Joe Hockey is optimistic about the outlook for the global economy, provided it seizes the huge opportunities from the awakening economies of China, India and Brazil.
Addressing a New York business audience on Tuesday, the treasurer said he was alarmed that unemployment rates remained stubbornly high around the world as growth had yet to see a sustained pick-up since the global financial crisis.
"I'm here to tell you that the seven years from the broken mirror of the financial crisis can end and it will end," he told the event sponsored by US investment firm Morgan Stanley.
"We just need to look over the wall and see the opportunities which abound."
His comments came as the International Monetary Fund forecast moderate but uneven prospects for the global economy in its latest World Economic Outlook.
Mr Hockey said the Australian government was aiming for a five-pillar economy based on its traditional strengths of agriculture and mining, but also manufacturing and education and services.
Services were the heart of the Australian economy, he said.
"Ironically, it's not mining companies that dominate our stock exchange but rather financial services."
As such, Australia was well placed to respond to the huge demand for its services from the rising Asian middle class.
Mr Hockey is in the US to attend a G20 meeting in Washington this week.
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