Treasurer Joe Hockey says successful debt negotiations with Greece are an encouraging first-step.

Greece has reached agreement with official creditors on a new bailout program on Monday but missed the second debt payment to the International Monetary Fund in two weeks.

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“They are an important first step in helping to rebuild trust between the Greek government and their European colleagues … (but) there’s much work to be done in a very short period of time,” Mr Hockey told reporters in Canberra on Tuesday.

Mr Hockey said the impact on Australia of developments in Greece was minimal, but it was a reminder of the need to be prepared for unexpected events in the volatile global economy.

“There’s a salient lesson here not just for Australia, but for everyone, that if you don’t undertake the necessary reforms to get your house in order when you can, then ultimately the pain will be much more significant further down the track,” he said.

Mr Hockey said consumer confidence in Australia is “volatile”.

“It’s a volatile indicator and clearly a lot of the speculation about Greece and China has had an impact over the last few days,” Mr Hockey said.

“But I’m very encouraged by business confidence data and I’m encouraged by my discussions with business leaders over the last few days, which indicates that they’re continuing with plans for investment.”