The G20 Summit took place in Brisbane, Australia in November. The commentary given by OCED Secretary-General, Angel Gurria focused on achieving strong, sustainable, balanced growth, a key feature of the Australian Presidency.

According to the remarks by the OECD Secretary-General, the level of youth and long-term unemployed in the G20 countries is unsettlingly high. Poor growth numbers do nothing to bridge the gap between rich and poor, which is at an all-time high. It was also recognised that social hardship has undermined trust in governments and institutions.

A difficult and complex economic environment has been the backdrop of the Australian Presidency and as a result, the following were identified as some of the tools required to restart the economic engine:

• To achieve a collective, cumulative 2% additional growth by 2018. Governments will be held accountable to achieve this growth target.
• Reforming the international tax system to ensure fairness and efficiency in all societies and continuing the fight against tax evasion (i.e. BEPS).
• A continued focus on the implementation of the global standard for the automatic exchange of information.
• Ensure that growth strategies are all-encompassing so that social inequalities are also addressed.
• Address climate change by engaging the private sector, mobilise clean investment and advance meaningful outcomes in this area.