PETER STEFANOVIC:
Well, on that note, let's bring in the Treasurer Josh Frydenberg. Treasurer, good morning to you. So what's your reaction to Premier Mark McGowan's plan to postpone that reopening date indefinitely?
JOSH FRYDENBERG:
Well, this is a decision announced by the Western Australian government and it's for them to explain, it's not a federal state issue. But, I know that many Western Australians will this morning be very disappointed and they'll be asking the question, if not now, when, will the WA borders open? Because we're two years into this crisis, to this pandemic, and we're in the third phase of it. Initially, we saw the outbreaks across the Eastern States and then we saw the Delta outbreak and now we're seeing the Omicron variant. But it's different this time. It's highly transmissible, but 75% less severe, and we need to learn to live with the virus. So we'll continue to support the West Australian community. Western Australians have been wonderful through this pandemic, and it is really encouraging to see their double dose vaccination rates approach 90 per cent and to see their booster dose numbers increase quite rapidly.
PETER STEFANOVIC:
This is going to hurt the country though, wouldn't you agree? It's going to hurt tourism, it's going to hurt business.
JOSH FRYDENBERG:
Well obviously, we'd like to see borders come down right across the country and to see us united as one. But this is a decision that the Western Australian government has made and it is for them to explain. I mean, we are seeing states move very quickly to dismantle some of the restrictions they’ve had in place. Only weeks ago, Pete, we were discussing the closed borders that Queensland had to the rest of the country. Then they introduced a PCR test, then they went to a rapid antigen test, now they don't have any testing requirements before going into the state. And that just shows you how quickly things are changing. So we recognise that there are lots of cases of COVID around the country, but we can live safely with the virus with a set number of restrictions that remain in place, like mask‑wearing or like social distancing, as well as rolling out the vaccines and the booster shots.
PETER STEFANOVIC:
Yeah. Doesn't it just highlight though, that three years into the pandemic now, the hospitals in the West just aren't ready?
JOSH FRYDENBERG:
Well again, that's for Mark McGowan to explain what precautions he's taken in his state. The Western Australian experience has been quite different to, as you know, what we've experienced here in Victoria or elsewhere, and the Western Australian people should be congratulated for what they have achieved. And the Morrison Government continues to provide that strong economic support into Western Australia. More than $14 billion already through this pandemic alone has gone from the Commonwealth into the state, as well as obviously, strong support on the health front as well.
PETER STEFANOVIC:
Stunning unemployment figures yesterday, Treasurer, as you're well aware, but we've just had the worst January consumer confidence in 30 years. There are, as you know, supply chain log jams. You've got inflationary pressures that are just around the corner. It's not all rosy, is it?
JOSH FRYDENBERG:
Well Pete, there are definitely challenges because we're still in the middle of this pandemic and it is the biggest economic shock since the Great Depression. And Omicron has dented confidence and it has impacted on consumer spending. But the Commonwealth Bank's data shows that consumer spending had only come down by 3 per cent at the start of this year. The National Australia Bank has said that the economic conditions they're witnessing are nowhere near as severe that's been either reported or feared, and that spending has been above pre‑pandemic levels. And Westpac's Chief Economist came out and said that consumer sentiment remains in positive territory. So, the underlying fundamentals of the Australian economy are very sound. And yesterday's job numbers were remarkable. To see the unemployment rate come down to 4.2 per cent, the lowest in more than 13 years. To know that since the Coalition came to Government, 1.7 million more Australians are now in work, including one million more Australian women are now in work. Let's not forget, Jim Chalmers, early on in the pandemic, said the single biggest test for the Morrison Government's management of the COVID‑19 pandemic would be what happens to the unemployment rate. And the unemployment rate today is 4.2 per cent, compared to 5.7 per cent when Labor left office.
PETER STEFANOVIC:
Yet we still have some 400,000 unfilled jobs according to the ABS.
JOSH FRYDENBERG:
Well there are job vacancies right across the country and indeed in many sectors. We're working to train up Australians to take those jobs. We do have 220,000 apprentices who are now in a trade apprentice, and that's the highest since those numbers and statistics began back in 1963. We've tipped over a million jobs in manufacturing. Remember, under Labor, one in eight manufacturing jobs were lost. We've got programs like Job Trainer. We've had the wage subsidy for apprentices. And right across the board, we're working on skilling up Australians to take those jobs.
PETER STEFANOVIC:
In Perth, Innes Willox makes the point this morning, this is the final one here Treasurer, $16 it costs now for a pint of beer in Perth because of supply chain issues. How sustainable is that?
JOSH FRYDENBERG:
Well, that is a pretty expensive pint, I have to tell you. The supply chains are under real pressures, but we have made changes to try to mitigate those pressures. So for example, the changes around the isolation requirements agreed by National Cabinet, are making a real difference. I was recently at a Coles distribution centre in Victoria where they explained how more people are back at work as a result of the changes that have been made. We know that the changes around the working requirements for international students, working holiday makers will help with the workforce issues. We've put in place a school plan through National Cabinet, so that schools can open at term one and stay open because that will impact on the workforce. We're rolling out the vaccine to 5 to 11 year old’s. And of course, we've got the booster shots that are rolling out across the country. All of these individual initiatives within a broader strategic plan to address the workforce pressures that we're seeing right now.
PETER STEFANOVIC:
Treasurer Josh Frydenberg, thanks for your time as always.
JOSH FRYDENBERG:
Good to be with you Pete.