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.

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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)
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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.

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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…]


Mining Tax Abolished As Government Deals With Palmer

2.20pm – The federal government has struck a deal with Clive Palmer and the Senate has voted 36-33 to abolish the mining tax.

The agreement will see the Income Support Bonus continue until the end of 2016. The Schoolkids Bonus will also continue until the end of 2016 but will be means-tested and eligibility will cut out for family incomes above $100,000. The Low Income Super Contribution will continue in its existing form until June 30, 2017. The agreement will also see a slower increase in compulsory superannuation, with an increase to 10% from July 2021 and then by increments until it reaches 12% in 2025.

It is believed the agreement was struck late this morning and signed off by Prime Minister Tony Abbott around midday. When the Senate met at 12.30, the government moved to bring on an immediate vote on the legislation.

The Opposition attempted to have the legislation referred to a Senate Committee but this was defeated. The ALP concentrated on the superannuation changes in their arguments against the final passage of the repeal legislation.

The amended bills were passed 36-33 by the Senate at 2.20pm, with the support of the PUP senators Lazarus, Lambie and Wang, and Senators Muir, Leyonhjelm and Day. Independent Senator Nick Xenophon voted against, whilst DLP Senator John Madigan did not vote.

The bills were returned to the House of Representatives which also passed the amendments at 6.27pm.

Watch the full Senate debate. It began just after 12.30pm and ended at 2.20pm.

Announcing to the House of Representatives that the Senate had voted to repeal the mining tax, Treasurer Joe Hockey said it was “testament to a failed government”. He said it showed how “irrelevant” the modern Labor Party is. “They were dealt out – the modern Labor Party is irrelevant,” Hockey said.

The agreement says the 3 PUP senators will support the legislation, as will the Motoring Enthusiast Senator Ricky Muir. Two other senators will be required to secure passage and this is likely to come from Senators Bob Day, David Leyonhjelm and John Madigan. [Read more…]


Joe Hockey Defends His Budget In Speech To The Sydney Institute

The Treasurer, Joe Hockey, has delivered an aggressive defence of his first Budget, in a speech to The Sydney Institute tonight.

Hockey

Hockey took issue with claims that the Budget increases inequality: “I would argue the comments about inequality in Australia are largely misguided, both from an historical perspective, and from the perspective of the Budget.”

On claims that the Budget is unfair, Hockey said: “This misguided cry is made on the claim that not everyone is asked to contribute equally and that in the future some people will pay more for government services or receive less in payments.” [Read more…]


Treasurer Joe Hockey Responds To ACOSS Concerns About Federal Budget

The Treasurer, Joe Hockey, has appeared at a forum held by the Australian Council of Social Service and taken questions about the impact of the Budget on welfare recipients.

The forum was hosted by ACOSS CEO Cassandra Goldie. It was one of a series of appearances by the Treasurer in the aftermath of last week’s Budget.

Hockey

Hockey repeated his remarks from a 2012 speech about The End of the Age of Entitlement that an expansion of the welfare system has resulted in extending welfare “higher and higher up the pay scale”.

He said the government wanted to see a “sustainable safety net” and “to make sure that there is appropriate support for those that are helping to provide services to those most vulnerable in the community”.

ACOSS is the peak body of the community services and welfare sector. It describes itself as “the national voice for the needs of people affected by poverty and inequality”.

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Transcript of Treasurer Joe Hockey’s opening remarks to ACOSS

Post Budget Address to ACOSS

Thanks Cassandra. I think I’m mic’d up here. Firstly to you, thank you for asking me along and I don’t think it’s a traditional thing for Treasurers to come along to ACOSS conferences but I really did want to come. I wanted to come really to begin by expressing my gratitude to all of you for what you do on a daily basis. I know what you do can be not only physically challenging but emotionally challenging and I really do appreciate what you do. I really, really do appreciate what you do. [Read more…]


In National Press Club Address, Hockey Says His Budget Changes The Country For The Better

The Federal Treasurer, Joe Hockey, says his first Budget changes the country for the better.

Delivering the traditional post-Budget Address to the National Press Club, Hockey said: “We now have a fire in the kitchen – we have to put it out.”

Hockey

Hockey claimed there is significant structural change in the Budget that “takes us back to surplus”.

Hockey stressed that the Budget makes welfare more sustainable over time. He said much of the criticism of the Budget “is based on politics, not economics”.

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Transcript of Treasurer Joe Hockey’s Address to the National Press Club.

Thank you, Laurie. To all my colleagues and so many friends, thank you so much for coming along today to the National Press Club. Last night we did deliver a blue print for the future of the Budget, the future of the economy and perhaps even the future of the nation. [Read more…]


Treasurer Joe Hockey’s 2014-15 Federal Budget Speech; The Abbott Government Arrives

The Treasurer, Joe Hockey, has delivered the first Federal Budget of the Abbott government, increasing taxation on high income earners and re-introducing fuel excise indexation. Big cuts in foreign aid head a raft of spending reductions across most government departments with health, education, the young unemployed and seniors hit hard. The government has earmarked $11.6 billion for infrastructure spending on road and rail projects, and will establish a $20 billion medical research fund from a new $7 co-payment for visits to the doctor.

The Budget forecasts a deficit in 2014-15 of $29.8 billion, down from the $49.9 billion deficit for 2013-14. It predicts an economic growth rate of 2.5%, a consumer price index increase of 2.25%, and a small increase in unemployment to 6.25%.

Hockey

As revealed over recent weeks, the Budget imposes a 2% levy on people earning over $180,000. This is expected to raise $3.1 billion over 4 years. Indexation of fuel excise is re-introduced and is expected to raise $2.2 billion over 4 years. Company tax will be cut from 30% to 28.5% in 2015. [Read more…]