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Monday, 22 September 2014
Page: 9964

G20 Finance Ministers and Central Bank Governors Meeting

Mr ENTSCH (Leichhardt) (14:32): My question is to the Treasurer. Will the Treasurer update the House on the outcomes of the G20 finance ministers and central bank governors meeting held in Cairns over the weekend? What will the meeting's outcomes mean for growth and for jobs?

Mr Perrett interjecting

The SPEAKER: I call the honourable the Treasurer, and the member for Moreton will desist.

Mr HOCKEY (North SydneyThe Treasurer) (14:33): I thank the honourable member for Leichardt for the question. I would like to thank him and recognise his contribution to a very successful finance ministers meeting of the G20 in Cairns. It was incredibly successful. The people of Cairns, led by the member for Leichhardt, the mayor, Bob Manning, and the entire council were outstanding hosts. Three and a half thousand people were involved in hosting and facilitating the G20 finance ministers meeting in Cairns. I would particularly like to pay tribute to my parliamentary secretary, the member for Moncrieff, who did a lot of organisation at the other end.

Honourable members interjecting—

Mr HOCKEY: He is a good man.

The SPEAKER: There will be order, thank you. Silence on my left and right.

Honourable members interjecting

The SPEAKER: There will be silence, please, or I will have to ask the Treasurer not to stir you up!

Mr HOCKEY: It helps immeasurably that he was born in Mareeba, so he is a Far North Queenslander, even though he represents the Gold Coast. The bottom line for that investment by the Australian people is: what has been achieved?

I want to recognise that there was a reasonable degree of scepticism about Australia taking on the hosting of the G20 at the time of the announcement, but I do want to recognise the contribution of the former member for Griffith, Kevin Rudd, and also of the member for Lilley, Wayne Swan, for hosting it in Queensland and in Sydney. The meeting in Sydney at the beginning of the year changed the discussion of global finance ministers.

At the beginning of the year there was no global growth target for the world. We laid down, at some risk, a two per cent global target to increase economic growth, to increase the size of the global economy by $2 trillion, to create 20 million new jobs. It has taken a great deal of effort, under the presidency of Australia, including effort by the Prime Minister and all the team, to get people across the line to help to deliver the growth plan that is 90 per cent of the way there. It is not 100 per cent of the way there; there is still more work to be done. But nearly 1,000 policy initiatives were submitted by member countries. Those 1,000 policy initiatives have the capacity to deliver global growth that starts to deliver on the ground more jobs, better pay, better quality of living, more inclusiveness. That is only achieved under the presidency of Australia. There is still much work to be done, including a very important leaders summit in Brisbane in November.