B20 Australia Commits To Jobs in 2014

Promoting growth, creating jobs and building resilience in the global economy will be key policy areas for the Australian Group of 20 (G20) Presidency for 2014.

The G20 is the premier forum for international economic cooperation and decision-making. Australia assumed the G20 presidency and its business advisory forum, the B20, from Russia on December 1.

As part of its approach, the Australian B20 Leadership Group has announced that four Australian business leaders will be coordinating chairs of taskforces in charge of Financing Growth; Human Capital; Investment and infrastructure; and Trade.

“The work of B20 Australia will be structured around four taskforces, each concentrating on a policy area that is fundamental to global economic growth and job creation,” B20 Australia Chairman Richard Goyder said.

“We have narrowed the focus to four key policy areas where we believe we can make a real impact. Our taskforces will build on the excellent work delivered by previous B20 summits and we will work closely with business leaders from the G20 countries involved with the Russian B20 to ensure continuity of purpose.

“The four Australian coordinating chairs will lead the taskforces with support from existing participants, new participants from some G20 countries not previously involved, and the broader B20 Australia Leadership Group.

“The process will bring together business leaders from across the G20 to develop pragmatic and practical policy recommendations ahead of the November G20 Leaders Summit in Brisbane.

“We believe the best way we can help to drive strong, sustainable economic growth and create jobs is to work collaboratively on the key areas that will deliver a better environment for investment. These include driving down trade and investment barriers, improving infrastructure, developing skills, increasing labour mobility and freeing up capital flows.”

1. The financing growth taskforce will be chaired by Mike Smith, CEO of ANZ Bank. It will focus on taking stock of the cumulative effects of post-GFC regulation. It will consider if there should be a pause on further regulation to allow the finance sector to help increase growth. Seeking coordinated, consistent Basel III (a global, voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity risk) implementation across the G20 is likely to be the core focus.
2. The human capital taskforce will be chaired by Steve Sargent, President and CEO of GE Australia & New Zealand. It will look at ways to address the global skills gap so enterprises can draw on a workforce with the skills they need for commercial success, while ensuring workers have better access to education and training that will sustain meaningful and rewarding careers.
3. The investment and infrastructure taskforce will be chaired by David Thodey, CEO of Telstra. It will propose ways to improve the pace and efficiency of infrastructure investment to drive growth in employment and global productivity.
4. The trade taskforce will be chaired by Andrew Mackenzie, CEO of BHP Billiton. It will make recommendations aimed at accelerating global economic growth by increasing the volume and value of international trade.

B20 Australia Sherpa Robert Milliner said the announcement was made following a workshop of international business leaders in London at the end of November.

“We have engaged a group of international CEOs to help guide our work over the next 12 months,” he said. “We have reached consensus on an approach to address existing and new ideas and the most effective policies to drive global economic growth and employment.”

“Over the next 12 months, more than 200 business leaders will take part in the development of recommendations to G20 governments through the taskforces. They will participate in an on-going dialogue ahead of the July B20 Summit in Australia where they will finalise recommendations to be put to the November G20 Leaders’ Summit.”