The emergence of Asia's middle class will be the most transformative event in Australia's history, Treasurer Joe Hockey says.
If properly exploited, it could lock in our prosperity forever, he said.
Addressing the Property Council of Australia leaders' dinner in Canberra, Mr Hockey said members of the Asian middle class were the great consumers and in many cases, purchasers of Australian real estate.
"The emergence of the Asian middle class is going to be the most transformative event in our history," he said.
"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, Mr Hockey said.
"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," he said.
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