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"Your banking system is really hard work and I don't understand your healthcare system.

"Americans also have to learn to chill.

"And they should think a little bit more about bridging the divides between the haves and the have-nots in a society that is broad, diverse and inherently generous."

Hockey last week blasted the Trump administration's trade policies, saying in a speech that America's turn towards protectionism would damage its economy and risked provoking war with China.

On Tuesday he warned: "Patriotism, respect, freedom and hope are values that are essential for America to continue to be exceptional and they are all under extreme pressure in a world that is increasingly fraught."

Hockey said the US-Australia alliance, while strong, was not guaranteed to last into the future.

"The danger for Australians is that we can be too casual about our relationship with the United States of America," he said.

"The risk going forward is that both countries take the relationship for granted.

"My advice is: don't."

Hockey said Australians could learn from Americans by being less risk-averse.

"This nation innovates better than any other country - not only in the world, but in history," he said while accepting an award for his work promoting the US-Australia alliance.

"Failure happens here in the United States but it's not the end when you fail, it's just the end of the beginning. You can dust off and start again.

"Americans give more substance to the term 'having a go' than anywhere else. From this we can learn."

Another difference between the two countries, Hockey said, is that Americans generally do not like swearing.

"I've learnt that - especially on the third tee with Donald Trump," he said.

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Americans are naturally "warm, generous, thoughtful and big-hearted", he said.

Hockey said he felt like he had lived "1000 careers in the past four years" as ambassador.

"It's not been without its challenges," he said. "Some of them you've seen, most of them you haven't."

Other attendees included News Corporation boss Robert Thomson, Australia's new ambassador to the United Nations Mitch Fifield and US Navy Secretary Richard Spencer.

Media mogul Rupert Murdoch, 88, who usually attends the annual event was conspicuous by his absence. He also missed the State Dinner for Prime Minister Scott Morrison in Washington last month despite being on the guest list.

The Turnbulls joined Hockey and his wife, Melissa Babbage, on the dance floor during a live performance by Australia's Human Nature, the ambassador's favourite band.

Hockey said he and Turnbull, with whom he competed for the Liberal Party leadership in 2009, "had our ups and downs over the years". But the pair had formed a close partnership during their time as prime minister and ambassador.

"Australia was extremely lucky to have you as prime minister," he told Turnbull.