In an interview with 2GB radio on Wednesday, Mr Hockey outlined a number of priorities for the Australian government in hosting the high level meeting of the leaders of the world’s largest economies, including regulation of financial institutions.
“The third thing [on the G20 agenda after infrastructure and tax] is financial services. Out of the global financial crisis, all of these people wanted to regulate the life out of banks, and what happened is banks clam up,” Mr Hockey said.
“And you’re seeing it a bit in Australia when it comes to small business lending. Thankfully, our banks are in a better position than many other banks around the world,” he said.
“We want to free up the flow of money, particularly to small businesses and start-up businesses and home-based businesses. That’s hugely important as well.”
Mr Hockey said another important issue for global economies was reform to allow lower income people to gain access to various assets and investment markets.
More broadly, the treasurer listed “financial services” and “financial advice” among a number of Australian service industries that are well-poised to take advantage of strong export relations with trading partners, referencing a possible free trade agreement with China.
“Seventy per cent of the Australian economy is services, but it represents only 17 per cent, only 17 per cent, of our exports,” Mr Hockey said.
“The biggest opportunity our nation has ever seen, ever, is the emergence of two billion people into the middle class in Asia in the next 30 to 40 years.
“They are going to want the same lifestyle that we have, and what we want to do is sell them the opportunity to have that lifestyle.”
