“The B20’s recommendations presented to the Australian Government provide clear and actionable measures governments should take to remove significant barriers and impediments to growth,” said Business Council of Australia President Catherine Livingstone.
“These recommendations are absolutely vital to restore growth globally, and put us on track to meet the two per cent above business-as-usual targets over the next five years,” Ms Livingstone said.
“This growth target will not be met unless we release investment, which is why business, through the B20, is focused on recommendations which will unlock gains from initiatives focused on four key areas: financing growth, infrastructure and investment, human capital, and trade.
“Economic progress often cannot be achieved by governments alone, so it is important that governments, businesses and communities work together collaboratively to realise the best outcomes for all.
“The B20 Summit in Sydney has been an important opportunity for Australia to lead the global collective effort to support economic growth, create more jobs, and raise living standards.
“The recommendations delivered by the B20 provide momentum for business to influence the G20 Summit outcomes later this year in Brisbane.
“If G20 governments implement these recommendations, it will lift inclusive growth, boost economic participation, create jobs, build the resilience of the global economy, and raise standards of living.
“The list of specific, practical and actionable recommendations go to the heart of which structural reforms governments around the world should individually and collectively adopt to remove the impediments to greater investment and sustainable growth.
“Business is committed to working with governments to implement these recommendations, including through ongoing robust dialogue with governments and communities.
“The adoption of four high-impact B20 recommendations alone could generate up to $3.4 trillion in GDP growth and support more than 50 million jobs across the G20 economies.
“The Prime Minister yesterday morning said that business knows more about creating wealth than government because that’s what business does every day. Business understands that its strategies, and the strategies of countries, are inextricably linked, and it is in this context that the B20 recommendations are being put forward for consideration by the G20.
“The global growth objective must be grasped now, and the B20 recommendations mark out a clear path to achieve it.
“If G20 nations commit to these recommendations the gains will be great. If they do not, it is the wellbeing of the world that is at stake,” Ms Livingstone said.