ISK RAZAK:
Treasurer Josh Frydenberg joins us now from Torquay on the Victorian surf coast. Good morning to you Treasurer and happy new year as well. We will talk about those figures in a second but before we talk to you about that, I have to ask you about rapid antigen tests. Why doesn't the Federal Government make rapid antigen tests free for every single Australian no matter who they are or where they are in Australia?
JOSH FRYDENBERG:
Well we are making those rapid antigen tests available to people who are in aged care and the vulnerable settings and we are partnering with the states to provide some concessional access. That is work that is being undertaken by the National Cabinet based on the medical advice and there is a meeting set down for Wednesday. The states have actually ordered 84 million rapid antigen tests which are on their way. The Commonwealth has also ordered further rapid antigen tests. So they will be an important defence against the virus but we have also already to date provided 55 million PCR tests at a cost to the Commonwealth of $2.5 billion. So we have picked up the bulk of the tab when it comes to the testing processes but we are now moving from the PCR tests to the rapid antigen tests and we are working with the states to meet those costs.
ISK RAZAK:
Well that’s exactly right, I just have to press you on that. Rapid antigen tests are becoming crucial to Australians getting back to work and staying employed. So why not make it free for everyone no matter who you are and where you are in Australia?
JOSH FRYDENBERG:
We can't make every product for free. What we do is provide it to those most vulnerable in those settings and particularly the aged care system and working through the public health orders to meet the costs with the states on a 50/50 basis. But as I said, significant amounts of rapid antigen tests are making their way to Australia. There is obviously high global demand, as you would expect, because the Omicron variant is much more transmissible than the Delta variant. The good news is perhaps that the Omicron variant is going to provide a bridge from the pandemic to the endemic because early medical evidence is in showing that it's perhaps 75% less severe than the Delta variant. So while we are seeing a rise in the number of cases, we are only seeing around 50 people on ventilators and around 150 people who are in ICU out of a population of 26 million, and the majority of the people actually in hospital are those who are unvaccinated. So the message is very clear, go and get vaccinated and if you're eligible, go and get that booster shot because that will provide an extra layer of defence against the Omicron or Delta variants.
ISK RAZAK:
Treasurer, there is some good data coming out from the November job figures. What do they say?
JOSH FRYDENBERG:
Australia's experiencing a jobs boom. We have seen nearly half a million new jobs created since September as our two largest states, New South Wales and Victoria, come out of lockdown. The unemployment rate today is around a 13 year low at 4.6% and job ads are around a 13 year high with more than 250,000 job ads available. In fact, a common refrain from businesses right around the country is where can they get more workers from. In fact, we are seeing key workforce shortages as our borders have been closed, the international students have not been coming in in the numbers that would normally occur and so too with skilled workers. So that’s why it’s important that we open our borders in a COVID‑safe way, we bring in those skilled workers, we bring in those international students because that will help our economy grow.
ISK RAZAK:
Treasurer, speaking on jobs growth in the future, the UK is actually planning for perhaps having up to 25 per cent of their public sector off sick because of coronavirus, are we expecting something similar here and what are the plans to ensure that that can be dealt with?
JOSH FRYDENBERG:
The isolation requirements for those health workers is actually putting real pressure on the system and it is an issue that National Cabinet will be dealing with this Wednesday and the Prime Minister is talking with not just Greg Hunt and the Chief Medical Officer but myself and others about the processes that, and the changes, that potentially could be made to ensure that we have a furloughed system which doesn't leave too much pressure on our health system because those workers are absolutely essential in key settings. We need to adapt to this new environment. The Omicron variant is providing new challenges, but there is some encouraging news and that encouraging news is that it’s significantly less severe than the Delta variant, and that is welcome.
ISK RAZAK:
Josh Frydenberg, thank you so much for your time.
JOSH FRYDENBERG:
Good to be with you.