Federal Treasurer Joe Hockey said G20 finance ministers had almost accomplished a 2 per cent target for additional global growth, with a boost of 1.8 per cent recorded.
At the beginning of the year, there had been “no global growth target [and] no global infrastructure initiative”, Hockey said, following the G20 finance ministers' meeting in Cairns this week – which he described as being “ultimately about growing our economies and creating jobs”.
He argued that genuine progress has been made, and said that by the time the Brisbane G20 leaders' summit takes place in November, “we will deliver… real, concrete outcomes based on our ambitious goals that were laid down at the G20 finance minister's meeting in Sydney at the beginning of the year,” he said.
Hockey suggested that the outcomes of the summit would lead to millions of new jobs around the globe.
“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,” he said.
“We have never under-estimated the challenge, particularly given the high levels of unemployment and subdued international confidence.”
HR should stay tuned for developments when projecting and forward planning future workforces, as Hockey said “genuine measures” have been put forward by all G20 economies in an effort to create jobs.
“We will now redouble efforts and hold each other to account on meeting this target as we go forward,” he added.
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Almost 1000 initiatives are set to make the global economy $2 trillion larger over the next four years, leading to the creation of millions of new jobs.