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