11 October 2021

Interview with Allison Langdon and Karl Stefanovic, The Today Show, Channel 9

Note

Subjects: Effects of reopening on the national economy, net zero emissions and changes to the childcare subsidy.

KARL STEFANOVIC:

Well, there’s no turning back now. That’s the message to the country from Treasurer Josh Frydenberg this morning as New South Wales emerges from lockdown.

ALLISON LANGDON:

And the Treasurer joins us now from isolation in Melbourne. Treasurer, just north of the border, it’s a big day.

JOSH FRYDENBERG:

It’s certainly a big day, and it’s a reward for millions of people in New South Wales getting the jab. New South Wales’ success will be Australia’s success. New South Wales is showing the rest of the country how to live with the virus, because we know the Delta genie is out of the bottle and we must learn to live with the virus safely.

KARL STEFANOVIC:

So there’s no going back, absolutely? No more lockdowns no matter what happens?

JOSH FRYDENBERG:

Well, let’s open up safely and let’s not turn back, because the rest of the world is not turning back, and neither should we. I mean, the United Kingdom is very instructive, Karl. When you look there they’ve got more than 30,000 new cases a day but the rate of hospitalisation has actually fallen by 83 per cent since the peak earlier in the year. And so the focus should not be on the number of cases; the focus should be on those hospitalisations. And the rate of them comes down as the vaccination rate goes up. And in the ACT, 95 per cent of people have received their first jab. In New South Wales it’s 90 per cent. In Victoria it’s 85 per cent. A record number of Australians are getting a jab, and that is our pathway and our ticket out of this crisis.

ALLISON LANGDON:

Treasurer, you would have seen the pics this morning, at 12.01, they were at the pub, they were getting their hair done and they were at Kmart. I mean, people are busting to get out, they’re busting to spend money. How much of a boost is this going to deliver to the economy, and how long do you think before we sort of hit those pre‑Delta – that pre‑Delta stage?

JOSH FRYDENBERG:

Well, New South Wales is ready for lift off, and it will re‑ignite the national economy. I mean, New South Wales is the largest state as far as the national economy is concerned representing about a third of the national economy. So with people being able to get about their normal lives, obviously in a COVID‑safe way – you can go to the movies, you can go and get a meal, you can go to the gym, you can go for a swim, you can even have people over at home, this is a big step forward. And I’ve thought for some time now that with every day of lockdown their effectiveness becomes diminished. And so we need to learn to live with the virus. And remember that old Cornflakes ad, Ally – the simple things in life are often the best? And right now I think millions of people in New South Wales are saying that is so.

KARL STEFANOVIC:

All right. Let’s have a look at a couple of other issues now. Have you done a deal with the Nats on zero emissions? Bridget McKenzie has been pretty vocal about that, your old sparring partner, have you done a deal? We had Matt Canavan on earlier, too, and I think he’d rather put his hand in a coal furnace than sign up to zero emissions. So I don’t know what you’re going to do about that. 

JOSH FRYDENBERG:

Well, look, we’re working through those issues today. We’ve got a meeting of the leadership group. And it’s an important opportunity to work through our plan. And this is a very important issue. And as you know, I made a speech about this the other week and about how the international markets are moving. They’re factoring in a net zero world. And that affects everything from the assets that they buy to the way they assess risk in financial markets, and that really matters to Australia, Karl.

KARL STEFANOVIC:

Yeah, but Great Britain – Treasurer, Great Britain’s a basket case at the moment with energy.

JOSH FRYDENBERG:

And the key is to make sure…

KARL STEFANOVIC:

It looks like we’ve lost the energy to the Treasurer in terms of that cross. So it will be – just see if you can click on the button. Treasurer, are you there?

JOSH FRYDENBERG:

Yeah.

KARL STEFANOVIC:

He’s back.

JOSH FRYDENBERG:

Can you hear me okay?

KARL STEFANOVIC:

He’s back, okay. Keep going where you left off.

JOSH FRYDENBERG:

Well, I was just saying how important gas is, Karl, to the transition because it helps smooth out the energy grid. And obviously keeping a stable grid and lower affordable energy and a smaller carbon footprint are all the simultaneous goals that we’re seeking to meet.

KARL STEFANOVIC:

So you see no dramas in getting this through? Because Matt Canavan and a bunch of the Nationals, I mean, it’s the last thing they want to do.

JOSH FRYDENBERG:

Well, look, there’s no formal decision as yet, but we’re working through it methodically and we’re doing so in a conductive manner. We’re working it through with the leadership group and then we’ll go to a broader group.

ALLISON LANGDON:

All right, well, good luck with that. Because just listening to Matt Canavan this morning, you know, I don’t think he’s going to be receptive to pretty much anything you put on the table.

KARL STEFANOVIC:

He’s coming to us outside the coal museum. He ain’t buying in.

JOSH FRYDENBERG:

Well, as you know, there’s more than a hundred members of the Coalition, so everyone’s entitled to their view.

ALLISON LANGDON:

Some are just more vocal than others, hey?

JOSH FRYDENBERG:

That’s right.

ALLISON LANGDON:

And just on the changes to the childcare subsidy that you’re bringing forward to March.

JOSH FRYDENBERG:

Yeah. 

ALLISON LANGDON:

Look, it is good news, but you’re going to have to offer families more ahead of the next election, aren’t you? This won’t be enough. 

JOSH FRYDENBERG:

Well, there are a lot of things we’re doing for families – we’re cutting taxes for families, we’re boosting health services and mental health services. And, of course, childcare, we announced $1.8 billion extra funding in the budget, Ally. And by bringing it forward around 250,000 families will be better off. And they’ll be better off by an average of $2,200. And so it’s a very significant boost to those families as a result of what we’re doing with the cap and with the increased subsidy. Up to 95 per cent subsidies for certain families. And what we’ve sought to do here with this reform is that if you’ve got 2 or more children in childcare we’re going to make those costs even lower for you as they currently are. And that’s going to enable more households to have that choice, whether one parent or two is in the workforce.

ALLISON LANGDON:

All right, Treasurer. Thanks for joining us this morning. And, as you said, our future is gas. And when you said that, my co‑host, “Hee, hee, hee.”

KARL STEFANOVIC:

So I’m immature.

JOSH FRYDENBERG:

Bye‑bye, Karl. Karl, Karl, Karl. Gas, gas, gas.

KARL STEFANOVIC:

Bye Joshy.

ALLISON LANGDON:

Talk to you soon.

KARL STEFANOVIC:

See you, mate.