"We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years," the G20 statement said.
Australian Treasurer Joe Hockey, who hosted the meeting, sold the plan as a new day (change) for cooperation in the G20.
"We are putting a number to it for the first time -- putting a real number (?) to what we are trying to achieve," Hockey told a news conference. "We want (hope) to add over $2 trillion more in economic activity and tens of millions of new jobs."
And to think all it took was several dozen of politicians sitting down for 2 days in balny Syndey and agreeing. So over five years after the start of the second great depression the G-20 has finally agreed and decided it is time to grow the economy: supposedly the reason there was no such growth previously is because the G-20 never willed it...
There is only one problem: the G-20 has absolutely no idea how to actually achieve its goal of boosting global output by more than the world's eighth largest economy Russia produces in a year. Nor does it have any measures to prod and punish any laggards from this most grand of central planning schemes. From Reuters:
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Hockey said there had been honest discussions among members on the impact of tapering and that newly installed Fed Chair Janet Yellen was "hugely impressive" when dealing with them.
From: http://www.zerohedge.com/news/2014-...-trillion-has-no-idea-how-actually-achieve-it
The IMF has forecast global growth of 3.75 percent for this year and 4 percent in 2015.
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"What growth rates can be achieved is a result of a very complicated process," Germany's Finance Minister Wolfgang Schaeuble said after the meeting.
"The results of this process cannot be guaranteed by politicians."
Tony Abbott locks horns with Joe Hockey over Qantas debt guarantee
While Treasurer Joe Hockey has spent the past few weeks indicating he would consider guaranteeing Qantas' debt, the Prime Minister appears to have hardened his views against that course of action.
Asked on Monday whether the idea of a debt guarantee was off the table entirely, Mr Abbott replied: "If you do something for one, in fairness you've got to do it for all.
"This is a government which is not in the business of favouring one company over another."
Following Qantas confirming last Thursday it would cut 5000 jobs, Virgin reported a $84 million first-half loss from a $23 million profit in the prior half as it competes fiercely on price with Qantas and Jetstar in the domestic market.
In his press conference on Monday, the Prime Minister praised Virgin Australia CEO John Borghetti, who has protested loudly against the federal government giving any aid to his competitor, Qantas.
Mr Borghetti has said he has no problems with the government scrapping the foreign ownership restrictions in the Qantas Sale Act, but rejects government handouts or a debt guarantee, which would allow the national carrier to borrow money at cheaper rates.
While Qantas CEO Alan Joyce has avoided blaming the carbon tax for his company's failings, Mr Borghetti was in lock-step with the Abbott government on Friday. He blamed the carbon tax, among other factors, for hampering Virgin's business.
"I hope that that clip of John Borghetti might get replayed tonight because he does know what he's talking about," Mr Abbott said on Monday.
"He's running Virgin, he was very senior in Qantas, he knows as much about the airline industry as anyone.
"And his clear statement, no ifs no buts, the best you can do for the airline industry right now is get rid of the carbon tax."
Read more: http://www.smh.com.au/federal-polit...ver-qantas-debt-guarantee-20140303-33ymu.html
Joe Hockey is faking it
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It's unfortunate then that the Treasurer makes no effort to talk up the economy's prospects, that each bout of good news is met with silence from Hockey. It adds to the suspicion that he is giving his political narrative for the budget preparation precedence over the welfare of the economy.
That's a very strange thing. The way is open to Hockey to claim the economy's improvement particularly business confidence is the work of the coalition being elected and that the government must get on with delivering what is expected of it.
Instead, there's nothing. We're told we'll need to suffer in the coming financial year. It's implied that the government will do less from a fiscal perspective to handle the economy's transition.
Maybe Joe Hockey is grateful for the Qantas distraction, even with the apparent knockback of his loan plans it's a distraction from the real game
Read more: http://www.smh.com.au/business/comm...y-joe-hockey-is-faking-it-20140304-341qf.html