Sunday, May 24, 2015Sunday, May 24, 2015

Australia says progress towards G20 growth target 'unacceptable'

Published on Apr 13, 2014 11:27 AM

PERTH (REUTERS) - Slow progress towards meeting economic growth targets set by the Group of 20 bloc of advanced and developing nations this year is "unacceptable", Australian Treasurer Joe Hockey said on Sunday.

G20 finance ministers had pledged to have "real and effective plans to lift the global economy by a further 2 percent" before they meet in Australia in September but were only one-tenth of the way there, he said.

"The proposals put forward by nations so far have been unacceptable and they only meet 10 percent of our goal," Hockey told Australian Broadcasting Corp. TV after talks in Washington.

Mr Hockey coordinated the talks, with Australia holding the G20 presidency.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!