"I have a great sense of hope that this G20 meeting will be able to lay down a real and tangible framework for an increase in the growth of the global economy over the next five years," said Hockey, who is hosting the Sydney gathering.
If adopted, the plan would mark a departure for the G20, as previous attempts to set fiscal and current account targets have dissolved into bickering. And while a target would largely be aspirational, it would mark a sea change from recent meetings where the debate was all about growth versus budget austerity.
A G20 source said the Germans had withdrawn their opposition to setting an overall target, as long as there were no goals imposed for individual states.
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France's finance minister, Pierre Moscovici, welcomed a goal of lifting world growth by a total of 2.5 percentage points over five years, calling it ambitious but "not unrealistic."
The plan seems to borrow wholesale from an International Monetary Fund paper prepared for the G20 meeting which estimated that structural reforms would raise world growth by about 0.5 percentage point per year over the next five years, boosting global output by $2.25 trillion.
The IMF has forecast global growth of 3.75 percent for this year, accelerating to 4 percent in 2015.
The shopping list of reforms run the usual gamut of liberalising product and labour markets, lowering barriers to trade, attracting more women into the workforce and boosting investment in infrastructure.
"While the gains stem mostly from policies that countries need to implement for their own good, joint action could produce beneficial growth spillovers in the longer term," was the IMF's argument for pressing on with action.