Hockey Talks Of Economic Reform In Speech To London Institute

The Treasurer, Joe Hockey, has addressed the Institute of Economic Affairs in London on the future of the Australian economy.

HockeyIn his speech, Hockey discussed the importance of economic change. “Economies, and their enterprises, that are slow to adapt will be left behind,” he said.

Hockey compared Ford and Google: “The Ford Motor Company, which revolutionised manufacturing and the auto industry in the 20th century, currently has a market capitalisation of $53 billion after 110 years of operation. Google is more than 7 times larger in just 15 years.”

Structural reform will “lay the foundation for a more promising and secure future,” Hockey said. “Over the next decade, the traditional macroeconomic levers of monetary and fiscal policy will not deliver enduring growth… With fiscal policy constrained and monetary policy limited, the only alternative to facilitate growth is to undertake further structural reform in response to global change. Structural reform is indeed the key plank of Australia’s economic strategy under the Abbott Government.” [Read more...]


2013-14 Budget Comes In With $48.5 Billion Deficit

The 2013-14 Federal Budget finished with a deficit of $48.5 billion.

Hockey-Cormann

The Final Budget Outcome was announced today by the Treasurer, Joe Hockey, and the Minister for Finance, Senator Mathias Cormann.

The two ministers took aim at the ALP during a press conference, pointing out that Wayne Swan’s Budget forecast was for a surplus of $5.4 billion.

  • Listen to Hockey & Cormann (20m – transcript below)

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  • Watch Hockey & Cormann (20m)

Text of a media release from Treasurer Joe Hockey and Finance Minister Senator Mathias Cormann.

2013-14 Final Budget Outcome

The Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management.

Despite Labor initially forecasting a surplus of $5.4 billion for the 2013-14 financial year, and keeping this forecast surplus for eight successive budget updates, today’s FBO confirms a $48.5 billion deficit. [Read more...]


G20 Finance Ministers And Central Bank Governors Meeting Concludes In Cairns

The meeting of G20 Finance Ministers and Central Bank Governors has broken up in Cairns and Treasurer Joe Hockey says progress has been made on the group’s aim to lift global economic growth by 2% of the next five years.

Hockey

Hockey said: “The IMF and OECD have looked at over 900 measures put forward by countries – of which 700 are new – and estimate our efforts could lift global GDP by 1.8 per cent through to 2018. Their analysis has been released. We are 90 per cent of the way there to meet our 2 per cent goal.”

  • Download the G20 Finance Ministers Communique (PDF)
  • Listen to Hockey’s statement and Q&A (24m)

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Closing Statement from Treasurer Joe Hockey to the G20 Finance Ministers and Central Bank Governors Meeting.

Treasurer’s closing statement, G20 Finance Ministers and Central Bank Governors Meeting

Today concludes the Cairns meeting of G20 Finance Ministers and Central Bank Governors.

This is our third meeting this year, and let me say it was marked by a strong spirit of cooperation, helped no doubt by the wonderful Cairns community and environment. [Read more...]


Hockey And Cormann Hail Mining Tax Repeal As Best Possible Deal In The National Interest

Following today’s vote in the Senate to repeal the mining tax, the Treasurer, Joe Hockey, says the government has delivered on another of its election commitments.

Hockey

Hockey, speaking at a joint press conference with the Finance Minister, Senator Mathias Cormann, said the government had secured the best possible deal it could in the national interest. He attacked the Labor Party for dealing itself out of negotiations. The Palmer United Party was only relevant, Hockey said, because the ALP would not negotiate.

Cormann also blamed Bill Shorten for the delay in increasing the compulsory superannuation contribution. Hockey said the outcome wasn’t the government’s preferred position but that it was the ALP preventing it delivering on its election commitments.

  • Listen to Hockey and Cormann (15m – transcript below)

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  • Watch Hockey and Cormann (15m)

Media release from Treasurer Joe Hockey and Finance Minister Senator Mathias Cormann.

Failed mining tax finally gone

The Government has delivered on our commitment at both the 2010 and 2013 elections to scrap the failed Minerals Resource Rent Tax (mining tax).

Along with scrapping this failed tax we are abolishing or re-phasing all of the unfunded promises that Labor irresponsibly and recklessly attached to it. The tax package was so poorly designed, it was in fact costing the Government billions of dollars each year. [Read more...]