Video Transcript: Australia's Treasurer Joe Hockey, remarks at the Infrastructure and Investment Forum
19 September 2014
Infrastructure and Investment Forum, Cairns
Joe Hockey, Treasurer of Australia: Thank you so much, everyone, for coming along to what is an important discussion about infrastructure.
As a number of the ministers here know, the empowerment of the private sector in partnership with government in the delivery of infrastructure is going to be a game-changer for the world over the next few years in the trajectory of growth. Identifying ways that we can better involve the private sector in the delivery of infrastructure is hugely important for the G20.
Effectively, governments around the world have run short of money. Fiscal stimulus has taken its toll and, therefore, if we are going to deliver the infrastructure that the world needs and the infrastructure the world expects, it has to be in partnership with the private sector. Of course, there will be a considerable amount of infrastructure that will require government commitment as well.
In many cases, governments will have to provide the seed funding. Ultimately, the massive amount of liquidity out there in the world is going to provide us with an opportunity to deliver more and, ultimately, if we can deliver it faster that helps to deliver more jobs and higher productivity.
There is much to discuss today and I am certainly not going to preempt the considerations of the panel and everyone else. I do want to particularly thank the B20 for their engagement in this process. They have been hugely important in helping us to develop our thinking in the G20. A number of you, individually, have also contributed significantly to the discussion.