B20: small business the key to a healthy world economy

THE Council of Small Business Australia (COSBOA) has praised the recent B20 summit held in Sydney last week, as the world’s business leaders put aside their own agendas to discuss global economic growth, ahead of the 2014 National Small Business Summit (NSBS) in Melbourne next month and the G20 to be held in Brisbane on 15 -16 November.

Peter Strong, Executive Director of COSBOA attended the B20 and shares his experience saying, “The B20 summit was the most successful international event I have attended and most of that success can be attributed to the leadership provided by this country’s heads of industry and the high quality support from the Australian government.

“The small business community was mentioned in all the sessions, and not just given lip service. We are seen as the way forward and THE key to a healthy world economy, this is the same for developed economies, emerging economies and those economies that are in crisis. 

“Small business people are in focus. COSBOA was there to inform the debate and help those in big business understand the best way to engage and support the hundreds of millions of small business people across the planet.

“We expect industry people to always focus on their own particular woes, and make demands for their own sector and often that is true as that is their job.  This B20 summit however was an event that focused on very real issues for businesses, large and small, issues that are important not just for Australia but for the world’s economy.

“While the heads of banks and our biggest companies, along with leaders of key industry associations rarely come together as a group, in this case they met and focused on developing and maintaining a global economy that works for everyone.

“There was general agreement on issues that affect both small and large businesses including: workforce skills development, the importance of infrastructure projects for all businesses not just the ones who win the big contracts; access to finance; and access to new markets. 

“Now that the B20 is finished these industry leaders will of course focus solely on their own companies and industries. COSBOA will continue to focus on domestic issues for small business, particularly around competition, B2B contract issues, compliance, access to finance, workplace relations and personal health.

“In August, we will hold our annual Small Business Summit, and will focus on workplace relations, competition policy, deregulation and tax.

"We hold our summit with confidence knowing that the international economy is under scrutiny, and while nobody can guarantee that we won’t have another global financial crisis; it is less likely due to the input of Australian business leaders and government. COSBOA will also keep a close eye on their behaviour, just to make sure.

“What the B20, NSBS and G20 summit all provide is an opportunity for industry leaders to meet more often and discuss issues and areas of concern in a boardroom and not just in the media.  In the end governments can only do so much and it is up to industry to come together and try to resolve issues between ourselves,” Mr Strong concluded.

The key themes of the B20 summit were:  financing growth; human capital; infrastructure and investments; trade; and ending corruption. 

Recommendations can be found on the B20 website HERE.

Visit www.nationalsmallbusinesssummit.com.au to see the full program and register for the 2014 National Small Business Summit.

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