In this Lowy Institute Policy Brief, Director of the G20 Studies Centre Mike Callaghan AM argues that the G20 needs to develop a comprehensive growth strategy to lift global growth and create jobs. Callaghan outlines the steps required to develop such a strategy by the Brisbane G20 Summit.
- The G20 should develop a single, umbrella growth strategy. It should move away from the current preoccupation with ‘rebalancing’ growth and reducing external imbalances. The G20’s aim should be to lift the growth potential of all countries.
- Accompanying the G20 umbrella strategy, each G20 member should release their own plan to increase growth and create jobs in their own country, consistent with the umbrella strategy.
- The strategy must cover all aspects of policy – fiscal, monetary, financial regulation, structural, tax, trade and development. Draft growth strategies should be released for public comment prior to the Brisbane Summit.