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| G20 meeting targets an additional 2% economic growth | G20 meeting targets an additional 2% economic growth |
| (about 5 hours later) | |
| Financial leaders from the 20 biggest economies have set a goal of generating $2 trillion (£1.2 trillion) in extra output over the next five years. | Financial leaders from the 20 biggest economies have set a goal of generating $2 trillion (£1.2 trillion) in extra output over the next five years. |
| During that period they aim to boost the gross domestic product of G20 countries by 2% above the levels currently expected. | During that period they aim to boost the gross domestic product of G20 countries by 2% above the levels currently expected. |
| It is hoped the move will create tens of million of new jobs. | It is hoped the move will create tens of million of new jobs. |
| The goal was announced at the Group of 20 weekend meeting in Sydney. The main G20 meeting is in Brisbane in November. | The goal was announced at the Group of 20 weekend meeting in Sydney. The main G20 meeting is in Brisbane in November. |
| 'Unprecedented' | 'Unprecedented' |
| US Treasury Secretary Jacob Lew said the agreement was essential for "turning the next page'' in the global economic recovery. | US Treasury Secretary Jacob Lew said the agreement was essential for "turning the next page'' in the global economic recovery. |
| "G20 members have spoken clearly: boosting growth and demand tops the global economic agenda," he said in a statement. | "G20 members have spoken clearly: boosting growth and demand tops the global economic agenda," he said in a statement. |
| And Australian Treasurer Joe Hockey heralded the announcement from finance ministers and central bankers as being "unprecedented". | And Australian Treasurer Joe Hockey heralded the announcement from finance ministers and central bankers as being "unprecedented". |
| He added: "We are putting a number to it for the first time - putting a real number to what we are trying to achieve." | He added: "We are putting a number to it for the first time - putting a real number to what we are trying to achieve." |
| The communiqué from the group, which represents about 85% of the global economy, also said they would take concrete action to increase investment and employment. | The communiqué from the group, which represents about 85% of the global economy, also said they would take concrete action to increase investment and employment. |
| The G20 major industrialised nations include the US as well as emerging economies such as Saudi Arabia and China. | The G20 major industrialised nations include the US as well as emerging economies such as Saudi Arabia and China. |
| Each country will now present a detailed growth strategy to the G20 November summit. | Each country will now present a detailed growth strategy to the G20 November summit. |
| Tax issues | Tax issues |
| Another topic discussed at this weekend's meeting was the need to develop stricter rules on cross-border taxation. | Another topic discussed at this weekend's meeting was the need to develop stricter rules on cross-border taxation. |
| Profit shifting by firms away from high tax nations to lower taxation regimes has sparked public and political fury in the UK and US. | Profit shifting by firms away from high tax nations to lower taxation regimes has sparked public and political fury in the UK and US. |
| Firms in the spotlight have included Starbucks, Google, Apple and Amazon. | Firms in the spotlight have included Starbucks, Google, Apple and Amazon. |
| The G20 has now come up with a set of common standards for sharing bank account information across borders. | The G20 has now come up with a set of common standards for sharing bank account information across borders. |
| An automatic exchange of information among G20 members will take effect by the end of 2015. | An automatic exchange of information among G20 members will take effect by the end of 2015. |
| "Some multinational companies aren't paying their fair share of tax anywhere," said Australian Finance Minister Joe Hockey. "We want a global response." | "Some multinational companies aren't paying their fair share of tax anywhere," said Australian Finance Minister Joe Hockey. "We want a global response." |