DAVID KOCH:
The Treasurer joins us now, good morning to you.
JOSH FRYDENBERG:
Good morning Kochie.
DAVID KOCH:
A lot has changed since that economic update, a week and a half ago seems so long ago. Your prediction now, so much more dire.
JOSH FRYDENBERG:
Well obviously the announcement yesterday of stage four restrictions as well as curfews, more school closures, greater restrictions on people's movement in Victoria, is going to have an impact on the Victorian economy and the Victorian economy makes up a quarter of the national economy. As you know, Kochie it is also having a broader impact on business consumer confidence around the country. So Treasury will rerun those numbers, I will make that available when it is provided to me. But it will certainly be higher than that $3.3 billion number we announced just over a week ago.
DAVID KOCH:
Now you are being asked to introduce pandemic leave. This is after medical teams in Victoria doorknocked 500 Victorian patients who tested positive for COVID-19. 130 were not at home, they were at work because they could not afford to be at home. Pandemic leave payment would be sensible, wouldn’t it?
JOSH FRYDENBERG:
Well already big businesses like Wesfarmers, that have Bunnings and Kmart, Target, Officeworks,have announced 14 days of paid pandemic leave and we saw the Victorian Government announce a $1,500 payments to those workers who do not have access to leave but are forced to isolate because they’ve either got the coronavirus or they have come into contact with someone with the coronavirus. So what we will do, and the Attorney-General has this underway, is have consultation with the key stakeholders to work through these issues. But everyone needs to follow those rules and there are no excuses for those people who should have been at home not to be at home.
DAVID KOCH:
So you’re saying, yes a pandemic leave payment is coming from the Federal Government?
JOSH FRYDENBERG:
I’m saying we’re working through those issues, there’s already moves underway either from business and from the State Government. But regardless of that, people have to follow the rules and if they’re not at home when they’re required to be at home, they should be held accountable for that.
DAVID KOCH:
You have got $60 billion up your sleeve from over estimating the JobKeeper payments. So you’ve got a bit of firepower there that you can use for a pandemic leave payment.
JOSH FRYDENBERG:
Well the Morrison Government has already announced some $289 billion of economic support. That is a record amount of money Kochie. The JobKeeper program the largest single economic measure this country has ever seen. The state governments have announced around $42 billion of economic support. So obviously we want them to continue to provide that support across the economy. But we will do what is necessary as we’ve done through this crisis to date.
DAVID KOCH:
Great. Terrific. Just quickly, is the Victorian Government consulting with you on what businesses they are going to close down today?
JOSH FRYDENBERG:
I spoke to Treasurer Pallas yesterday and obviously the Prime Minister is talking to the Premier on a regular basis. That will be decisions that they will take. Obviously, they need to bear in mind the balancing act they have got to ensure, that those essential services are continued to be provided, like our energy supply, like maybe some key areas of manufacturing and construction. But also to ensure that we can stem the tide of these new cases by following these roles with these strict new restrictions that are already in place.
DAVID KOCH:
Treasurer, appreciate your time, thank you.