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B20 Recommendations Focus on Economic Growth and Jobs

Author Name: Elmer Funke Kupper, Managing Director and CEO, ASX Group

In November 2014 Australia's Prime Minister Tony Abbott will host the G20 leaders in Brisbane. The G20 continues to be the premier forum for international economic cooperation, with members from 19 countries plus the European Union. G20 leaders, finance ministers and central bank governors meet regularly to discuss ways to strengthen the global economy.

Australia has firmly focused the agenda for the G20 on jobs and growth. G20 Finance Ministers and Central Bank Governors agreed in February to target a lift in GDP over the coming five years of 2% above the current trajectory. This would add more than $2 trillion to the global economy and tens of millions of jobs.

The B20 (Business 20) is made up of senior business leaders from across the countries that make up the G20. The B20 provides recommendations to the G20 world leaders that can improve global economic growth and create jobs.

I have had the privilege of representing ASX as a member of the B20 Australian leadership group. The B20 believes that the 2% target is achievable if the right policy decisions are made and the G20 countries collectively step up to the challenge.

The B20 has been working over the last 12 months to develop a set of recommendations that can deliver the growth and jobs outcomes. In total there are 20 recommendations that span five work streams: Trade, Infrastructure and Investment, Human Capital, Financing Growth and Anti-corruption. The recommendations are specific and the benefits quantified in terms of GDP growth and additional jobs.

Information on each of the work streams can be found via the following link: http://www.b20australia.info.

The B20 recommendations, if adopted, deliver the growth target.

The B20 is now entering a phase of advocacy and engagement with policy makers around the globe, so that we give the recommendations the best chance of success in November in Brisbane.

As part of this, we are reaching out to influential business organisations to ask them to engage in the process.

Richard Goyder leads the B20 effort. Richard is Chief Executive Officer of Wesfarmers, one of Australia's largest public companies employing more than 200,000 people. In a recent speech Richard called for business and governments to work together to deliver the growth target:

"What we're saying is put in place policies and we'll do the investment, we'll risk our shareholders' capital and we'll build and employ people. We'll do the work that the private sector needs to do to improve economic growth. Business and government, working together, can achieve, and I think, even exceed, this two per cent additional growth target in the coming years."

Given the central role that exchanges play in their economies, the WFE and the individual exchanges are uniquely placed to advocate the practical solutions the B20 has put forward. A stronger global economy and private sector will support the growth of our clients and our industry. We ask for your support.

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