This weekend Treasurer Joe Hockey hosts a meeting of G20 Finance Ministers in Sydney as a warm-up to the broader G20 meeting in Brisbane later this year and it seems the Treasurer has an aspirational goal for Australia’s stewardship of the G20.
The Australian reports this morning that Hockey is trying to get his G20 counterparts to set a hard target for growth.
“The only way we can create jobs, the only way we can have fiscal repair, the only way we are going to deliver prosperity is to improve growth.
Countries with rising unemployment or high unemployment need stronger growth. Countries where governments have budgets that are in disrepair need growth.
And in Australia we can cut expenditure all you want but ultimately the best repair job on the budget is going to come from stronger economic growth and better revenue.”
It’s likely to be a tough sell given the divergent problems that many members of the G20 face even if Hockey is right and growth is the cure.
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