Jason Falinski (Mackellar, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Can the Treasurer please update the House on what the Morrison government are doing to support Australians during lockdown and how we are ensuring that our economy bounces back stronger as the lockdown restrictions are eased?

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

I thank the member for Mackellar for his question and acknowledge his time as a local councillor, in small business and as chair of the tax and revenue committee in the House.

The good news for the people of the northern beaches is that now, with restrictions having been eased in New South Wales, they can go to the gym or for a swim. They can go for a meal or to a movie, or, indeed, they can now have people over to their own homes. This is the dividend for the work of the people of New South Wales in getting the jab in record numbers—now at 80 per cent double-dose vaccinations. We will see in the great state of Victoria that target reached before too long and restrictions eased in Victoria too.

Every step of the way through this delta variant lockdown we have been, as a government, supporting households and businesses in New South Wales, Victoria and the ACT. Some $17 billion is already out the door—$11½ billion in COVID disaster payments and $5½ billion in our share of the fifty-fifty business support payments. This has helped support households and businesses in their hour of need and ensure that our economy is primed for a strong recovery.

We're already seeing some positive data out of the easing of restrictions in New South Wales. The National Australia Bank credit data for the first week after lockdown has seen $825 million spent. That's a 54 per cent increase on the spending in New South Wales the week prior and a nearly 10 per cent increase on the spending in New South Wales at the same time last year, when they weren't in actual lockdown. We've seen a more than 500 per cent increase in New South Wales in spending at beauty shops; more than a 300 per cent increase in spending at clothing shops; and more than a 50 per cent increase in spending across New South Wales in pubs, clubs and restaurants.

We know that, as the restrictions are eased, our economy will continue to strengthen and the jobs will come back. There is now $330 billion on household and business balance sheets that was not there this time last year. We know that job ads are 21 per cent higher today than they were at the start of the pandemic. We know that business and consumer confidence were both up last week, and we know that, last week, Australia had its outlook upgraded by Fitch that reaffirmed Australia's AAA credit rating. So Australians can look forward to a bright summer. Australians know that their economy is resilient in the face of this big economic shock.