ALLISON LANGDON:
Nice to see you this morning, are you helping Victoria out?
JOSH FRYDENBERG:
Good morning. We are. Income support will start from day one of this five-day lockdown. And importantly, the people of Victoria know that the Morrison Government has their back. As we know, the Premier has announced a five-day lockdown. Let's hope it is not extended but if it was extended into multiple weeks then business support would be available too. And this is the fifth lockdown that Victoria has experienced. It comes just over a month after their most recent lockdown. So it is pretty trying days here in Melbourne. Just as it is across Sydney and broader NSW.
KARL STEFANOVIC:
It must really burn you though Josh, after really giving it to them earlier this week. Now you're actually going to have to give it to them.
JOSH FRYDENBERG:
Well, our issue is in order to strengthen the economy, to support people, We need to put our hands in our pockets and that is what we’ve done from day one, Karl, of this crisis, as you know. We have deployed more than $300 billion in direct economic and health support across the country and the consequence of that is that the Australian economy today is bigger than it was going into the pandemic and more Australians are employed today than at the start of the pandemic. No other advanced economy has seen such a strong rebound and this is particularly important for Australia. Because the economic shock that we have faced has been the biggest since the Great Depression and it’s been our first recession in nearly 30 years. That is why yesterday's unemployment numbers were very pleasing but also they don't take into account what has recently happened recently in NSW.
KARL STEFANOVIC:
That being said, earlier in the week you couldn't have been stronger in your vocal against Daniel Andrews and pretty much he has jammed you, hasn't he?
JOSH FRYDENBERG:
Well our support today is to the Victorian people. Daniel Andrews, as of yesterday, called another lockdown. And as you know coming just a month after the most recent one. So I think the people of Victoria are doing it pretty tough. And the Morrison Government is there to support them.
ALLISON LANGDON:
I mean, you said that the job numbers were good yesterday. It is probably not going to be the point next month when we get them, when we see the impact of these lockdowns, the two largest cities in Australia. When we do see the rest of the world opening up, you guys did a great job last year. Do you think you are doing a good job now?
JOSH FRYDENBERG:
Well I do think that the economy is strong. I think its fundamentals are very healthy and let's not discount that happened yesterday with the job numbers, it was the lowest unemployment rate in more than a decade and importantly, youth unemployment is now its lowest level since 2009 and we saw more than 50,000 full-time jobs being created. So while we are seeing major lockdowns across NSW and Victoria, one hopes that our health authorities can get on top of this virus, Ally, and then we will see the rebound come back. We are rolling out the vaccine as quickly as possible. More supply is coming online and I just hope that all those people watching your program this morning, if they are eligible, they get the jab.
KARL STEFANOVIC:
Can I just ask you this, because probably it needs a little bit of clarification this morning, for Sydney, in particular, actually Melbourne in particular in relation to this seven-day moratorium you’ve got on the health there, is that just individuals or is that business as well?
JOSH FRYDENBERG
So this is about income support. So income support will start from day one. And the amount of income support you get, Karl, will depend on the number of hours of work you've lost as a result of the lockdown. If you've lost between 8 and 19 hours of work, over the course of this lockdown, you'll get $375. If you've lost 20 hours or more of work then you will be able to get $600 for that week. With the case of business support, that will be eligible from week three if the lockdown goes that long. We haven't heard that from the Victorian Premier about the length of the lockdown and I know that they are trying to keep it to just five days.
KARL STEFANOVIC:
The Chamber of Commerce has come out saying that five days will ruin some businesses. And you can understand that in Sydney too, I mean, Gary's kebab shop can't afford to open but Gucci is open.
JOSH FRYDENBERG:
Well last time they had the lockdown in Victoria which was just over a month ago, the Victorian Government announced business support, more than $250 million for the first week and then just over $200 million for the second week. I’m expecting that they would also make announcements about business support but I will leave that to them for these first two weeks.
ALLISON LANGDON:
We heard Daniel Andrews say yesterday you only get one chance to go hard and to go fast. Do you think that Gladys Berejiklian needs to go harder with her lockdown?
JOSH FRYDENBERG:
Well again, Gladys Berejiklian will take the advice of her health experts. And Daniel Andrews will take the advice of his health experts. If you look at the performance of…
ALLISON LANGDON:
But you are the one that is putting your hand in the pocket to prop up all these businesses to get through the lockdown so you’ve got to have an opinion on it.
JOSH FRYDENBERG:
Well my opinion is that they do everything that they can to get on top of the virus as quickly as possible. Because we know with the Delta strain, it is much more contagious, its much more dangerous the way it moves through the community a lot quicker than with previous strains. Obviously, these are difficult days in New South Wales, the health authorities and Gladys Berejiklian, Ally, have shown themselves to be very capable in dealing with previous outbreaks. Let's hope that they can get on top of this one even though it is more contagious.
KARL STEFANOIVC:
People are sick and tired of it, Treasurer, as you would know, of the lockdowns. Business are sick and tired of it, families are sick of tired of it…
JOSH FRYDENBERG:
Yes.
KARL STEFANOIVC:
…over schooling online. Some of this blame, whether you like it or not, is going to fall on the Government for the slow vaccine rollout. You must concede that?
JOSH FRYDENBERG:
Well we are trying to get the vaccine rolled out as quickly as possible, Karl. The good news is, well north of nine million doses have been delivered. And in the most vulnerable cohorts like the over 70s, more than 70 per cent have received their first jab and the over 50s, more than 50 per cent have received their first jab and more than a third of the Australian population aged over 16 who are eligible for the vaccine have received their first jab. The numbers are picking up as more supply comes online. I had a very productive meeting with General Frewen and the leaders of the business community just the other day and they are very keen to get involved and we are involving them. So I am confident that the vaccine rollout will pick up and hopefully that these lockdowns can become a thing of the past.
ALLISON LANGDON:
We know it is lockdown five for Melbourne. But it is lockdown five oh for you tomorrow.
KARL STEFANOVIC:
Five Oh.
ALLISON LANGDON:
So happy birthday, we believe. Spent in lockdown.
JOSH FRYDENBERG:
Yes, well…
ALLISON LANGDON:
Karl is gutted because he was going to jump out of a cake for you.
KARL STEFANOVIC:
I was.
JOSH FRYDENBERG:
Oh really!
ALLISON LANGDON:
In his birthday suit.
JOSH FRYDENBERG:
Hopefully he is wearing something.
KARL STEFANOVIC:
Why? Get with the program, Josh.
JOSH FRYDENBERG:
Well I was hoping you would help me blow out the candles. There are so many on the cake these days I don't know if I could do it myself.
KARL STEFANOVIC:
Happy to help you blow out the candles Treasurer, any time, thank you for your time. And from all of us here at the Today Show, a very happy birthday because you work incredibly hard, appreciate your time today.
JOSH FRYDENBERG:
Thanks Karl, thanks Ally.