Now I am not a big fan of the international gabfest, producing vacuous and gobbledygooky communiques. What is the point?
But it seems that J.B. Hockey is really getting into it all, telling other G20 countries that they must set a target for global growth. What the? Why?
The implication seems to be that all governments should continue to spend taxpayer funds, present and future, to create some sugar hit to record growth. Really? Really?
My feeling with these G20 thingies is that the only sensible subjects for discussion related to issues with clear inter-country spillovers. All other issues are up to the individual countries to pursue – eg. infrastructure.
Here’s a grab from this morning’s news:
AUSTRALIA is negotiating a landmark commitment from the world’s biggest economies to set a hard target for global growth as it sets out reforms to labour markets, tax rules and infrastructure spending at an international summit this weekend.
Joe Hockey revealed the plan after talks with his global counterparts as he warned that all major nations had to “rev up the reform engine” to lift growth above the 3.7 per cent forecast for this year.
The Treasurer told The Australian that the reform agenda was crucial to the federal budget, warning it would be “reckless” to cut government spending too hard in May when the nation languished below its trend growth rate.
While the global economy was looking more positive than at the end of last year, Mr Hockey declared that “complacency is now our greatest enemy” and it was time for Australia and others to endorse reforms at this weekend’s meeting of finance ministers and central bankers from Group of 20 nations in Sydney.