Brendan O'Connor (Gorton, Australian Labor Party, Shadow Minister for Employment and Industry) Share this | Link to this | Hansard source

My question is to the Prime Minister. I refer to the Treasurer's announcement that the small and medium enterprise loan guarantee scheme is providing 'an unprecedented level of support to SMEs' and that it 'will help businesses move out of hibernation, successfully adapt to the new COVID-safe economy and invest for the future'. Prime Minister, how much of the announced $40 billion in support has been delivered?

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

So far, 17,652 businesses have received $1.7 billion and, as you know, we've extended and expanded the criteria which allow those loans to have a greater tenor of up to five years. Previously, it was three years, up to a million dollars. Previously, it was $250,000. It's been a very important program.

Opposition Members:

Opposition members interjecting—

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

I don't know what the honourable member has against the government partnering with the banks to help small business. What do honourable members opposite have against supporting small business? What do they have against—

Honourable members interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Treasurer will pause. There are some people who are about to leave the chamber. Seriously, the level of interjections is unnecessary. The Treasurer.

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

The harsh reality of COVID-19 is that it has had a significant impact on small businesses right around the country. We all know that small business owners are often the ones who are first into their office or into their shop and they're the last to leave. They work at the front of the office or the shop and they work at the back office. They have received unprecedented support from the Morrison government through this crisis and that support has been very varied. It's been through the JobKeeper payment, which has helped support their workers keep a job through this crisis; it's been through the cash flow boost, which has helped meet their working capital requirements through this crisis and it's been through the SME loan guarantee. And right now more than 17½ thousand businesses are benefitting from our government's partnership with the banks.