Human Capital Taskforce
The B20 is committed to making recommendations that support the creation of the right environment
for the economy and business to grow. Investment in productive infrastructure and expansion of
international trade supported by an effective financing regime are important to achieving the
collective additional growth target of 2 per cent over five years set by the G20 Finance Ministers
in February 2014.
However, economic growth must be accompanied by growth in jobs. There is evidence of a modest
recovery in some advanced economies, but global employment only expanded by 1.4 per cent in
2013. This increase is below pre-crisis trends and is inadequate to absorb the expanding global
labour force, with young people and the long term unemployed remaining particularly affected.
Participation rates are below pre-crisis levels; skills mismatches remain, and whilst unemployment
rates are relatively low in most emerging G20 countries, low-productivity employment particularly
in the informal economy is significant. In addition, the rapid development of digital technologies
continues to cause disruption, changing the practice of work and reshaping the nature of the
Action must be taken to ensure people are appropriately skilled, and have the capability, flexibility
and adaptability to participate in the workforce of today and the workforce of the future. Special
consideration must be given to actions that motivate and assist the long term and youth unemployed
and groups with low participation so the entire workforce can be engaged.
More detail on the human capital themes of flexibility, skills, innovation, entrepreneurship and measurement, as well as country-specific human capital indicators and initiatives, are available here: http://www.b20australia.info/Pages/humancapital.aspx.