PM outlines G20 plan at close of summit
Prime Minister Tony Abbott has released the G20âs final plan for economic growth, pledging to work with world leaders to deliver real outcomes.
In his final address as G20 chair, Mr Abbott on Sunday thanked world leaders for attending the most influential gathering of world leaders in Australian history.
He said there had been a strong spirit of cooperation and moments of candour between the leaders, and a commitment to actually implement their âaction planâ.
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âWe have published these growth strategies so the world can see what we are committed to and the world can hold us to account,â he told reporters in Brisbane.
âPeople right around the world are going to be better off and thatâs what itâs all about.â
The overarching G20 goal was to boost global economic growth by 2.1 per cent by 2018, which if translated would add $2 trillion to economic activity.
Mr Abbott said a working session on trade, which he described as one of the most productive of this G20 weekend, had delivered a unanimous agreement that expanding global trade would directly benefit countries and people right around the world.
âTrade is a key driver of growth, perhaps the key driver of growth, and weâre focused on domestic reforms to facilitate trade as well as the importance of a strong global trading system.â
He also said a global infrastructure hub would be launched in Sydney as part of a wider initiative to address a global $70 trillion gap in infrastructure by 2030.
It would be funded by government and private sector contributions, he said.
Energy ministers would meet for the first time early next year to take work forward on a G20 energy efficiency action plan, Mr Abbott said.
âEnergy Iâm pleased to say is now at the heart of the G20âs agenda,â he said.
The communique from the Brisbane summit also included specific mention of climate change.
Mr Abbott said all leaders had voiced support for strong and effective action to address climate change.
âOur actions will support sustainable development, economic growth and certainty for business and investment and, of course, we will all work constructively towards the climate change conference in Paris next year.â
The G20 leaders committed backed a global crackdown on tax avoidance by multinational companies.
âIf banks get into trouble taxpayers should not be bailing them out,â Mr Abbott said.
âAnd big business must pay its fair share of tax and it must pay its fair share of tax in the jurisdiction where they earned the profits.â
It was put to Mr Abbott that there had been some disagreement among leaders on the extent to which climate change featured in the communique, and that US President Barack Obama had argued strongly against the prime ministerâs position on the use of fossil fuels.
âAs for coal, without going into the details of who said what to whom and exactly what intervention was about what subject, I should remind everyone that right now there are 1.3 billion people right around the globe who have no access whatsoever to electricity,â Mr Abbott said.
âAnd not only was the communique drafting process constructive and collegial but the discussion in the room today was very constructive and collegial.
âI just want to make that absolutely crystal clear, that from the very beginning, climate change was in the draft communique.â
The prime minister said labour market reforms were also crucial, of which lifting female participation was the âprincipal commitmentâ.
He said that if female participation was closer to male participation in every country of the G20, âbillions if not trillions of dollars in additional growthâ would be unlocked.
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