DAVID KOCH:
Live to Federal Treasurer Josh Frydenberg in Melbourne. This is good news isn’t it? It validates the Government's decision to continue rolling out the jab?
JOSH FRYDENBERG:
Absolutely, it is good news that the European regulator has given the green light to the continued roll-out of the AstraZeneca vaccine. We know that it is safe and effective and that is what our regulator found, that’s what our Chief Medical Officer has told the government, and we will roll at the vaccine in accordance with a timetable that we have set out. And already, more than 200,000 Australians have received the jab.
DAVID KOCH:
Let's get onto this incredible job figures that rocked financial markets yesterday. Great news for Australia’s economic recovery from the pandemic. Latest figures show from February show unemployment has fallen to 5.8 per cent, that's down from 6.3 per cent the previous month, down half a per cent. Almost 89,000 people found work. JobKeeper, of course, ending in less than two weeks, there are fears as many as 250,000 people could lose their jobs. Airlines have been given extra support. Treasurer, these are incredible figures, they’re a bit old, but more current figures on job vacancies show that the job market is still strong?
JOSH FRYDENBERG:
The jobs are coming back but the job is not done. We know that there are sectors and regions that are doing a tough and that's why we will provide the targeted support when JobKeeper comes to an end, but 5.8 per cent unemployment is far better than what the market was expecting. 88,700 new jobs was nearly three times what the market was expecting. And the good news is, all of those jobs are full-time. More than 80 per cent of those jobs went to women and more than 40 per cent of those jobs went to young people, and it's another point that with our AAA credit rating being maintained, with our strong economic growth numbers and now with the labour market showing its resilience, that the economy is recovering strongly after the biggest economic drop since the great depression.
DAVID KOCH:
They were incredible figures, triple the number of jobs created that most of the exports forecast, but financial markets are now saying ‘hey, with this staggering jobs growth, the economy is rebounding quickly, inflation is going to come back quickly and we will have to put up interest rates at the end of the year,’ have the markets got it right or wrong?
JOSH FRYDENBERG:
As you know, interest rates will be a decision for the Reserve Bank and it is one area where the Treasurer normally stays away from. My responsibility is fiscal responsibility and their responsibility is monetary policy, but that being said, the Reserve Bank governor is on record with an expectation that the interest rates will stay low for some time.
DAVID KOCH:
Yes, until 2024 which is pretty extraordinary. Really great figures and you had a pretty great day as well because you were able to get back to the footy last night. Your Blue Baggers lost but a gallant loss, they played so well.
JOSH FRYDENBERG:
Carlton did lose but they showed really good form, they were fleet of foot, but footy was the winner and to see 50,000 Victorians come together at the G to watch the game was a real sign that obviously people have confidence in the health situation, but also we know how important footy is to our community and it was great to be there with the Prime Minister and my colleague Dan Tehan. There was a real positive mood.
DAVID KOCH:
Did you have to explain the rules to him, because he’s a rugby league guy?
JOSH FRYDENBERG:
He was careful not to take sides as you know but my heart was on my sleeve with the Blues and I'm looking forward to taking on the Pies next week.
DAVID KOCH:
Good to see you and great news for the economy. Thank you, Treasurer.