The Treasurer, Joe Hockey, has addressed the Centre for Independent Studies on the economic challenges ahead of the new Coalition government.
“We are cleaning up the mess we inherited,” Hockey told his audience.
He said: “…Since 2008 we have experienced a period of significant dislocation. External factors have reshaped our destiny. Public policy incompetence has worsened the impact of that dislocation. As we emerge from the worst of the global financial crisis we have rising unemployment, deteriorating debt, declining terms of trade and structural challenges in our Budget that need to be urgently addressed.
“Global challenges remain, but they are not insurmountable. In the next twelve months the identifiable risks on the horizon include the impact of monetary policy tapering in the United States and the impact of revelations about the health or otherwise of European banks by the ECB.”
- Listen to the introduction to Hockey’s CIS speech (2m)
- Listen to Hockey’s speech (33m)
- Listen to Hockey’s responses to questions (25m)
Transcript of Treasurer Joe Hockey’s speech to the Centre for Independent Studies.
The Task Ahead
It’s a great pleasure to be addressing the Centre for Independent Studies in my first domestic keynote address as Treasurer.
I want to declare my gratitude to Greg Lindsay and the CIS team for its advocacy of many values and policies that I share.
Initiatives that help facilitate enterprise, empower individuals and nurture consumer sovereignty will always have a page in my playbook.
With this in mind, today I would like to discuss the many challenges the Coalition economic team has ahead of us. The work of the CIS will, no doubt, be of great use as we deliver on our plans for the Australian economy.
The first few days in the job are reflected by the most common question I get from people on the street …, “Are you having fun yet?”
Whilst it is no joyride, my colleagues and I relish the opportunity to help turn things around. [Read more…]