With the fall in prices across all PNG's major revenue streams from resources - mineral, oil and gas - he stressed that without government commitment to good economic management and structured investment, the country will not see growth as a regional player, despite trading partnerships with heavyweights such as China, Japan and India.
He was particularly critical of the placement of experienced bureaucrats within central areas of government, and the massive costs associated with a top-heavy public sector. The over-servicing of the major population hubs has led to the regions and provinces failing to develop and deliver effectively.
He also stressed the impact extended drought, and now heavy rainfalls, are having on agricultural output.
O'Neill stated that responsibilities for services to the business infrastructure of the country and in particular to emerging industries such as tourism and small scale manufacturing need to be shared across all levels of government.
He is hopeful however that with advantages such as a competitive labour force, and thus a low cost structure, PNG can move forward, especially with the economic support of large scale companies such as Oil Search and ExxonMobile.