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Australia opposes more regulation

More regulation would harm investment, claims treasurer.

Australia wants to reduce regulation and transaction taxes at the forthcoming G20 finance meeting.

Sydney is currently hosting the annual gathering of world finance ministers and bankers and treasurer Joe Hockey will attempt to resist further regulations and tax on transactions.

"The focus shouldn't be about constantly adding to the regulation agenda," said Mr Hockey in an interview with The Australian.

"More regulation should be cast aside in favour of better regulation."

He also stressed he would back calls aimed at increasing the attraction of the country to multinational companies via less corporate tax regulations.

The G20 leaders have already confirmed plans to add a further two per cent growth to the world economy over the next five years.

Australia is current the president of the G20 - an group consisting of 19 nations plus the European Union, which meets to discuss ways to encourage growth, improve financial regulation and develop economic reforms across the world.

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