PETER STEFANOVIC:
Joining me live now is the Treasurer Josh Frydenberg. Treasurer, another example of the economy continuing to fire this morning.
JOSH FRYDENBERG:
A very strong result for Australian families and for Australian workers. The fact that more than 11 million Australians have received more than $10 billion in tax relief in that September quarter and the biggest tax cuts in more than 20 years, this is money that will get to people’s pockets. This is money that will support them as we recover from the Delta outbreak. And it’s part of our broader plan, Pete, to cut taxes, reward effort and encourage aspiration. We have put in place a three‑stage tax plan that will see a whole tax bracket, the 37 cents in the dollar tax bracket, abolished and 95 per cent of taxpayers pay a marginal rate of tax of no more than 30 cents in the dollar. This is very significant reform that is delivering results and it’s putting money into people’s pockets.
PETER STEFANOVIC:
What may help the economy even more, Treasurer, the WA Premier announcing that restrictions should ease. He’s going to outline his plan tomorrow. What do you hope he says?
JOSH FRYDENBERG:
That those borders come down as those vaccination rates go up. That’s what we’ve seen in New South Wales. That’s what we’ve seen in Victoria and the ACT, with other road maps from other states along similar lines. The point is that the Australian economy is really now starting to lift off. We’ve heard from the airlines that as a result of these border restrictions easing, including the international borders, Qantas has sold 500,000 tickets in just the last two weeks, Jetstar 75,000 international seats in 72 hours with Virgin also seeing very strong ticket sales. Australians are itching to get around their own country. They’re itching to get abroad to be reunited with families and friends. And this is actually going to support our economy. It comes off the back of consumer confidence this week, Pete, getting up for the seven out of the last eight weeks. We know that job ads are more than 30 per cent higher than going into this pandemic, and we’ve also been able to maintain our AAA credit rating, one of only nine countries in the world to have that AAA credit rating from the three leading credit rating agencies. There is some positive signs ahead for the Australian economy.
PETER STEFANOVIC:
Okay, just on to a little bit of political squabbling in this tete a tete between Australia and France at the moment. Malcolm Turnbull has accused Scott Morrison of being a liar, says he has a reputation for it. Has Scott Morrison ever lied to you?
JOSH FRYDENBERG:
No, and I don’t believe he has a reputation for it. And I can only speak from my own personal experience with him, which is that we have a respectful, we have a trusting relationship. We certainly have a constructive and a productive one as the Leader and the Deputy Leader of the Liberal Party. And as Treasurer in the government I work very closely on a daily basis with the Prime Minister. And he, in making this subs announcement through the National Security Committee was acting in Australia’s national interest. Now, I fully understand the disappointment on the French side, but at the same time Australia’s partnership with two leading allies and friends and military powers – the United Kingdom and the United States – will help enhance Australia’s national security in what is a pretty challenging strategic environment for us. It was a long‑term call. Maybe it put a few noses out of joint in the immediate term, but in terms of the longer term national interest for Australia, this is certainly a deal that is in it.
PETER STEFANOVIC:
Is Malcolm Turnbull lying?
JOSH FRYDENBERG:
As I said, I can speak for my personal relationship. You know, I worked with Malcolm Turnbull closely and effectively when he was the Prime Minister, as I did with Tony Abbott and as I do now with Scott Morrison. But what I can tell you is that the Prime Minister and I have a very respectful, good working relationship, and obviously I reject the accusations that have been levelled at him, including by the French President.
PETER STEFANOVIC:
Do you wish that Malcolm Turnbull would stop throwing barbs at your government?
JOSH FRYDENBERG:
Again, I’m not going to give that more air time, Pete. What I will say is that we’re getting on with the job of governing. We’re here this morning to talk about a Coalition government that has been delivering record tax relief to Australians at a time that we’re recovering from the first recession in nearly 30 years – the COVID recession. Now, it would be remiss of me not to point out to you and your viewers that the Labor Party has opposed us when it comes to tax relief, as you know. They were dragged kicking and screaming to support stage 3. You had the shadow treasurer out there talking down the tax relief. They don’t believe in tax cuts. They obviously believe in tax increases – that’s why the last election was a very clear contrast between Labor’s $387 billion of higher taxes and our tax relief which we’re now delivering. And we read just only weeks ago that the Labor Party is planning another hit on family businesses with a $27 billion tax increase that will hit 300,000 family businesses. I mean, that’s what their, you know, modus operandi is. That’s their track record, and that’s what they have planned for the Australian people after the next election, if they were to be given the nod.
PETER STEFANOVIC:
Just another political squabble out of Victoria, Treasurer, Tony Abbott has urged Tim Smith to dig in. Does Tim Smith – I know you’ve supported him in the past, do you continue to support him with his position?
JOSH FRYDENBERG:
I certainly continue to work closely with Tim Smith and talk to him regularly and recognise that he’s been a very strong advocate for his local community, and he’s certainly taken the fight to Daniel Andrews…
PETER STEFANOVIC:
So he should continue? He should continue?
JOSH FRYDENBERG:
…at a time when, you know, there has been a need for that accountability and scrutiny on the Labor side. I’ll repeat what I said yesterday and the day before that with respect to this accident – clearly, drink driving is unacceptable. It’s dangerous and for Tim it’s had, you know, already significant consequences. Thankfully in this incident nobody was actually hurt. But Tim does need to give serious consideration to the words of his leader. He needs to take some time for soul‑searching and to reflect on his own future career. And that’s something he should be given the space over the coming week or so leading up the time preselections are due in to reflect on.
PETER STEFANOVIC:
Okay, so I’m picking up – I’m getting a sense here that he probably shouldn’t continue in politics.
JOSH FRYDENBERG:
Well, again, you will draw your own conclusions, others will. I can just tell you that he should be given the time to make this decision himself as to his own future career.
PETER STEFANOVIC:
Okay. Treasurer Josh Frydenberg, as always, good to chat. Talk to you soon.