In 2014 Australia became the Chair of the G20. This is the premier global forum for political and economic leaders.
As Chair of the Finance Ministers and Central Bank Governor’s meetings, Joe was responsible for setting the agenda for discussions by leaders of the world’s largest economies.
In that year meetings were held in Sydney, Cairns and Brisbane and twice in Washington DC.
It was a time for the G20 to set some real goals for growth including laying down a 2% target for an increase in global GDP. This was based on submitted new economic reform initiatives from individual countries that had to be lodged with the OECD and IMF.
New momentum was provided to the Base Erosion and Profit Shifting (BEPS) tax initiatives of the OECD that closed down low tax or no tax jurisdictions and brought thousands of individuals and companies back into the mainstream global tax system.
In partnership with the Financial Stability Board Joe simplified and stabilized global financial regulation with a closure on the ever growing and ever punitive restrictions on the flow of global capital.
Joe initiated the creation of the Global Infrastructure Hub www.gih.org and delivered funding support for the Hub’s development. In addition Joe led a significant push in the G20 for major new infrastructure initiatives.
2014 was deemed a very successful year for the G20.