MARK BERETTA:
Treasurer Josh Frydenberg joins us now live from Canberra. Treasurer, these figures at this time of year don’t paint the brightest of pictures. How would you describe the mid-year Budget?
JOSH FRYDENBERG:
I would describe them as showing that Australians can be confident about their economic future because it shows that the Budget is now back under control and we’re living within our means, that we’re investing record amounts in infrastructure as well as guaranteeing the essential services that people need and rely upon like school funding, and hospital funding and support for the NDIS.
MONIQUE WRIGHT:
Treasurer, you’re being accused of being obsessed by surplus. Unemployment is sitting at 5.2 per cent; the Reserve Bank wants that to drop closer to 4 per cent. So rather than delivering a surplus, don’t you need to start spending on some big ticket projects, trying to stimulate jobs and boost wages?
JOSH FRYDENBERG:
Well when you talk about the labour market it has actually been very strong. When we came to Government, unemployment was 5.7 per cent, now it is down to 5.3 per cent. And more than 1.4 million new jobs have been created and Australia has been going forward, our economy has been growing while other major economies like the United Kingdom, like Germany, Singapore and South Korea all went backwards for a quarter this year. Now when it comes to the surplus, we’re paying down debt just like your viewers will be paying down their mortgage over time. And our interest bill on our debt last year was $19 billion dollars. That’s money that goes to pay bond holders overseas or here in Australia, rather than going to important investments in our domestic economy. So we’re paying down our debt and that debt bill will come down to fourteen and a half billion dollars over the next few years, freeing up more money to spend it where the economy needs it.
MARK BERETTA:
Treasurer how much confidence do you think this gives ordinary Australians? Do you think it will make them want to get out there and spend?
JOSH FRYDENBERG:
Well obviously they’re getting more money in their pockets, courtesy of the tax cuts and we saw in the most recent national accounts household disposable income have its biggest jump in a decade. But ultimately it’s up to the individuals as to whether they spend or whether they save, that’s a choice for them, but what we will see over time is if they pay down their debts today that will free up more money to spend tomorrow.
MONIQUE WRIGHT:
Okay moving on now and Olympic champ Ian Thorpe is heading a campaign opposing your Government's proposed religious discrimination bill. Now Treasurer the ad features a young disabled saying it’s not okay for my disability worker to tell me that my disability is the work of the devil. It also features a young dad who says it’s not okay for a teacher to tell my daughters that my ex-wife and I are still married in the eyes of God. Will your amendments to the religious discrimination bill mean under law that it’s okay to say those kinds of things?
JOSH FRYDENBERG:
What our bill will do is actually protect people of faith and ensure that they’re not discriminated against and just like those other protections, so that there is no discrimination against gender or there’s no discrimination in other areas. This is about protecting people’s religious freedoms. It was a policy that we took to the election. We’re consulting as you know, we’ve put out discussion papers, we’re getting a whole lot of views back. I absolutely respect Ian Thorpe but at the same time we believe this bill will support people of faith and give them important protections.
MARK BERETTA:
Treasurer thanks very much for your time this morning.
MONIQUE WRIGHT:
We appreciate it.
JOSH FRYDENBERG:
Good to be with you.