Treasurer Joe Hockey says G20 nations are well on track to come up with their individual plans help boost global growth by two per cent by 2018.
The latest draft of the G20 communique, to be released by summit host Prime Minister Tony Abbott on Sunday, is understood to put the figure at 2.1 per cent, based on an OECD and International Monetary Fund assessment of more than 1000 plans.
Senior OECD officials say the country plans will need to be closely monitored to ensure the target is delivered.
Mr Hockey told the opening of the final G20 finance ministers meeting ahead of the G20 leaders’ summit he’s confident the work of ministers and leaders would deliver a “message of hope and aspiration to the world”.
“Our leaders will be able to say we can achieve a plan to deliver stronger global growth and more job opportunities,” he said in Brisbane on Saturday.
“The growth target we set of two per cent of GDP is on track.”
However, Mr Hockey said achieving the various economic reforms and programs in each country would be a challenge.
“I thank you for having the courage to lay down a target, which we described as ambitious, and secondly to work damn hard to meet that target,” he told the ministers.
G20 finance ministers have now concluded most of their agenda, but talks are continuing on the issue of tax avoidance and global financial regulation.