On Wednesday night, Mr Hockey told the ABC's 7.30 program that if the federal government was asking people to live within their means then ''corporate Australia must also follow''.

''The parent company of SPC Ardmona, Coca-Cola Amatil, which is an Australian company, in the first six months of this year, had a profit of $215 million, for six months, and yet there is a request for $50 million of taxpayers money,'' he said.

''I think you can understand why we are being very cautious, very careful about handing out taxpayers' money.''

With the first draft of the Commission of Audit's examination of the federal budget due, and with Mr Hockey signalling a tough federal budget in May, the Treasurer is expected to remind his cabinet colleagues about the difficult fiscal situation facing the government.

Mr Hockey warned at the time that projected debt is expected to rise to $667 billion if substantial reforms were not made.