Appearing on the ABC’s 7.30 program, Mr Hockey defended his position and the 2014 budget, which is yet to be passed in full by parliament.
When asked if he agreed with the Prime Minister’s comment that some budget measures were too bold and ambitious, he replied “we were, but at the time we had no choice".
“There's an argument we shouldn't have put everything into the budget immediately, that we should have staggered it through the year,” he said.
“This is a tipping point for Australia… If we think we’re just going to get economic growth as it was in the early part of this century, it’s not.
“The world has changed."
Mr Hockey said he and his colleagues were doing the best they could, but faced pressure from the “Labor-controlled Senate”.
Faced with reports of criticism of his performance, Mr Hockey said “the public always gets it right”.
But he stood by his performance.
“I am the best person to do the job,” he said.
