Treasurer Hockey says G20 meeting in Cairns successful

Treasurer Joe Hockey has branded the G20 Finance Ministers meeting in Cairns a success, saying the meeting has laid out a plan to grow the global economy by $2 trillion over the next four years.

Treasurer Joe Hockey (AAP)

Treasurer Joe Hockey (AAP)

"The job is not done, but by God we have made great strides [forward] here in Cairns and that has been very encouraging," he told attendees at the Cairns meeting.

"At the beginning of the year, there was no global growth target, no global infrastructure initiative, financial sector reform was slow and the tax integrity program was in its infancy.

"As of today we have committed to over 900 policy intiatives that will help to make the economy around $2 trillion larger over the next 4 years."

He said the G20 nations had backed an OECD plan on a global approach to corporate tax cheats.

“We remain dissatisfied with the tax outcomes some multi-nationals are able to manufacture, which creates an uneven playing field for smaller businesses, and it unfairly shifts the tax burden on to others," he said.

“Supporting greater tax transparency and information exchange is our best weapon to crack down on tax avoidance and evasion right now.”

OECD secretary general Angel Gurria says the reform plan outlines the biggest changes to the international tax system in a century.




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