What we’ve learned from the B20

What is the G20 B20 why is there so much excitement ahead of the November meeting of G20 leaders in Brisbane?

Turbocharged plan for growth ... Treasurer Joe Hockey, and Prime Minister Tony Abbott. Source: News Corp Australia

AUSTRALIA will attempt to lead the world by example, revealing a turbocharged growth plan at next weekend's G20 leaders' summit

All participating nations must submit growth plans at the Brisbane meeting, with the goal of increasing combined economic output over the next five years by an extra 2 per cent or more than $US2 trillion ($A2.3 trillion).

To assist with reaching this target, international teams of business leaders — led by Australian-based bosses — have made recommendations which would deliver even bigger benefits.

News Corporation has learnt that themes raised by the B20 underpin Australia's plan.

A late draft, part of which has been seen by News Corp, commits the Abbott Government to a strategy to "create new jobs, restore the structural integrity of government finances and to improve living standards".

The plan says Australia — which currently holds the G20 presidency — will reduce regulation, tax and government spending while increasing infrastructure investment, competition, trade and workforce participation.

B20 Chair Richard Goyder explains why he thinks that global business leaders must play a vital role in avoiding another GFC.

One of the big-ticket items the plan says will help Australia deliver its share of the bonus 2 per cent growth target is a $5 billion incentive scheme which rewards states that sell assets and use the proceeds to fund productive infrastructure. The plan also relies on moves to reform welfare, cut red tape, create "self-reliant industries" and contribute to global trade liberalisation. On that front, it is expected that Australia will sign a free-trade agreement with its largest trading partner, China, during the leaders' summit.

The full growth plan will be revealed next week, but its key themes echo recommendations the B20 has made to their political counterparts.

The B20 — a forum through which the private sector advises the annual meeting of the Group of 20 — says increasing growth and creating jobs should be top priorities now the global financial system has been stabilised.

B20 support ... ANZ Chief Mike Smith. Picture: Hollie Adams Source: News Corp Australia

B20 support ... Telstra CEO David Thodey. Source: News Corp Australia

The B20's top recommendations include removing impediments to trade and setting infrastructure investment targets.

It says its ideas on trade and infrastructure have the potential to add $US9.4 trillion ($A10.9 trillion) in economic output and 150 million jobs.

B20 chairman Richard Goyder said the views of the group are resonating more than ever because governments and central banks no longer have the resources to boost growth — after stimulating their economies during the GFC, coffers are empty and official interest rates in many countries are at zero.

"Business is the only group that can get on and do more things and generate jobs and growth," said Mr Goyder, who is also CEO of Australia's seventh-largest company, Wesfarmers, worth $50 billion.

Corporate heavyweight coming to Brisbane ... Harold McGraw III of McGraw Hill Financial. Source: News Corp Australia

'Business ... is the only group that can get on a do things' ... Wesfarmers chief executive Richard Goyder. Source: News Corp Australia

He called on big business to help address the childcare crisis in Australia by subsidising spots. The pay-off for those firms — and the economy — would be attracting more new mothers back into the workforce.

And Mr Goyder implored universities to produce graduates in areas the nation actually needs.

For example, he said, "in this country we are just training too many lawyers".

He also called for a debate on subsidies for failing industries, because it only delays the inevitable.

The B20's blueprint has drawn on leading business brains from around the world but been led by Australian-based executives including Telstra CEO David Thodey and ANZ boss Mike Smith.

Among the international corporate heavyweights to hit Brisbane next weekend will be Harold McGraw III, chairman of the $28 billion US company McGraw Hill Financial, and Peder Holk Nielsen, president of $14 billion Danish biotechnology company Novozymes.

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