SAM ARMYTAGE:
Treasurer Joe Hockey joins us now. Treasurer, thank you for your time.
TREASURER:
A great pleasure.
SAM ARMYTAGE:
Welcome to the G20.
TREASURER:
And by the way, the Australian Government once, under Gough Whitlam, did invest in pop art. It didn't go too well. (Inaudible)
SAM ARMYTAGE:
There you go. OK, we’ll leave that. Let’s talk about G20. You have said the priority here is to create jobs, identify tax cheats and improve the world economy. What outcomes are you hoping for?
TREASURER:
Well, economies have laid down nearly 1,000 different policy initiatives to help to lift economic growth by an additional two per cent. There has also been a pile of initiatives provided by the independent OECD to help to crackdown on tax cheats and particularly go after the multinationals that are not paying tax where they earn the profit. It's also important we focus on infrastructure. I am very hopeful that under Australia's leadership, we can help to make not only infrastructure a huge issue going forward, but Australia to lead in that regard.
SAM ARMYTAGE:
So, do you think there is time? Do you feel that you will be able to address these issues over this weekend?
TREASURER:
Yeah, it's two days of the world's major leaders coming together. Inevitably, they will talk about a range of issues, as you do over two days, but there has been an agenda that has been laid down with a massive amount of work behind it and what that ensures is that we get the outcomes. If we went into this weekend with simply a gabfest it would be a failure and it would be a failure for Australia, because it is costing us a lot of money to put on this event. So from our perspective, we want real and tangible outcomes. We have laid down an agenda for that. We want the leaders to sign off on it, and what you’ll see is a stronger world economy and it has got to mean something. It has got to mean something to somebody running a corner store in Wagga or in Sydney or Melbourne, it’s got to mean a better life.
SAM ARMYTAGE:
OK, that's what I was going to ask you. This is a very fancy event. This is a huge event for us to hold here.
TREASURER:
Huge.
SAM ARMYTAGE:
Twenty-six major world leaders; what does this mean for the ordinary Aussie? Kochie talks a lot about tax, multinationals paying tax, and there is a certain company we won't name that pays a lot of tax offshore. What does that mean, if we fix up that situation, what does it mean for the average Aussie in a corner store?
TREASURER:
It means that those companies that are earning profits here pay tax in Australia and if that's the case, it helps to lift our revenue base so that we can do the things that are necessary to keep the country strong. But fundamentally, it is essential that we – that there be tax equity. I mean, if you and I have to pay tax, so should multinational companies that earn profits here, they should pay tax here, and individuals in Australia. Even Australians that try and structure their tax affairs to minimise or avoid or evade their tax in Australia, and pay tax overseas at much lesser rates.
SAM ARMYTAGE:
OK, I know you want to keep the focus on economics but unfortunately, for your Government, we have to talk about this: China and the US have reached a carbons emissions deal in Beijing over the last few days. Can we expect any chat on climate change in the next few days?
TREASURER:
(Inaudible) There will be a discussion about climate change, as there will be a discussion about ebola, and the challenges associated with that but it is not going to be the dominant part of the conversation. That's the important part. It is not going to dominate the conversation.
SAM ARMYTAGE:
OK, a lot of talk about the Russian warships off Australia's coast. What is your take – off Queensland's coast – what’s your take on that?
TREASURER:
It doesn't surprise. This usually happens in these sorts of situations.
SAM ARMYTAGE:
But four?
TREASURER:
We have got it covered, I want to assure you, we’ve got it covered. We know they are there, firstly. That's a starting point and we have got it covered.
SAM ARMYTAGE:
So our navy is…
TREASURER:
Our navy is engaged and I have absolutely no doubt from a security perspective, it is totally covered.
SAM ARMYTAGE:
All right, OK, Treasurer Joe Hockey, thank you for your time.
TREASURER:
Thanks Sam and thank you for allowing me to sit in the Kochie seat. I mean, I am pretending – I know I am not as across economics as David Koch but at least I'm in the Kochie seat for a brief moment, and if I could get a fraction of his pay packet then that would be even better.
SAM ARMYTAGE:
Here we go, here in the crew, we just call it the spare chair but if you want to call it the Kochie seat.
TREASURER:
And the good news is, I can't hear Kochie because I have no earpiece.
DAVID KOCH:
Good! Get him out of there!
SAM ARMYTAGE:
Thank you Joe, enjoy the weekend.
TREASURER:
Thanks.