Terry Young (Longman, Liberal National Party) Share this | Link to this | Hansard source

My question is to the Treasurer. How is the Morrison government's strong economic leadership ensuring our economy remains resilient during these challenging times so that Australia is well placed to bounce back again in the future? Is the Treasurer aware of any alternative approaches?

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

I thank the member for Longman for his question and acknowledge his experience with small business. He's not just a good guy; he's actually owned a Good Guys franchise, like many on this side of the House with a small-business background.

These are trying times for the Australian economy and, indeed, for the Australian community, with people across Queensland, Victoria and New South Wales in lockdown. This is having an impact on economic activity, this is having an impact on business and consumer confidence and this is having an impact on the number of hours worked. That is why we're responding with extensive economic support. Since July around $2 billion has been paid out through the COVID disaster payment to around one million people. We've seen business support go to Victoria, where we've combined for $800 million—two packages—to provide support to small businesses. Earlier this week we saw support, with the Marshall government, for South Australian businesses, with cash grants of around $3,000 for small businesses. And we've also partnered with New South Wales in a fifty-fifty split to ensure businesses receive economic support.

We know that the Australian economy has underlying strength and we know that it will bounce back from these challenges that it faces today. That's because it's done it before. But, even to look at the current challenges in context, we know that consumer confidence today is around 50 per cent higher than it was in March last year. We know from bank data that consumer spending today is around 30 per cent higher than it was in April last year. We also know that around 200,000 people have come off unemployment benefits since the end of JobKeeper.

I'm asked, 'Are there any alternative approaches?' Those opposite always seek to talk down the Australian economy. Those opposite are taking to the Australian people higher taxes. Those opposite are seeking to splash billions of dollars on people who have already had the jab. And those opposite are seeking to diminish the success of nation-saving programs like JobKeeper. Today there was a revelation. Today there was breaking news; it's been revealed that $22 million in JobKeeper payments went to Labor associated services—that is, trade unions. So I say to those opposite: when it comes to paying back JobKeeper, stop harassing the churches, stop harassing small business and start closer to home with trade unions.