Asia is the key to Australian prosperity: Joe Hockey

The emergence of Asia’s middle class will be the most transformative event in Australia’s history according to Treasurer Joe Hockey.

Recently addressing the Property Council of Australia in Canberra, Mr Hockey said members of the Asian middle class were the great consumers and in many cases, purchasers of Australian real estate.

If properly exploited, it could lock in our prosperity forever, he said.houses

“The emergence of the Asian middle class is going to be the most transformative event in our history,”

“As two billion people move into the middle class across Asia, you are going to see a massive change in the demand for services out of the region.”

In 2009, the combined middle classes of North America and Europe far exceeded the middle class of Asia, particularly China and India.

By 2020, the Asian middle class will exceed the US and Europe.

By 2030, the Indian middle class alone will be larger than the US and Europe combined.

“This is going to change the way we live. It’s going to change the jobs our children have and our grandchildren,” he said.

This is an opportunity for Australia, provided we are controlled, measured and focused, empowering the innovators of the Australian economy”

This is the transformative period for our nation. If we can lift that 70 per cent of the economy – that is services and export to these people – our prosperity is locked in forever.”

My thoughts:

If we play our cards right Australia could also be the holiday playground to the emerging Asian middle class just as it was to the new middle class of Japanese in the 1980’s.

And just like the Asians are doing today, many individuals Japanese bought properties back then while their large corporations bought up hotels, development sites and resorts. Sort of de ja vu!

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Michael is a director of Metropole Property Strategists who create wealth for their clients through independent, unbiased property advice and advocacy. He's been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit

'Asia is the key to Australian prosperity: Joe Hockey' have 2 comments

  1. June 11, 2015 @ 9:24 am John Beattie

    Hi Michael,
    Whilst statements like this are encouraging from Joe Hockey what we really need at this point in time is for that to be translated into Government action in terms of investing in research, education, infrastructure. Many of our top CEO’s in big business today are calling for more Govt action. So far in the past 2 years there has been little on this front and consequently I think both Business & Consumer confidence have been flat as a result. There is huge potential for Australia and it’s people but lame ducks at the head of Govt will mean nothing but delays and missed opportunities until they start putting their money where there mouth is. Have a great day. John


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