Hockey tells G20 chiefs that IR reform key to global economy

STRUCTURAL reforms and potentially wide-reaching changes to industrial relations should be considered to improve global economic conditions, Treasurer Joe Hockey has argued.

Mr Hockey on the weekend led the G20 Finance Ministers meeting in Sydney, key economic talks that will feed into the major G20 Summit in Brisbane later this year.

As the Federal Government seeks to rein in spending ahead of the may budget, Mr Hockey indicated workplace laws were to blame for high unemployment.

His comments come as Cabinet on Monday is expected to consider a major government inquiry into workplace laws, one of several reviews aimed at assessing the effects of current industrial relations laws.

Mr Hockey also warned the retirement age may have to be lifted and wider changes to health and welfare may be on the table for future changes.

Speaking to reporters before final talks on Sunday, Mr Hockey said structural economic reforms were needed for all nations to meet a possible new growth target.

It is understood Mr Hockey pushed for an extra 2% for global growth to be a renewed target for the leaders of the world's biggest economies.

While Mr Hockey reinforced the Coalition's election pledge not to change workplace laws in its first term, his comments come as the government considers a possible Productivity Commission inquiry on the issue.