The world's top economies have embraced a goal of generating more than US$2 trillion in additional output over five years while creating tens of million of new jobs, signalling optimism that the worst of crisis-era austerity was behind them.

The final communique from the two-day meeting of Group 20 finance ministers and central bankers in Sydney [Hong Kong Company Formation & Registration]said they would take concrete action to increase investment and employment, among other reforms. The group accounts for around 85 percent of the global economy.

"We will develop ambitious but realistic policies with the aim to lift our collective GDP by more than 2 percent above the trajectory implied by current policies over the coming 5 years," the communique read.

Australian Treasurer Joe Hockey, who hosted the meeting, sold the plan as a new day for cooperation in the G20.

"We are putting a number to it for the first time �� putting a real number to what we are trying to achieve," Hockey told a news conference. "We want to add over $2 trillion more in economic activity and tens of millions of new jobs."

The deal was also f a feather in the cap of Hockey, who spearheaded the push for growth in the face of some scepticism, notably from Germany.

"What growth rates can be achieved is a result of a very complicated process," Germany's Finance Minister Wolfgang Schaeuble said after the meeting. "The results of this process cannot be guaranteed by politicians."

Australia is president of the G20 this year, following Russia in 2013 and ahead of Turkey next year.

While shifting the focus[company registration in Hong Kong, Hong Kong company incorporation] to reforms that would lift and sustain global growth in years to come the group said that monetary policy would need to "remain accommodative in many advanced economies and should normalize in due course."

The growth plan borrows wholesale from an IMF paper prepared for the Sydney meeting, which estimated that structural reforms would raise world economic output by about 0.5 percent per year over the next five years, boosting global output by US$2.25 trillion.

The IMF has forecast global growth of 3.75 percent for this year and 4 percent in 2015.

As yet there was no road map on how nations intend to get there or repercussions if they never arrive. The aim was to come up with the goal now, then have each country develop an action plan and a growth strategy for delivery at a November summit of G20 leaders in Brisbane.

"Each country will bring its own plan for economic growth," said Hockey.