The G20: Australia’s 2014 host year
The Brisbane Leaders’ Summit, held on 15-16 November 2014, delivered real, practical outcomes with genuinely global benefits.
The centrepiece of Australia’s host year was the delivery of country-specific growth strategies and a Brisbane Action Plan for growth. Over 800 new reforms to lift growth and job creation were put forward by G20 members. The International Monetary Fund and the Organisation for Economic Co-operation and Development (OECD) estimate the growth strategies will create economic growth of 2.1 per cent over the next five years over and above business as usual. This equates to more than US$2 trillion of additional output and millions of new jobs.
Other outcomes from the Brisbane Leaders’ Summit include:
- The Global Infrastructure Initiative (GII), a multi-year work plan to lift quality public and private infrastructure investment. To help implement the GII, leaders agreed to establish a Global Infrastructure Hub in Sydney.
- Agreement to reduce the gap between female and male labour force participation rates in G20 countries by 25 per cent by 2025, taking into account national circumstances. This could bring over 100 million more women into jobs globally, significantly increase global growth, and reduce poverty and inequality.
- Endorsement of a new G20 Anti-Corruption Action Plan to improve public and private sector transparency and integrity, to support growth and resilience. Leaders also committed to implement G20 High-Level Principles on Beneficial Ownership Transparency, to improve transparency of information on who owns and controls companies.
- Endorsement of landmark G20 Principles on Energy Collaboration, laying the foundation for future work to strengthen energy markets, ensure access to energy for all, make energy institutions more inclusive and enhance energy security. Leaders also agreed a G20 Energy Efficiency Action Plan to deepen their collaboration on energy efficiency.
- Agreement to discuss ways to make the global trading system work better when leaders meet in 2015. Leaders also acknowledged that FTAs need to complement each other, be transparent, and contribute to a stronger multilateral trading system under the WTO.
- A commitment to finalise and fully implement the agreed financial regulatory reforms, while remaining alert to new risks.
- The G20 is taking action to enhance the fairness of the international tax system and to secure countries’ revenue bases. In Brisbane, leaders welcomed significant progress on the G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan to modernise tax rules. To prevent cross-border tax evasion, the G20 also committed to implement the global Common Reporting Standard for the automatic exchange of information on a reciprocal basis by end-2018.
- Leaders agreed to take practical steps to reduce the global average cost of transferring remittances to five per cent. They also adopted a G20 Food Security and Nutrition Framework to lift investment and productivity in food systems. In addition, leaders welcomed the deeper engagement of developing countries in the BEPS project to address their concerns and help build their tax administration capacity and implement automatic exchange of information.
- Leaders noted their deep concern about the humanitarian and economic impacts of Ebola and issued a standalone statement of the G20’s commitment to fight the current outbreak and support the international response.
A G20 Leaders’ Communique was released at the conclusion of the Brisbane Summit.