TREASURER:
(Start of Audio)… Australia, and with the Prime Minister of Australia, the host of the G20. I'm joined by the Member for Brisbane, Teresa Gambaro, in whose electorate we are, and also the Parliamentary Secretary, Steven Ciobo.
Australia is ready to host the most powerful delegation in the world. The leaders that are coming here represent 85 per cent of the world economy and as such, there is a heavy burden on the shoulders of leaders and Finance Ministers to deliver on the plan to grow economic growth right across the world, and therefore create jobs for millions and millions of people. Australia was determined, at the beginning of this year, to get real outcomes from the very significant investment necessary to host the world's leaders. We have a plan before the leaders of the world to grow the world economy, to create the jobs that are necessary, to lift people out of poverty, and we are determined to deliver that – we are determined to deliver that, over the course of the weekend. It is a very simple, straightforward but bold agenda.
We are absolutely confident with the support of the great people of Brisbane and the people of Queensland and Australia, that we are not only going to be terrific hosts to the world, but we are going to get real outcomes, so that we have a stronger global economy.
REPORTER:
Mr Hockey, what gives you confidence that you can reach your two per cent target?
TREASURER:
Since we laid down a target for global growth of an additional two per cent at the meeting in Sydney, at the beginning of this year, countries have submitted around a thousand policy initiatives. They have been assessed by the IMF and the OECD. We will have a report back from them on what that means for additional global economic growth over the next five years, and then the challenge will be to implement those initiatives, and it will take the deep resolve of leaders, together with everyone else, to make sure that our plans are delivered so that we do get the dividend of stronger economic growth and more jobs.
REPORTER:
(Inaudible)
TREASURER:
They are not unusual – they are not unusual in this sort of circumstance.
REPORTER:
Treasurer, is climate change a threat to global economy? Will it be discussed? And will Ebola for that matter be discussed?
TREASURER:
Well, I'm sure that those issues will be discussed. I have no doubt, and as they have been discussed in Finance Ministers' Meetings, but they are part of the agenda, they are not the whole agenda. The whole agenda is focused on growth and jobs, that's what the whole agenda is focused on. People have been critical of the G20 in the past for not delivering tangible outcomes. There will be no single issue that will distract leaders or anyone else from the task of delivering on growth and jobs.
REPORTER:
The US and China has reached a consensus in Beijing about climate change. What do you think the impact (inaudible) climate change (inaudible)?
TREASURER:
Well, we welcome – we welcome the agreement between China and the United States. It is a good sign on many fronts. It is hugely important for the world that China and the United States, as the second largest and largest economies in the world, have a deep dialogue. This is very important and it is going to be extended to the rest of the world here in Brisbane over the next few days. As to climate change, of course climate change is hugely important, and of course climate change is both a risk and an opportunity to be dealt with when discussing the global economy, but there are many issues, many issues, that will help to drive economic growth, and that will come from the structural reforms laid down before this meeting over the weekend. I cannot emphasise enough the focus on growth, on infrastructure investment, on ensuring that multinationals pay tax where they earn the profits, on ensuring that we draw a line under the sand – that we draw a line on the sand, in fact, to end the constant re-writing of regulation of the financial system of the globe; these are the sorts of things that matter out of this weekend.
REPORTER:
Mr Hockey, you can't guarantee parts of your two per cent target plan getting through Parliament. What is a success rate that you can see coming out of the more than a thousand proposals from around the world?
TREASURER:
Everyone is determined – everyone is determined to deliver on their plans, and if you can't deliver on these plans, you have to find additional plans, because the only way we are going to get economic growth is through structural reform, here in Australia and right around the world.
REPORTER:
(Inaudible)
TREASURER:
Of course Ebola is a significant issue. I have no doubt it will be discussed by the leaders. It is a risk of course, to the African economy, as it is a risk to the world economy, and leaders and Finance Ministers will appropriately discuss all the risks, all the risks to the global economy. But whilst we are discussing the risks, we need to focus on the outcomes that drive economic growth, because the best way to be able to deal with some of the risks in the global economy is to have a stronger and more prosperous global economy, and that's exactly what we're focused on over the weekend.
REPORTER:
If I can ask you about the banking reforms: will we be able to get an agreement on the ‘too big to fail’ issue, which will underpin the future of global banking regulation?
TREASURER:
I am confident, as a result of the deliberations this weekend, we will be able to lay down plans to ensure that those banks that are systemically important for the world financial system will be properly capitalised, and that ‘too big to fail’ initiatives will be in place as a result of this meeting.
REPORTER:
(Inaudible)
TREASURER:
No, there’s always some issues that need to be resolved, and we are working; we are still in discussions through the nights and during the days. The Finance Ministers will be meeting tomorrow, as well.
REPORTER:
Mr Hockey, what will be the real and tangible outcome regarding the discussion of international taxation, making sure that multinationals are paying taxes?
TREASURER:
Well, if I can just say, it is hugely important for the globe that companies pay tax where they earn profits. Now, it is theft when someone does not pay the tax that is due to a nation and it undermines the ability of that nation to be able to deliver the sorts of services that are essential to alleviate poverty, to reduce inequality. Now, out of this weekend, again, we are focused on driving hard the taxation agenda that ensures that companies pay tax where they earn profits, that individuals pay tax where they should be paying the tax. Can we go international? Last question.
REPORTER:
In Europe there is a struggle between countries that want austerity, and countries that want growth, like, for example, Italy. Do you think that Europe can be considered as a burden for the Earth’s growth?
TREASURER:
We want global growth. We want global growth right around the world. Obviously Europe is facing some challenges at the moment. That has been the subject of very considerable discussion between Finance Ministers over the last few weeks. I am confident, coming out of this weekend, there will be further discussion and further outcomes that will help to drive growth in Europe. Now, I won't say anymore on that.
REPORTER:
(Inaudible) One of Australia’s foremost bankers, today, stood down, Gail Kelly. Can you say something about Gail Kelly and (inaudible)?
TREASURER:
Look, Gail Kelly has been an extremely successful Chief Executive of Australia's largest bank. Through very good management, thankfully we did not have a financial failure during the Global Financial Crisis. We have well capitalised banks. They are amongst the biggest banks in the world, and that comes down to the combination of good government regulation, but more significantly, comes down to the efforts of excellent executives. Gail Kelly is a world class chief executive. She and many others have helped to build a great bank in Westpac. I pay tribute to her. I really hope her service to Australia has not ended because, as a female leader, and as a finance leader, not just for Australia, for the globe, I think she has got a tremendous amount to contribute in the future. Thank you very much.