Speaking at a Centre for Independent Studies luncheon on Friday, Mr Hockey said governments do not have the capacity to fund all of Australia’s infrastructure requirements – with estimates of Australia’s infrastructure deficit ranging from $200 billion to $800 billion.
“Australia must find ways to encourage and facilitate more private sector investment in infrastructure in order to address our infrastructure needs,” he said.
Mr Hockey said he would soon be announcing an inquiry into reducing infrastructure costs alongside assistant minister for infrastructure and regional development Jamie Briggs.
“This inquiry will be about how this government can build a constructive partnership with the private sector,” said Mr Hockey.
He also flagged additional announcements “in the coming months”, including “a new partnership with our state colleagues”.
“Innovative funding models, a credible pipeline of work and a rigorous cost/benefit process will underpin our growth plan,” said Mr Hockey.
The treasurer also touched on the so-called ‘Son of Wallis’ inquiry into the financial system.
“We have committed to release the draft terms of reference for this inquiry before the end of the year, but I can tell you now that they will be broad,” he said.
The broad terms of reference will allow the inquiry members to set the course for the financial system “over the next decade and beyond”, said Mr Hockey.
“To maintain certainty while the inquiry is underway, there’ll be a moratorium on significant new financial sector regulation,” he said.
The new government has also committed to a “root and branch” review of Australia’s competition policy.
“We are mindful that our predecessors had lots of reviews with lots of effort but limited outcomes,” said Mr Hockey.
“That weighs heavily on our minds. But ultimately, we will be judged on what we deliver rather than what we promise,” he said.
