Hockey puts multinationals on notice

Treasurer Joe Hockey on Wednesday introduced comprehensive plans to legislate policies that could reap hundreds of millions of dollars as additional revenues.

“I am not going to answer that question and no, no I am not going to speculate on it”, he told reporters in Canberra.

But Chris Jordan left comment about who should be treasurer to “the politicians”.

The federal government is investigating $1 billion worth of real estate allegedly bought in breach of Australia’s foreign property investment laws.

It’s believed at least five more have been identified in the past week, properties ranging in purchase price from $265,000 to $8.1 million.

Watched over by his wife Melissa Babbage and Grant Lovett – his chief of staff and a long-time friend – Mr Hockey stood up in question time and revealed that net government debt was also $11.5 billion lower than forecast. “This undermines the public faith in the tax system that leaves families and small businesses to unfairly carry the taxation burden”.

The draft legislation will not only bring to effect stronger penalties for big companies trying to avoid taxes, but also implement country-by-country reporting that will allow the authorities to get a clearer visibility of the global structures. “These 1,000 companies will need to consider the new rules if they have economic activities in Australia but book their Australian sales revenue offshore”, Mr Hockey said.

As well, Turnbull has a chance this week to design a cabinet that is more representative of the Australian population-including, most obviously, more women.

But Mr Hockey clearly indicated his willingness to continue in the role, admitting he could always do more to sell his economic message.

Mr Husic likened Treasurer Joe Hockey to actor Bruce Willis in the movie The Sixth Sense.

But Mr Hockey said he was not prepared to make the same mistake as former Labor treasurer Wayne Swan, who put a number on his mining tax, spent the lot, and then found it raised no revenue.

“He’s talking in the parliament, he’s getting impassioned, he wants people to listen to him and no one’s paying attention”, he told reporters. He added that the crackdown is continuing despite political turmoil this week that saw Malcolm Turnbull replace Tony Abbott as prime minister.

“It is patently unfair for a large multinational with sophisticated structures, not to pay its fair share of tax”, Hockey said.

‘It is absolutely appropriate… and I’m sure they will be very good decisions, ‘ he told Sky News.

Asked on Wednesday if he wants to stay in his current job, Hockey said: “I have had discussions with the Prime Minister about that and I will leave it to those discussions”.