Joe Hockey has defended his values after a talkback caller accused him of reaping the benefits of a system he was now trying to change.

The treasurer was quizzed on his family background, ownership of multiple residential properties and university education by a caller on Melbourne radio.

The woman, named Janet, pressed Mr Hockey about whether he would have had the same opportunities under his own budget.

“I feel like he’s shut the door after he’s gone through,” she said.

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Mr Hockey denied he’d “lost sight of it all”, saying he used to sweep the floor of his family real estate agency.

His family rallied to save the business from threat of closure, he said.

“That uncertainty of losing your home and losing everything you have is very real,” he said.

“It was bloody hard.”

Mr Hockey said he maintained that “fear of failure” every day, and he quit law for politics because it broke his heart to foreclose on behalf of banks.

He and his wife, an investment banker, earned everything they now have, he said.

“I haven’t lost sight of my values,” he said.