Australia looks to keep G20 on growth path

Parliamentary secretary Michael McCormack will represent Australia at the first G20 meeting for finance ministers under Turkey's presidency.

Turkey's Deputy Prime Minister Ali Babacan

Australia will be trying to keep the other G20 countries on track with their agreed growth targets. (AAP)

Australia will be trying to keep the other G20 countries on track with their agreed growth targets during the first ministerial meeting for the year.

Leaders of G20 countries signed up to increase global GDP by more than two per cent over the next five years when they met in Australia in November.

Setting up a common way of tracking how those commitments are being achieved will be discussed at a meeting of finance ministers and central bank governors in Turkey on Tuesday, Australia's representative Michael McCormack says.

"Future G20 meetings of this nature will be an important forum for keeping countries to that agenda and keeping each other accountable and moving forward in the direction that was set in Brisbane," the parliamentary secretary to the finance minister told AAP from Istanbul.

"At the Brisbane summit late last year the leaders knew they were signing up to a rather ambitious agenda."

Nevertheless, Mr McCormack is positive about the growth target, noting the United States' economy is now recovering.

He also wants ministers to discuss the global infrastructure hub being created in Sydney as part of the 2014 agreements.

Turkey's priorities for its G20 presidency in 2015 are implementation of previous commitments, investment for growth and inclusiveness.

It's also keen to see what the G20 can do for small and medium businesses.

Mr McCormack said Australian Small Business Minister Bruce Billson was looking forward to talking to his counterparts about this during the year.

Officials involved in the first ministerial meeting of the year had informal talks at a dinner on Monday night.


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Source: AAP


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