Australia 'gave world an economic advantage' By Gareth Hutchens and Colin Brinsden Joe Hockey attends the G20 in Turkey.
Treasurer Joe Hockey believes global economic growth would be much slower today if it had not been for Australia's G20 leadership last year that had world leaders agree to a 2per cent target. 
He has also warned that the Chinese government will not renegotiate its free-trade agreement with Australia if Labor successfully blocks it, after similar warnings from Trade Minister Andrew Robb.
Speaking after a two-day G20 finance ministers meeting in Turkey on Sunday, Mr Hockey said leaders were frustrated that the International Monetary Fund had downgraded its world growth outlook this year.
"[But] world growth would be lower if not for our leadership and determination last year to have a 2per cent target and to roll out a global infrastructure initiative."
He said members of the G20 agreed to renew their vows to implement their structural reforms that would lift growth and create jobs across the globe.
At the G20 Leaders Summit in Brisbane last year, world leaders agreed to an "ambitious goal" to lift the G20's GDP by an additional 2 per cent by 2018, adding $2 trillion to the global economy.
But in   June, the IMF downgraded its forecast for global growth in 2015 0.2 percentage points to 3.3per cent - the weakest rate since 2009.
Shadow Treasurer Chris Bowen criticised Mr Hockey on Sunday for his comments.
"Mr Hockey has presided over an Australian economy with sustained below-trend growth and now he's lecturing the rest of the world?
"Last week's national accounts showed the downward trend in annual growth since the first Abbott- Hockey budget.
"Joe is being a goose in Turkey, now single-handedly claiming credit for keeping world growth where it is. He understands the global economy less than the Australian economy ..." Mr Bowen said.
Figures last week showed the Australian economy grew at just 0.2per cent in the   June quarter, while Canada and Brazil are in recession.
Mr Hockey also said on Sunday that he had spoken to Chinese Finance Minister Lou Jiwei on the sidelines of summit in Turkey, and China's position on the free-trade agreement was clear.
"It was made explicitly clear that the free- trade agreement will not be renegotiated," he said.
His comments came after Trade Minister Andrew Robb warned that the union movement was putting the China-Australia free-trade agreement at risk by misrepresenting the substance of the agreement and its treatment of foreign workers.
"This is purely a political campaign," he said. "It is just designed to scare people and it's really a political exercise to get rid of this government - this will go on all the way to the next election." with AAP