ANDREW BOLT:
I spoke to the Treasurer a short while ago and asked him how will China hit us next?
JOSH FRYDENBERG:
Andrew, Australia has been the target of China’s economic coercion, our exports like barley, like beef, wine and coal, have been targeted. But despite that, the Australian economy has shown its remarkable resilience. Our exporters have found other markets. I expect Australia to continue to have a challenging relationship with China for some time. But the point of my speech today was to emphasise the resilience of the economy, and to underline the fact that we won’t compromise on our national interest, nor on our values. We will be steadfast. We will be clear. We will be consistent. And we will look for alternative markets.
ANDREW BOLT:
But you did say you expected more. So far in one quarter, we’ve lost a billion dollars despite the gain in other markets. How bad do you think it could get?
JOSH FRYDENBERG:
Again, China released a list of so-called fourteen grievances which they had with Australia. They were everything from our posture on national security issues, to foreign investment, to the right of politicians to speak their mind; a pre‑condition for our democracy that we love so much. We will continue to defend our interests, we will continue to make very clear to China, and indeed, to any other country that we won’t compromise on those interests. But I expect the relationship to continue to be challenging. You do point out that it has cost us, but it’s also cost the Chinese economy because they haven’t been able to receive Australia’s high premium, high value exports; whether it’s wine, whether it’s barley, or indeed, whether it’s coal which is so important to their industrialisation. Australia’s goods have been able to find other markets. My message was not just that the Government is increasingly supporting our exporters to diversify, but business needs to continue to be resilient and to build that into their supply chains, to build that into their cyber security awareness, and to build that, obviously, into their market profile by opening up new opportunities.
ANDREW BOLT:
Any particular industry you think is a bit of a sitting duck that needs to diversify more?
JOSH FRYDENBERG:
Again, the agricultural produce is one that China has targeted. When it comes to bulk commodity like coal, it’s easier to diversify and find new markets, less so with some of the other niche products. With respect to our biggest export, iron ore, China can’t find an alternative source of iron ore to Australia, at least in the near term. Our iron ore is high quality and it’s, obviously, very large volumes as well that we export to China, as well as other countries. They’re trying to develop new markets, or new mines and new supply in Africa, but they can’t replicate the Australia iron ore very readily, and that iron ore is obviously critical to their domestic economic strength, but also to their exports because they are the world’s largest steel exporter and they rely on Australian ore to help make that domestic steel production.
ANDREW BOLT:
Can I just switch to the virus and the pandemic. You have been arguing for more things to open up faster, but you and the Prime Minister have ruled out a freedom day, declaring a day and beyond that borders will come down, lockdowns will lift or whatever. I wonder why you do that? By October, every adult in this country should have been able to get vaccinated. If they haven’t, it’s on them. Why should I be locked-up for a day longer than the freedom day, say November 1, whatever day you want to name. Why shouldn’t we declare freedom day?
JOSH FRYDENBERG:
Andrew, you’re absolutely right that you shouldn’t be subject to lockdown or, indeed, other restrictions a day longer than you have to. Our hope that is once we get to that 70-80 per cent vaccination targets, we will see those restrictions ease. We will see people get their freedoms back, the businesses reopen and the kids get back to school and everything else that comes with living with COVID in a COVID-safe way. The reality is that we can’t live in lockdown forever and that we have to learn to live with COVID. That means getting vaccinated…
ANDREW BOLT:
You said once we reach the vaccination target. My point is we could reach the vaccination target if people simply rolled up and got the injection. If they don’t and they can, by November 1, it’s on them. Why not say freedom day, November 1?
JOSH FRYDENBERG:
Because what we need to do is hit those 70-80 per cent targets because the medical experts tell us it’s at that point you start to see the transmissibility of the virus reduce. It’s at that point you start to see a significant drop in the number of people who get seriously sick or, indeed, tragically have loss of life. That is what we’re seeking to do…
ANDREW BOLT:
By November 1, it will be on them. If they’re not vaccinated, it will be on them.
JOSH FRYDENBERG:
Andrew, it is absolutely on the people who don’t get vaccinated that they will be a lot more vulnerable to the impact of the virus. That is why we have been seeking to give everyone the opportunity to get vaccinated as quickly as possible, because if you don’t take steps to protect yourself and your family, you are slowing down the opportunity for the economy to reopen and people to live with COVID in a safe way. My message is very clear: go and get vaccinated. Let’s hit that 70 per cent target. My message to the states is follow the plan that you agreed to at National Cabinet, and then people can learn to live with COVID even though, tragically, some people will get sick, there will be more cases, but it at least we can follow the rest of the world…
ANDREW BOLT:
A lot more people would get vaccinated in a hurry if you said November 1, that’s when we open up. If you don’t that’s on you. You didn’t get vaccinated in time when the vaccines are there now.