Australia

The Hon Tony Abbott MP

G20 Leaders encouraged to drive economic growth

22 June 2014

Prime Minister

E&OE

As we mark the halfway point in Australia’s presidency of the G20, I met with representatives of G20 Leaders and Finance and Central Bank Deputies in Melbourne today to further our shared commitment to drive economic growth.

In Sydney earlier this year, G20 member nations committed to an ambitious target to boost our collective GDP by more than two per cent above current projections over the next five years.

In November, leaders of the G20 nations will gather in Brisbane to ensure concrete outcomes are delivered for the betterment of member countries and the world: economic growth, jobs and a global economy that can weather future shocks.

The G20 is about people, not governments.

In recent months G20 member countries have been sharing details of the policies they intend to pursue to contribute to our shared economic growth goal.

Now, with just five months remaining before leaders meet in Brisbane, it’s time to turn aspirations into actions. We are making progress but there is much more to be done.

We need actions that free the private sector to grow and create the jobs of the future.

We need actions that encourage investment in infrastructure that drives economic productivity.

We need to make it easier for businesses and countries to trade and we need to ensure that international companies pay their taxes where they make their profits.

These are all areas in which G20 Leaders have the power to act.

Our best chance of delivering for the global community in November is to focus on a few crucial areas of economic reform, where the potential dividends are huge.

Delivering on our two per cent growth ambition will inject trillions of dollars into the global economy and create millions of new jobs.

That can be the legacy of G20 Leaders in November, if we commit to real action.

I also met today with representatives from the Civil Society 20 Chaired by Tim Costello.

The C20 is an important partner for the G20 in securing outcomes that deliver economic growth which will drive prosperity and strong communities across G20 countries and beyond.

22 June 2014