Australia is being pushed to cut its employment protection framework, such as unfair dismissal laws, by 10 per cent and reduce access to the pension as part of a drive by world leaders to boost growth.

As the G20 summit of the finance ministers and treasurers of the 20 most important economies got under way in Sydney, Treasurer Joe Hockey confirmed it was likely to ask each member to commit to a formal target for lifting its economic growth, a first for the organisation.

Each nation would be required to go further and spell out a tangible plan for achieving its target. It would be reported back to the November G20 meeting in Brisbane to be attended by leaders including the US President Barack Obama.

A leaked draft commits each nation to ''concrete actions'' to encourage private investment, lift employment and enhance trade.