ALLISON LANGDON:
Treasurer Josh Frydenberg joins us now in Melbourne. Treasurer, nice to see you this morning.
JOSH FRYDENBERG:
Nice to see you, Alli.
ALLISON LANGDON:
April budget, May election, sound about right?
JOSH FRYDENBERG:
No dates have been set for either, but I can tell you that we're out talking about the economy today and every day, because this is what matters to people at home. The jobs are coming back. Unemployment is at 4.6 per cent, a 12‑year low. It was 5.7 per cent when we came to government. We know that job ads are 30 per cent higher than at the start of pandemic. And today we have new Treasury and Tax Office data that shows that insolvencies are 40 per cent lower year on year, and it's another proof point that Australia's economic recovery is on track.
ALLISON LANGDON:
Look, you're right, the economy is firing, you're coming into Christmas, which is going to be a great time. Have bureaucrats been told to cut short their summer holidays in April to prep for the April budget.
JOSH FRYDENBERG:
Not aware of anything like that, Alli. I can tell you that everyone in government, and indeed everyone at home, I think has earned the right for a decent break after what has been a pretty tumultuous two years, and in the states of New South Wales and Victoria extended lockdowns as well. I hope people can connect with family and friends, get down to the beach, have a surf, have a beer, have a barbeque and then come back refreshed for 2022.
ALLISON LANGDON:
You really don't talk about the election date, do you? I like it. But I mean you're going to have to wait until WA opens to the rest of the country, surely, so that definitely brings May into play.
JOSH FRYDENBERG:
WA have announced their roadmap for easing of those borders. But obviously we would've liked it to be earlier and sooner because other states are opening up at those 80 per cent vaccination rates. And, of course, if people can travel more freely across the country, it's not only a good opportunity for them to catchup with family and friends, but it's also good for the economy as well. We have seen ticket sales on airlines go off. We saw 75,000 Jetstar international seats being sold within 72 hours. We saw Qantas sell 500,000 tickets in just a two‑week period. People are desperate to get around our great country, particularly as we approach Christmas. Unfortunately for people in Western Australia they're going to have to wait a bit longer.
ALLISON LANGDON:
I mean that hard border to remain in place until 90 per cent double vaxxed. I know the tourism industry is considering legal action against that. Is that something that you'd support?
JOSH FRYDENBERG:
Alli, that would be a matter for them. But obviously it is a high bar that the Western Australia government has set. And I don't understand why Western Australia should be different to any other state and ease their border restriction at that 80 per cent vaccination rate.
ALLISON LANGDON:
There's no guarantee that they're going to hit 90 per cent, is there?
JOSH FRYDENBERG:
Again that will depend on the people of Western Australia. And my message to all of those who are watching today is go and get vaxxed. It's your defence against the virus, and we have seen in New South Wales and in Victoria cases start to come down as those vaccination rates have reached record highs. Australia's on track to be one of the most vaccinated countries in the world, which is quite a remarkable static. If you combine that with the strong economic recovery that is now underway. Just last week the Reserve Bank upgraded their economic outlook for next year, and we know that businesses are investing and we know households have accumulated money on their balance sheets as a result of the economic support that has been provided and the health restrictions that have been in place. I'm really optimistic. I'm upbeat about the Australian economy going into Christmas and beyond.
ALLISON LANGDON:
You're right. And people are ready to spend. There's certainly that sentiment around. But you also have a massive skill shortage, increased costs and supply chain disruptions, all causing pretty big dramas.
JOSH FRYDENBERG:
Well, we want those skilled workers to come in before the end of the year. We've already announced obviously an easing of restrictions for Australian residents and citizens travelling internationally, not having to go through the home quarantine or the hotel quarantine requirements if they're double vaccinated, and so too with visitors from Singapore. Under the new arrangements we've announced they won't have to go through those processes. But we want to extend that more broadly before the end of the year. Of course we want international tourists and international students as well. That work is underway. We'll open those borders when it's COVID to do so, and clearly the first steps have already been made.
ALLISON LANGDON:
All right. So the Prime Minister is ‑ he's hitting New South Wales and Victoria this week. I mean it's off the back of a pretty lousy week when he was overseas. How's he doing?
JOSH FRYDENBERG:
I spoke to him last night and he was in good spirits. He's really looking forward to going on the road. That's what we love most as politicians, not sitting behind a desk, but meeting people either from our communities or across the country. Listening firsthand to some of the challenges that businesses are encountering because, of course, there are still challenges out there, as well as kitchen table conversations, hearing from families around the country. That's what we're interested in and obviously fashioning the policies in response to those concerns and those needs. But, Alli, as we get closer to Christmas we should reflect on how well as a country we have done in the face of the biggest economic shock since the Great Depression. Everything was thrown at us and in response we threw everything back. We announced the Job Keeper, the cash flow boost, payments to families and pensioners, all of which ‑ and tax cuts of course ‑ all of which have helped see the economic recovery that is now clearly underway.
ALLISON LANGDON:
All right. Good stuff. Nice to talk to you, Treasurer, enjoy your week.