G20 summit to wrap up with growth deal 20141116 p5snoe.html – Breaking News & Latest Updates 2026
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G20 in $US2 trillion growth pledge

AAP

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Australia will take centre stage in an infrastructure boom to play out around the world, as the G20 pursues an ambitious plan to boost growth and jobs and in which development will play a key role.

However, Prime Minister Tony Abbott has talked down the prospect of contributing to a global climate fund, which has been strongly backed by the US and Japan, or shifting away from coal-fired power in coming decades.

The G20 leaders' summit in Brisbane concluded on Sunday with a pledge to collectively boost growth by 2.1 per cent over the current trajectory by 2018, which if successful will add $US2 trillion ($A2.2 trillion) to global activity.

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Each G20 member provided a list of more than 800 policies and programs they will put in place to create millions of jobs.

"We set a goal, we developed a plan, and we believe we have implemented it," Mr Abbott said.

"It is all about the people of the world being better off through the achievement of inclusive growth and jobs."

Australia's pledges largely come from the 2014/15 budget, much of which is being blocked in the Senate.

But one new measure will be a global infrastructure hub based in Sydney to bring together governments, banks and business to support a private sector-led project pipeline and help smooth access to financing.

Having the hub in Australia puts the nation in the box seat to help coordinate an anticipated global activity boom.

Mr Abbott said a commitment to close the gender gap in labour force participation by 25 per cent by 2025 could bring 100 million women into the global workforce.

The government has previously committed to creating one million new jobs over five years.

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The initial wording of a paragraph in the G2 communique on climate change was modified after intervention by US and European leaders who wanted to include support for the UN's Green Climate Fund to help poor countries and encourage countries to commit to new emissions targets well before the Paris climate summit in December 2015.

"We will be making further decisions at the right time," the prime minister said on how the government would respond.

US President Barack Obama welcomed the strategy to boost infrastructure spending, strengthen banks, close tax loopholes and stop tax evaders.

"We have made very concrete progress," he said.

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The International Monetary Fund and World Bank will monitor G20 member pledges and report on their progress.

"The action plan was great but needs to be implemented," IMF chief Christine Lagarde said.

"We'll make sure we keep their feet to the fire."

Leaders expressed deep concern about the humanitarian and economic impact of the Ebola outbreak in west Africa, promising to "do all we can to sustain and respond to the crisis".

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China will host the 2016 summit after Turkey takes on the presidency for 2015.

Key points from G20 summit agreements:

* Global infrastructure hub in Sydney to support best practices and coordination

* Close the male-female labour force participation gap by 25 per cent by 2025

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* Prevent abuse of anonymous shell companies to facilitate illicit financial flows stemming from corruption, tax evasion and money laundering

* Complete by the end of 2015 a plan to tackle tax avoidance by multinational companies

* Release of new climate targets before December 2015 UN summit in Paris

* Support for climate finance

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* Energy efficiency policies from cleaner fuels to smarter buildings

* Progress on international financial reform.

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