$24k paid to economist for one speech

How many speeches can $24,000 buy you?

In the case of the Department of Foreign Affairs and Trade recruiting leading economist Andrew Stoeckel, the answer is just one.

A Senate committee on Wednesday was told Dr Stoeckel was recruited for speech writing and trade policy consultancy services at the request of Trade Minister Andrew Robb's office.

The contract value was worth $41,000 but was not fully exhausted and has now been terminated.

Labor trade spokeswoman Penny Wong raised concerns the contract did not comply with commonwealth procurement rules.

Attorney-General George Brandis said it was not uncommon for a minister to have in mind a particular person with expertise and request their services be engaged.

Liberal senator Chris Back recalled that on a Friday morning in 1987, at a public event he had organised, Dr Stoeckel had predicted there would be a stock market crash world-wide.

"It crashed that night in New York," he said.

"I can tell you the man is an absolute genius."

The hearing was told Dr Stoeckel, presented and facilitated a planning day for Mr Robb and DFAT, looking at Australia's trade and investment focus.

Department official Jeff Roach said there was also regular contact between the minister and Dr Stoeckel.