Australia to tell G20 Summit to grow up

WHEN 19 nations arrive in Brisbane this November for the G20 summit, Australia will deliver a sharp message - grow up.

The United States, European Union, United Kingdom, Indonesia and Japan among others will be told by the Australian G20 presidency to aim for 2% real growth in gross domestic product over five years.

Reserve Bank Governor Glenn Stevens on Thursday told an American Chamber of Commerce meeting in Brisbane what he meant.

It would be reached by creating reforms that allowed 0.4% growth per year.

"Just in case you think this doesn't sound like such a big deal, let's contemplate the magnitudes," he said.

"Were the 2% aspiration to be achieved, it would mean something of the order of US$2 trillion of additional output in the world economy, something like 15 million extra jobs spread around G20 countries and hundreds of billions of dollars of additional revenue for governments.

"It's serious money."

Mr Stevens warned it did not mean "cheap money" nor austerity or "ignoring the gaping hole in public finances".

"Time will tell whether the countries of the G20 will rise to the challenge," he said.

"But if not now, when?"


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