G20 PLAN EXCEEDS 2 PER CENT GROWTH TARGET AS LEADERS COMMIT TO EXTRA ECONOMIC REFORMS
 
The combined growth strategies of G20 member nations presented at the Brisbane Leaders’ Summit will equate to 2.1 per cent new growth and inject an additional $2 trillion into the world economy and create millions of jobs.
 
The Brisbane Action Plan contains close to 1,000 measures, including more than 800 new ones, which the IMF and OECD estimate will boost the collective GDP of G20 nations by 2.1 per cent by 2018. 
 
This is new growth, over and above business as usual trends.
 
Early in Australia’s G20 Presidency we set an ambitious target of getting all countries to commit to measures that would deliver at least 2 per cent additional GDP over five years. 
 
The benefits of that growth will be felt worldwide, not just in G20 member nations. 
 
Individual country actions range from employment measures to infrastructure investment, as well as actions to expand trade, increase competition and reduce the regulatory burden on business.
 
The Brisbane Action Plan and individual country growth strategies and employment plans have been made public so people around the world can see our commitments, hold us to account and witness our progress. 
 
In addition, leaders committed to close the gender gap in labour force participation by 25 per cent by 2025. If successful, this will bring more than 100 million women into the global labour force, further increase global growth, deliver financial independence to millions and help reduce poverty and inequality.
 
Leaders also agreed to a Global Infrastructure Initiative that will help address the $70 trillion gap in infrastructure needed by 2030 to improve productivity and living standards. 
 
Governments cannot afford to foot this bill on their own.
 
New sources of investment must be found.
 
A Global Infrastructure Hub headquartered in Sydney, will drive the G20’s work on infrastructure by bringing together governments, the private sector, multinational development banks and other international organisations.
 
G20 and non-G20 countries will make use of the Hub’s data, information, ideas and networks to help lift infrastructure investment globally. 
 
G20 members also agreed to tackle base erosion and profit shifting and to share tax information by endorsing a new standard on the exchange of information between tax authorities.
 
This will make sure that big business pays tax in the same place it earns its profits.  It will help secure our revenue bases and restore integrity and fairness to the global tax system.
 
Free trade is good for all of us. It drives growth and creates jobs. 
 
Leaders have put on the table domestic reforms to make it easier to trade. 
 
We agreed on the importance of good quality trade agreements to make our economies more competitive and we began a discussion about how the World Trade Organization could work better to deliver the growth we need. 
 
Australia has pushed hard for G20 leaders to focus on the importance of energy to economic development, particularly for developing economies.
 
It is critical that global institutions reflect the changing nature of the global energy markets and leaders have agreed the G20 Principles on Energy Collaboration. These will be an important foundation for the G20’s ongoing efforts.
 
G20 leaders support strong and effective action to address climate change. 
 
Consistent with the UNFCCC, our actions will support sustainable development, economic growth and certainty for business and investment.
 
Leaders also endorsed significant measures which will help strengthen the global financial system.  These measures will help ensure the circumstances which led to the global financial crisis do not occur again. 
 
Banks are now better capitalised, derivative markets are safer and work has progressed to better protect taxpayers if large banks fail. We have reduced risks in the shadow banking sector.
 
Our focus now is to get on with the job of implementing our commitments while remaining alert to new and emerging risks.
 
We have also made progress on anti-corruption, energy and sustainability, development and reform of international economic institutions.
 
Leaders also expressed deep concern about humanitarian and economic impact of the Ebola outbreak in Guinea, Liberia and Sierra Leone.
 
We support the international response and have committed to do all we can to contain and respond to the crisis.
 
I thank my fellow G20 leaders for their support and willingness to prioritise reforms that underpin economic growth and job creation.

With less than a week to go until world leaders arrive for the G20 Leaders’ Summit, people around the country are finding out more about how the decisions reached in Brisbane will benefit Australian households and businesses, Federal Member for Bonner, Ross Vasta, said today.

“As host, Australia is making sure the meeting isn't just a high-level talk-fest,” Mr Vasta said.

“We are determined that world leaders use their influence to deliver the economic growth, jobs, and financial stability that will benefit billions globally – including Australians.”

“The focus is squarely on reforms that will make a real difference, empowering the private sector to grow, create jobs, and be more productive and prosperous.”

“The centrepiece of Australia's host year is the G20's commitment to boost economic growth by an additional 2 per cent over five years. This is the first time the G20 has agreed to such a target, and members are now 90 per cent of the way to hitting it.”

“That’s important, because while economic growth isn’t the solution to every problem, every problem is easier to solve if we have good economic growth.”

Australia’s host year has also seen significant work being done to promote private-sector investment in the ports, railways, roads, and other infrastructure that boosts productivity and makes trade and business easier. G20 members have agreed to a major push globally to remove barriers and create incentives that make it easier for this investment to occur.

Other highlights include work to close global tax loopholes, in a bid to see that big business pays its fair share of tax in the places where it makes its profits, with G20 members agreeing to start sharing information to expose tax cheats.

“The G20 nations are responsible for 85 per cent of global GDP and 75 per cent of global trade, and are home to two-thirds of the world's people,” Mr Vasta said.

“That means the decisions G20 leaders make in Brisbane this month will have global impact, when implemented domestically.”

“The G20 is also the only institution that puts the largest developed economies around the table with the largest emerging economies, so that the benefits of reform can be shared by all.”

As host city, Brisbane is making final preparations for the arrival of up to 4000 delegates and up to 3000 media, with direct economic benefits to the city estimated by the Brisbane City Council to be in excess of $100 million.