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 However, Hockey's push to reach a hard target for growth drew
skepticism ahead of a weekend meeting of G20 finance ministers and
central bankers in Sydney.
The G20, which represents about 85 percent of the world economy and
75 percent of global trade, will also discuss taxation and the
withdrawal of the Federal Reserve's extraordinary stimulus, which
has unsettled some emerging markets.
"There will be discussions about tapering and what it means for the
global economy. Taxation arrangements, particularly in relation to
major digital companies and transfer pricing by companies... that's
going to be discussed," Hockey told a media briefing in Sydney.
The meeting will be the first of several G20 events to be hosted by
Australia this year, culminating in a World Leaders Summit in
November.
Hockey said he wanted the officials to work on how to get private
sector cash into infrastructure investment, using Australia's
backlog of projects worth some A$400 billion as an example.
"We need to focus on productive infrastructure that is going to
drive new investment and new job growth," he added.
The Australian government has plans to sell up to $100 billion worth
of ports, power station and other state-owned infrastructure, with
the funds raised earmarked for new roads and rail in particular.
At the media briefing, Hockey declined to elaborate on his comments
made to the Australian newspaper that he was working towards an
agreement to set a hard target for global growth beyond the current
3.7 percent projection.
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Setting the scene for tough negotiations, a German government source
said Germany rejected concrete goals for economic growth and
investment development.
"We are extremely skeptical about the proposals of some G20 partners
for agreeing binding quantitative goals (for growth)," the source
said, noting this would be a "slightly antiquated form of economic
planning".
Markets expect little concerted action to tackle recent ructions in
emerging markets, which have been stung by the gradual withdrawal of
the flood of cheap funds from major economies.
"There is simply not enough of a crisis in (emerging markets) at
present for international financial institutions or developed
markets to accept the need for global rebalancing to be altered — the case from some more exposed emerging markets is seen as too
flimsy," Nomura economist Peter Attard Montalto said in a note.
"Equally, developed markets can respond that they are still printing
(money); they are not hiking rates at this point. It looks likely
that emerging markets will remain dependent on their own policy
options to address their own actual (and perceived)
vulnerabilities."
(Editing by John Mair)
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