LEON BYNER:
So, Minister, it comes down to this. You're excited, you are going to exploit it politically. But what does it mean for ordinary people? Does it mean that because our credit rating of AAA has been reaffirmed, you've got more room to move, to help out if the economy needs it?
JOSH FRYDENBERG:
[Inaudible] cost of borrowing for the Federal Government but also for state governments, and for private sector lenders like banks, becomes lower as a result of our strong credit rating. If the credit rating had deteriorated, it would have increased the cost of borrowing for governments and ultimately for the private sector. So it does matter to Australian families and to Australian businesses. But it is a vote of confidence, Leon in our economy. Moody's has pointed to the underlying resilience of the Australian economy and to our track record of proactive and effective policy making. So at a time when the global economy is under huge pressure, the Australian economy has a hole in it, as a result of the health restrictions, this is a positive sign.
LEON BYNER:
Now we've heard a lot of discussion about the extending of the JobKeeper wage subsidy. Is there any discussion about the JobSeeker benefit? Which, of course, used to be Newstart.
JOSH FRYDENBERG:
Well, the JobSeeker payment and the JobKeeper program, they work to complement each other. As you know we've effectively doubled the safety net with a $550 JobSeeker coronavirus supplement. At the same time, 3.5 million workers are benefiting from the JobKeeper program, which is maintaining that formal connection between employer and employee with a flat $1,500 payment. We are considering all those relevant issues as part of our review of the program, and I'll have more to say publicly on the 23 July.
LEON BYNER:
Well we haven’t got long to wait. Now, I've got to ask you about the rorting going on. There's been a lot of reports that the JobKeeper payments have been badly rorted. Is something going to happen about that? Because obviously it's all our money, and we want to make sure it goes to where it's supposed to.
JOSH FRYDENBERG:
Well, the Tax Office does run compliance programs to ensure that the criteria and eligibility are being adhered to and that is work that they're accustomed to doing, as you know, and they'll continue to do, and some of it you don't read about. But we do know that they have taken actions against various individuals and businesses asking them to explain why they may have done what they've done, in order to receive the payment.
LEON BYNER:
So are we to assume that these things reported, and one of them was from a Select Committee in the SA Parliament. Are we to assume that the Tax Office are all over this?
JOSH FRYDENBERG:
Well, I think it's fair to assume that the Tax Office is very conscious of the cases where questions need to be answered and are following up accordingly.
LEON BYNER:
Now, Labour leader Anthony Albanese is delivering one of his key speeches to the National Press Club today, and he's already said in the general media that he wants a bipartisan agreement to deal with climate change. What do you say?
JOSH FRYDENBERG:
Well it's always interesting to see a Labour backflip, but it's sometimes hard to take their lines on this very seriously, given their track record. I mean, they voted against our big stick legislation which was designed to reduce energy prices, they voted against that a dozen times. I mean, South Australia's own Mark Butler, who…
LEON BYNER:
We've lost you. You there, Josh? We've lost him, he's in his car, but I think we've got the message. We'll wait with interest to see what happens, whether there's going to be a change in JobKeeper, and indeed, Jobseeker and it looks as if we won't have long to wait.