World has work to do on growth-Lew

US Treasury Secretary Jack Lew says despite signs of improvement, global growth remains uneven and well below potential.

US Treasury Secretary Jack Lew speaks in Sydney ahead of the G20

US Treasury Secretary Jack Lew says global growth remains uneven and well below potential. (AAP)

US Treasury Secretary Jack Lew is pleased Australia has put "growth strategies" at the core of this year's Group of 20 agenda.

Mr Lew is in Sydney for this weekend's G20 finance ministers and central bankers meeting, the first under Australia's 2014 presidency of the gathering of major and developing economies.

The US economy is continuing to show broad underlying strength, providing critical support for the global outlook.

"Of course we still have work to do," Mr Lew told reporters on Friday.

Despite signs of improvement, global growth remains uneven and well below potential and unemployment remains stubbornly high in many places.

"We are pleased to see that you have growth strategies at the core of the G20 agenda this year," told Treasurer Joe Hockey.

Mr Lew said such strategies must be ambitious "in substance" and address deficiencies in near term demand.

Mr Hockey said a strong US economy was good for both Australia and the world.

"We want the United States to have a strong and vibrant economy and we are encouraged by what has been achieved," he added.

Mr Hockey expects there will be robust discussions at the weekend G20 meeting.

"It is important that forums such as this insure that everyone has the opportunity to participate."


2 min read

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Updated

Source: AAP


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