PETER STEFANOVIC:
I want to bring in the Federal Treasurer now, Josh Frydenberg. Treasurer, thanks for your time this morning. What's the federal response this morning to the floods?
JOSH FRYDENBERG:
Firstly, we've got the ADF on standby. We've already seen our Taipan helicopters help save people from those rising flood waters. And, of course, we've got the economic assistance that is starting to flow. We've got a disaster recovery payment, which is a one off, $1,000 non means tested, tax exempt payment. We've also got disaster recovery allowances, which can be up to 13 weeks of payments to help people who cannot get to work because of those floods and the impact on supply chains. And then, of course, we'll work with the state government, as we've done with previous disasters, on other assistance packages. And we are working with local governments, too, in helping with clean‑up costs.
PETER STEFANOVIC:
Is there any plans for anything more beyond that? I mean, because some businesses are still struggling from previous flooding in Brisbane and northern and New South Wales from many years ago?
JOSH FRYDENBERG:
Well, the disaster recovery arrangements that we put in place with states are very significant. Those payments can go into the tens of thousands of dollars. They've been very helpful, too for example with farmers with previous natural disasters or other small businesses get back on their feet. So we'll do what is required. We'll work with the state government. We will work with local governments. And let's not forget that the federal government, in just the last few years alone, has put $17 billion of taxpayers money to disaster recovery payments and assistance as has been required. So we'll do what is needed.
PETER STEFANOVIC:
Just with your eyes overseas now, Treasurer, you've got the Russian President, Vladimir Putin, has threatened to push the nuclear button today. What's your response to that and the actions that have been taken by the European Union since then to basically give planes to Ukraine if they need them?
JOSH FRYDENBERG:
Well, this is an escalation of an already very dangerous situation. Make no mistake about it. Vladimir Putin and his cronies are the aggressor. Ukraine a peaceful nation, 44 million people pose no threat to Russia. Russia has not acted in self‑defence. They've sought to invade another country, which is a criminal act. And right now, there's a humanitarian disaster unfolding. Hundreds of thousands of people are trying to find safe haven. You've got people cowering in bomb shelters in Kiev as bombs are being dropped and there's fighting on the streets. This is a real concern, and that's why Australia is partnering with like‑minded nations, the United States, the United Kingdom, Canada, Japan, other European Nations, to ensure that Putin and his cronies get isolated from the international financial system. I spoke overnight to my US counterpart, US Treasury Secretary Janet Yellen, and we agreed to turn the screws on Putin and his cronies. He cannot take such actions without a huge cost. And that is what it's up to the rest of the world to ensure occurs.
PETER STEFANOVIC:
We're helping Ukraine in the form of money that will ultimately use for weapons. What is the total spend of that?
JOSH FRYDENBERG:
Again, we're working with our partners, the United States and the United Kingdom, on the details of that equipment that will be made available to Ukraine. We've already announced non‑lethal equipment. Now, we've announced that we will help provide lethal equipment. Recognising that a number of other countries, as well as providing equipment to the Ukrainians who are desperately in need, Russia's actions, Pete, are a direct challenge to the international rules based order that has helped to underpin prosperity in Europe for the last 70 plus years. This is the first major interstate conflict in Europe since the Nazis were defeated and in 1945, we got the United Nations. The year prior, we had the Bretton Woods agreement with the World Bank and the international monetary fund being established. They were premised on accepting the sovereignty of states and understanding rules and norms that needed to be adhered to. Russia's actions are in a flagrant breach of the United Nations charter and in that sense, represents a real threat to that Liberal international rules‑based order that has served the world and, indeed, Australia so well.
PETER STEFANOVIC:
Treasurer, Josh Frydenberg, on a busy morning, thanks for your time.