ALLISON LANGDON:
Josh the whole world is watching this one. What is the hope here?
JOSH FRYDENBERG:
This is a world first and it’s the culmination of three years of hard work Ally between the Government and the ACCC and the hope is to create a viable and sustainable Australian media landscape. We are living in the age of digital disruption. Nowhere is this more apparent than in our media landscape. So much so that for every $100 of online advertising, $53 gets spent with Google, $28 with Facebook. We have seen a very concentrated online advertising market. So we want to see traditional news media businesses get paid for generating original journalistic content and in doing so create a sustainable and viable media sector here in Australia.
ALLISON LANGDON:
I know you've been working very hard on this. But look, Facebook, Google and the Senate have now just passed your new foreign interference laws, we know China’s not happy. You're not afraid to take on the big guys, are you?
JOSH FRYDENBERG:
Well this is a huge reform and you're right, the world will be watching. Because other countries like in Spain, like in France have tried various solutions but they haven't reached an effective and long-term outcome. So a lot of people in a lot of countries will be seeing the Australian way as the possible way forward for them too. What we have tried to encourage through this mandatory code, which will be in the legislation I'm introducing into the Parliament today, is to encourage the parties to reach a commercial solution a negotiated outcome between themselves. But if that can't be reached then there is an arbitration model, where independent arbiters will take into account the cost of generating that original journalistic content and the money can only flow one way. The money can only flow from the Googles and the Facebooks to the traditional news media businesses.
ALLISON LANGDON:
Right, well let's just go back to the new foreign interference laws, because China's response to that is a slap, banning another beef exporter. What is the point of a free trade deal with China if it just ignores it?
JOSH FRYDENBERG:
Well again, this is a very challenging situation for us because China is our largest trading partner and it's been mutually beneficial, what we have provided China has helped their economic growth. What they have provided us is a major markets for our exports. So we will continue to work through these issues where we can't resolve them bilaterally, we obviously reserve the right to use multilateral forums. When it comes to our free trade agreement we did see a substantial increase in that trading relationship between our countries and China is not our only free trade agreement partner. We have reached such agreements with a whole range of other countries and that's been good news for our exporters. But Ally, there's no secret, this is a challenging time for the Australia China relationship and we'll work through these issues.
ALLISON LANGDON:
Yes and it’s tough to see any end in sight to the drama for some time to come, but when will you scrap Victoria's Belt and Roads initiative?
JOSH FRYDENBERG:
Well now that the legislation is becoming law that is a positive sign and we'll work through those issues. But we never liked the Belt and Road policy. We never supported it, its application here in Australia, Victoria proceeded with it. That's for the Victorian Government to explain themselves. But we have made also very clear that the ability under these new laws is to scrap such agreements.
ALLISON LANGDON:
So it's dead?
JOSH FRYDENBERG:
Well again, there is a process that we will adhere to, but a step forward has been made with the passage of this legislation.
ALLISON LANGDON:
Okay, so that's a yes. Coronavirus vaccine has been rolled out across the UK. The US is now also a step closer. Are we pretty much on track for getting the jab in March?
JOSH FRYDENBERG:
Well our intention is to complete our regulatory approval processes by the end of January. We're in no rush because we've got to ensure that community safety comes first, but if we can complete that regulatory approval process, sorry by the end of January, we can look to a rollout by March. That has been our stated timetable. That being said, the developments in the UK are very positive. Their situation is somewhat different to ours, Ally. You have seen over a million people in the United Kingdom be infected with COVID-19 and you have also seen around 60,000 deaths. As we speak here in Australia, there's not one Australian who is on a ventilator or in ICU as a result of COVID. So our countries situations are very different but at the same time we welcome the developments in the United Kingdom.
ALLISON LANGDON:
Isn't it great that we have reached this point. There was so much of the time during the year where we thought perhaps we wouldn't have a vaccine. It is a very exciting day.
JOSH FRYDENBERG:
Look, it's a real credit to our health workers on the frontline and all those other members of our Australian Defence Force and in the broader community, who have made such sacrifices to get Australia to this point. We shouldn't lose sight of the fact that Australia has performed better than nearly any other nation on earth in response to COVID, both on the health front and the economic front. There's a long way to go. There's no room for complacency, but Australians can be very proud of their achievements to date.
ALLISON LANGDON:
I know your year is not done yet. But boy it's been a big one. You have led us through some very, very tough times. Where are you going to be Christmas Day?
JOSH FRYDENBERG:
I'm going to be at home in Melbourne, but then looking forward to just getting to the beach in Victoria later on that month and then obviously into the New Year to spend some valuable time with my family. Because like many Australian families we've been separated for some time this year, trying to work through what have been difficult issues. But of course we are very pleased with the recovery that is now under way across the economy and that has been my primary focus this year.
ALLISON LANGDON:
Well when you get there, enjoy your break, you deserve of it.
JOSH FRYDENBERG:
Thank you.
ALLISON LANGDON:
Alright, thanks Josh.