Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Hansard source

I thank the member for Higgins for her question and acknowledge her experience as a professor of paediatrics, and 28 years at the Royal Children's Hospital. COVID-19 is a one-in-100-year event and its economic impact is devastating. The OECD is estimating that the global economy will contract by about six per cent this year, in comparison to the GFC, which saw the global economy contract by just 0.1 per cent. We know from the June quarter GDP figures in other countries that they have seen substantial falls—more than 20 per cent in the United Kingdom; around 14 per cent in France; and around 10 per cent in the United States as well as in Germany. Yet, here in Australia, we've maintained our AAA credit rating, and, of the 1.3 million Australians who either lost their jobs or saw their hours reduced to zero at the start of the crisis, more than half of them are back in work—around 700,000.

Approaching this crisis from a position of economic strength has allowed us to announce and commit to $314 billion worth of support—$314 billion worth of support, nearly 16 per cent of GDP. According to Treasury, that support has helped save 700,000 jobs. The unemployment rate would have been around five per cent higher than it is today if it were not for our government's economic support. With JobKeeper, already $42 billion has gone to Australian workers. The cash flow boost—more than $23 billion—has gone to Australian workers, and more than $9 billion with the $750 payments, and more than $9 billion for the coronavirus supplement.

Right around our great country there are great stories—great stories about what JobKeeper is doing to support businesses and families—like a great story from the electorate of the member for Higgins about a group called Very Special Kids, a children's hospice providing vital counselling and clinical support. The CEO wrote to the member for Higgins—and that organisation has been supported well by the member for Higgins and her predecessor, Kelly O'Dwyer. This is what the CEO said: 'If not for JobKeeper, our position in sustaining essential services would have been significantly reduced. JobKeeper has enabled us to keep the engagement of our highly experienced and trained nurses, personal care workers, social workers and bereavement counsellors, who provide essential care to some of the most vulnerable families across Victoria, with 80 of the staff on JobKeeper.' JobKeeper is doing a remarkable job.

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