UPDATE 1-Australia calls for G20 to set clear growth goals

Wed Feb 19, 2014 9:22pm EST
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* Hockey seeks measurable growth objectives, clear communication at G20

* Says Fed needs to be aware of the global impact of tapering

* Regulation, tax minimisation also on agenda

By Ian Chua

SYDNEY, Feb 20 (Reuters) - Australia will champion the causes of emerging markets during its presidency of the G20, calling for concrete global growth goals, a re-starting of reforms to international bodies, and for the U.S. Fed to consider the wider impact of its stimulus taper.

Ahead of the weekend meeting of finance ministers and central bankers from the Group of 20 developed and emerging economies, Treasurer Joe Hockey on Thursday outlined a wish list that included tackling international tax-minimisation practices.

"We must at all times fully explain our actions to each other and to the public, because clear communication, along with information sharing, is the very essence of macroeconomic coordination," Hockey told the Institute of International Finance in Sydney.

"At the moment, macroeconomic coordination is being talked about in the context of the U.S. Federal Reserve's gradual tapering of its asset-purchase program."   Continued...