The Case For Change: Joe Hockey’s Pre-Budget Speech To The Spectator Australia

The Treasurer, Joe Hockey, says the government will release the Commission of Audit report on May 1, in advance of the May 13 Budget which he says will begin a repair job on the nation’s finances.

Hockey made the announcement during a speech at an event organised by The Spectator Australia. He also spoke with the British journalist and chairman of Spectator Magazines, Andrew Neil.

Hockey-Neil

Hockey said all Australians had to contribute to the “heavy lifting” needed to get the Budget “back on track”. He said the fiscal consolidation programme to be announced in the Budget “will establish a clear path back to a surplus of 1 per cent of GDP by 2024″.

The Treasurer released a table of the largest government programmes and their associated costs. He said the Age Pension already takes up 10% of all Commonwealth spending, with aged care now the 8th largest category. With concessional recipients responsible for 80% of spending on the Pharmaceutical Benefits Scheme, Hockey seemed to be hinting at changes in this area in the Budget.

He said Australia had a “serious spending problem” and that “our biggest costs are also our fastest growing”.

  • Listen to Hockey’s speech (32m)

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  • Listen to Andrew Neil interview Hockey (37m)

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  • Watch an extract of Hockey’s speech (5m)

Text of Treasurer Joe Hockey’s Address to a function organised by The Spectator Australia.

The Case For Change

Hockey

Introduction

I am delighted to be here today as a guest of the Spectator Magazine.

As many of you would know, the Spectator Magazine in the UK has a long and distinguished record of commenting on politics and current affairs.

The magazine was first published way back in the nineteenth century, in 1828. I am told the 186-year history makes it the oldest English language magazine in the world. [Read more...]


Joe Hockey Speech To Lowy Institute: “The Age Of Personal And Corporate Responsibility Has Begun”

Federal Treasurer Joe Hockey has delivered a speech in which he says the age of personal and corporate responsibility has begun.

Hockey

Addressing the Lowy Institute in Sydney, Hockey said: “Individuals must do more for themselves, they must become more self-reliant. And the business sector must shoulder more of the burden. It must restore corporate accountability, and rely less on government assistance. It must stand on its own feet, and it must pay its fair share of tax.”

Hockey spoke at length of Australia’s role this year as president of the G20. He said: “The G20 is definitely the right body to take the wheel… Because G20 members account for 85 per cent of the world economy, 80 per cent of trade and about two thirds of foreign direct investment.”

Hockey said Australia “must play to its strengths”. He said Australia would work to promote stronger economic growth and better employment outcomes, and help to make the global economy more resilient and able to deal with future shocks. [Read more...]


Hockey Gives Audit Commission Extra Fortnight For First Report

The Federal Treasurer, Joe Hockey, has extended the Commission of Audit’s first reporting date by two weeks.

The Commission requested an extension of its January 31 deadline.

Text of media release from Treasurer Joe Hockey.

Commission of Audit’s phase one reporting date

The Federal Government has granted a request from the Commission of Audit to extend its reporting date for the phase one report by up to two weeks. [Read more...]


MYEFO: Budget Deficit Rises To $47.6bn And $123bn Over Four Years; Debt To Hit $667bn In A Decade

The Treasurer, Joe Hockey, has released the Mid-Year Economic and Fiscal Outlook (MYEFO) which shows the federal budget deficit will increase by $17.5 billion to $47.6 billion this year, with total deficits of $123 billion over the next four years.

The MYEFO forecasts gross debt to reach $667 billion in a decade and be around 26% of GDP in 2023-24. Net debt is expected to peak at 16.2% in 2018-19, the highest since 1996-97.

Hockey

Hockey released the MYEFO in an address the National Press Club in Canberra It forecasts a budget deficit for the fiscal year 2014-15 of $33.9 billion and $24 billion in 2015-16. Whereas both the Coalition and the ALP said they would deliver a budget surplus in 2016-17, MYEFO forecasts a deficit of $17.7 billion.

Unemployment, currently 5.8%, is predicted to be 6% in June, rising to 6.25% for the next three years, adding $3.7 billion to the welfare bill. A blowout of $11.3 billion is forecast for the welfare budget. [Read more...]


Bowen And Hockey Debate The Economy At National Press Club

Treasurer Chris Bowen and Shadow Treasurer Joe Hockey have debated the economy at the National Press Club today.

With just ten days until the September 7 election, Bowen and Hockey traversed much-travelled ground on the budget deficit, the national debt and the Opposition’s policy costings.

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NPC [Read more...]


Government Releases Updated Economic Outlook; Deficit Up, Growth Slows, $17bn Of Budget Cuts

The Rudd government has released an updated economic outlook statement that shows this year’s budget deficit blowing out to $30.1 billion.

Treasurer Chris Bowen and Finance Minister Senator Penny Wong have announced $17 billion of budget cuts aimed at producing a surplus of $4 billion in 2016-17. [Read more...]


Gillard Confirms $12 Billion Budget Shortfall

Prime Minister Julia Gillard says there will be a $12 billion budget hole this financial year.

Gillard

In a speech to the Per Capita think tank today, Gillard said: “The ‘bottom line for the Budget bottom line’ is this: the amount of tax revenue the Government has collected so far this financial year is already $7.5 billion less than was forecast last October.

“Treasury now estimates that this reduction will increase to around $12 billion by the end of the financial year.

“This unusually low revenue, which wasn’t forecast even a few months ago, creates a significant fiscal gap over the Budget period.”

Gillard said “every reasonable option” is on the table, “even options previously taken off the table”.

The government “will not cut to the bone” in next month’s budget.

She said: “In the Budget, the Government will do the right thing by the nation, the right thing for the long-term. We will save responsibly, even when that means spending less on things which are important and valuable. We will invest wisely for the future. No one will be singled out, the burden of our decisions will be shared across the whole Australian community.”

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  • Listen to Gillard answer questions (17m)

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Text of Prime Minister Julia Gillard’s speech to Per Capita.

It’s a great sign of the growing recognition of Per Capita’s work that your Executive Director David has been in such good company at the international Policy Network’s Progressive Governance and Global Progress conference in Denmark.

Congratulations to you on the fine contribution Per Capita is making in the world of ideas.

With the Federal Budget just fifteen days away, I thank you for this opportunity to share with you the clearest possible picture of the purpose and context of our Budget deliberations.

This year’s Budget will be about a national challenge – and a national plan.

A challenge for Australia: to respond to the huge reductions in revenue growth over the next four years.

A plan for Australia: to make necessary investments in the nation’s future, to ensure that none of our people is left behind.

Tuesday 14 May will be no old-fashioned pre-election Budget night. [Read more...]