Tax info-sharing agreement for US and Aust

Australia and the US have moved closer to an agreement to exchange tax information rapidly.

The US and Australia have agreed on the parameters of an agreement to exchange tax information quickly, US treasury secretary Jack Lew says.

In Sydney for the G20 finance ministers' meeting on Friday, Mr Lew, alongside his Australian counterpart Joe Hockey, said both nations had moved closer to an agreement.

"Automatic exchange of information has quickly become the new world standard," Mr Lew said.

"I believe that the G20 should continue to provide its full support and encourage all nations to adopt this standard.

"I am proud today to announce the US and Australia have completed a defacto agreement of substance and we plan to sign it very soon."