Hockey’s big word no one gets

Public policy expert John Daley gives his view on how we should cope with the long and short term unemployment for Australia's youth. Courtesy: Q and A

Heated discussion ... Treasurer Joe Hockey, centre, on Q&A. Picture: ABC TV Source: Supplied

TREASURER Joe Hockey has taken a swipe at the Abbott Government's Budget cuts to the ABC on Q&A on Monday night.

Speaking on ABC TV, Hockey said: "I'm always conscious of taking people's money off them ... sorry, I'm excluding the ABC".

In a wideranging discussion touching on superannuation, housing, tax and even euthanasia, the Treasurer and treasurer-in-waiting Chris Bowen went head-to-head on Q&A over a string of policies and issues.

But it was his quote, "new world that is disintermediating" that left most of us scratching our heads.

"We have laws designed for yesterday that are failing to meet the challenge of a new world that is disintermediating and bringing in the consumer at a complete interface with other consumers," Mr Hockey said.

Hockey used the word in reference to modern-day financial technologies but it seems most viewers were left wondering what exactly he meant.

The word, according to Google, means "reduction in the use of intermediaries between producers and consumers, for example by investing directly in the securities market rather than through a bank".

In layman terms, bypassing government regulated middlemen, such as banks or taxi operators by putting people in direct contact with drivers or allowing direct, online payments.

On the topic of housing affordability, Hockey said abolishing negative gearing would see rents skyrocket.

Hockey also posed the question: "Do we have enough (superannuation) to actually cover a much longer life?"

Super talk ... Treasurer Joe Hockey on Q&A. Picture: ABC TV Source: Supplied

Bowen weighed in on the discussion about youth unemployment, suggesting that entry-level jobs for young Aussies are "disappearing".

"The jobs are changing. We need to be investing," Bowen said, adding that youth unemployment in Australia is at a "crisis" level.

"Investment in education is more important now than ever before," Bowen said.

"I would use the term 'crisis'," he said.

Bowen accused the Government of throwing young people "onto the scrap heap" early in their working lives.

"It's very hard for them to recover and get into the workforce and their working life is wrecked right from the beginning."

What was meant to be a fiscal face-off between Hockey and Bowen ended up being overshadowed by a considered debate between Q&A's other panellists.

Discussion ... Hockey and Bowen sitting on the Q&A panel. Picture: ABC TV Source: Supplied

Australian Chamber of Commerce and industry chief executive Kate Carnell spoke about how pensions need to be "a safety net, not a supplement".

Carnell also criticised the standard of training available to young Aussies. "A lot of the training young people get is not relevant," she said.

While Grattan Institute chief executive John Daley went hard on tax. "We've had little discussion about how tax will have to go up," Daley said.

Daley also weighed in on the standard of youth training. "Sending young people out to dig ditches and plant trees doesn't help very much. It doesn't work."

Cassandra Goldie, head of the Australian Council of Social Service, put housing affordability on the table, saying: "The fact we don't have a coherent policy of housing affordability is a serious problem".

Goldie also weighed in on the issue of youth unemployment in Australia, saying "our responsibility is to give the young people hope".

"Yes, they want jobs, but there are also fantastic ideas for young people about the businesses and the enterprise of the future.

"And that's what we'd love to see the Government really focus on rather than ... playing to this old stereotype which has never really been true that some people are just lazy."

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