Australia

Mr. Angel Gurría, Secretary-General of the OECD, in Cairns on 19- 21 September 2014 for the G20 Finance Ministers and Central Bank Governors Meeting

 

On September 19-21, G20 Finance Ministers and Central Bank Governors gathered in Cairns, Australia, to discuss the situation of the global economy and the associated economic policy requirements - including their National Growth Strategies to achieve the 2% additional growth objective by 2018 (over November 2013 projections) which they endorsed last February. They also discussed issues pertaining to (long-term) investment in infrastructure (a priority of the Australian Presidency of the G20), the progress of the G20 tax agenda (BEPS and Automatic exchange of information in particular, two agenda items in which the OECD is playing a leading role), progress of financial regulation reforms as well as the quality of fiscal policies and options for making fiscal consolidation more growth-friendly. The OECD was represented at this meeting by the Secretary-General and by Deputy Secretary-General Rintaro Tamaki.

 

 

G20 Finance Minister's Meeting Cairns
Angel Gurría, Secretary-General of the OECD and Australian Treasurer, Joe Hockey. Photo: G20 Australia

The final communiqué from the meeting recognises the active role and key contributions of the OECD in several areas of the G20 finance workstream:

 

-          It makes public our joint estimate, with the IMF, of the impact on growth of the National Growth Strategies so far submitted by G20 members: “the Preliminary analysis by IMF-OECD indicates these measures will lift our collective GDP by an additional 1.8 per cent through to 2018, including from important positive spillovers”;

 

-          It calls for the implementation of the agreed G20/OECD Principles on Long-Term Investment Financing by Institutional Investors, and voluntary use of new effective approaches and the related checklist (see below, list of OECD reports annexed to the communiqué);

 

-          Finance Ministers also “welcome the significant progress achieved towards the completion of [their] two-year G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan and commit to finalising all action items in 2015. [They] endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis […and] will begin exchanging information automatically between each other and with other countries by 2017 or end-2018, subject to the completion of necessary legislative procedures. [They] call on all financial centres to make this commitment by the time of the Global Forum meeting in Berlin. […][They] will continue to take practical steps to assist developing countries preserve and grow their revenue bases and stand ready to help those that wish to participate in automatic information exchange.

 

REPORTS

Several documents submitted by our Organisation for the preparation of this meeting were acknowledged in an annex to the declaration:

 

The following reports were shared with Finance Ministers and presented during a joint press conference on the G20 Tax Agenda, with Treasurer Joe Hockey M.P., and Tax Commissioner Chris Jordan:

SPEECHES AND STATEMENTS

The speeches and statements made by the OECD Secretary-General in Cairns are available below under Related documents

 

For further information about OECD contributions to the G20, please visit: www.oecd.org/g20