Hardtalk bbc 2014 joe hockey biography

AAP: Alan Porritt. Madonna King's biography of Joe Hockey may exaggerate his moderate instincts, but the overwhelming impression is of a Liberal moderate assuming a role that demands aggressive dryness, writes Chris Berg. There's a revealing story in the new Joe Hockey biography by Madonna King - revealing not only about the Treasurer but about the Government of which he is a senior member.

In Hockey was minister for financial services in the Howard government. It was a junior ministry but one that gave him responsibility for the Australian Prudential Regulatory Authority, and, through it, the stability of Australia's banks and insurance companies. So it was Hockey in the hot seat when HIH, the second largest insurer in Australia, went into liquidation in March The HIH liquidation meant that thousands of Australians were suddenly uninsured.

He was invited into cabinet to explain what was going on. John Howard asked him how the government should react. King says the cabinet meeting descended into a debate about the desirability of bailouts. Howard and Peter Costello were the most opposed. They spoke of the dangers of moral hazard - creating a belief that private companies were implicitly guaranteed by the government.

They noted that in their Wallis inquiry into the financial sector had warned against bailing out private firms. On the other side of the argument were Hockey and the young minister for workplace relations, Tony Abbott. HIH was exceptional circumstances. King writes that "many of those now facing ruin were Liberal Party stalwarts who were practising hardtalk bbc 2014 joe hockey biography, and funding their own lives".

Hockey told cabinet: "These are our people. King isn't the first person to have recorded the cabinet machinations over HIH - Tony Boyd had them in a story in April last year. But in King's biography they're more particularly informative because they emphasise - as the entire book does - that Hockey is a quintessential Liberal moderate. On almost every major issue that King records Hockey takes the moderate side.

Only short term and that is what we have got to see through. For example, our volumes of coal have increased rather dramatically despite the fact that coal prices have come down; why? Because we have reduced our costs of production so much so that it is cheaper for us to sell coal into China than it is for China to buy from Chinese coal producers.

Well, you know, that may have been true for the past few years but you now know much better than I that the Chinese have imposed new tariffs on your coal. Your own Government has said that is going to be very damaging to your industry. It comes back to this question of over dependence on China. The seven per cent growth rate they are maintaining right now might slip to six, might slip to five.

Well you see, this is where there is a fundamental misunderstanding because a growth rate of seven per cent in China today, is the equivalent of roughly a 14 per cent growth rate ten years ago in China. China will continue to grow because it must. There is no choice. They need to create the 13 million new jobs a year for their population. There is a real problem — political problem, between Australia and Beijing right now.

No, because I set the news that goes in the newspapers. I can give you a better response and the response is that our relationship with Beijing is deep and broad and we will see how the free-trade Agreement goes but I obviously have been involved in discussions. I would say this to you…. Inaudible This is really important, I am sure many Australians want to know the answer to this: if there is no free trade deal by the end of this year, will the negotiations end?

Well, I am not going to speculate on that. What I will say to you is that we are in deep negotiations with China. It has been accelerated under the Abbott Government. They are also very keen for us to join the Asian Infrastructure Investment Bank that they are setting up with 20 other countries. Not only that, we have recently approved a large number of Chinese investments in Australia, and China has given us access in other areas as well, including financial services.

Now this is a man that sits in a political position in the Australian Parliament, he commands what, four seats I think, in the Parliament? He is one of your most prominent public figures and he says things like that. What do you think that does to your relationship with Beijing? He then apologised for it. The fact is, he is involved in a very deep and very acrimonious dispute with a Chinese business partner and obviously inaudible.

Well, that is wrong. Inaudible there are you know, probably more than half a million Australians that speak a Chinese language every night at home. There has been a significant increase in direct Chinese investment into Australia in the last two years. There is a deepening of ties with China but it is not only China. The story of Asia is not just China, it is….

Hardtalk bbc 2014 joe hockey biography

Is that why you just avoided that issue altogether? We obviously called for calm like many other countries around the world called for calm, but fundamentally, it is an issue for the Chinese Government. I am asking you about Hong Kong. As a senior Minister in the Australian Government inaudible the Chinese must let genuine democracy reign in Hong Kong.

It is fair comment but I want to say to you, the story of Asia is not just about China. It is about India, it is about Indonesia, it is about Vietnam, it is about opportunity for the whole world. Not just Australia, not just the United States, Europe in particular, and the first country in Europe that starts focusing on the broader opportunities in Asia will get a massive advantage over others that is so internally focused.

You are one of the dirtiest, most greenhouse emitting countries in the OECD group of developed countries. Is your Government prepared to do anything to clean up its act? Mr Pyne has also hosed down leadership speculation, after the Prime Minister's chief of staff Peta Credlin named the Treasurer as Mr Abbott's most likely successor. His name is Tony Abbott In the book, Mr Hockey states that if the Abbott Government is voted out of office, he will not spend another term in Opposition.

We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. Treasurer Joe Hockey wanted heavier budget cuts, book reveals; Abbott responsible for more cautious approach. Treasurer Joe Hockey wanted heavier budget cuts, book reveals; Abbott responsible for more cautious approach By political reporter Karen Barlow.

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