Mathias Cormann (WA, Liberal Party, Vice-President of the Executive Council) Share this | Hansard source

I thank Senator McGrath for that question. The COVID-19 crisis is a battle we are fighting on two fronts. It is both a health battle and an economic battle. Our health mission, as we've discussed, is to slow down the spread of the virus to save lives. I can inform the Senate today that the early signs are promising. Official data shows that we are heading in the right direction in terms of slowing the spread of the virus, with the growth in new cases going from above 20 per cent when we last met to just two per cent in more recent days.

The government's economic mission is to keep businesses in business and as many Australians as possible working for those businesses in their jobs. To date, our support for the economy has totalled $320 billion, or 16.4 per cent of GDP. We have doubled support for welfare recipients and provided greater support for social security and veteran income support recipients and eligible concession card holders. Indeed, for those casuals who have been in employment with the same employer for less than 12 months, if they lose their job or need that support, they are able to apply for the jobseeker payment, which we have doubled compared to what was there before. Individuals in financial distress because of the coronavirus crisis can access part of their superannuation to relieve financial strain. Retirees have more flexibility to manage their superannuation assets, and lower deeming rates are helping those under financial pressure. Eligible small- and medium-sized businesses have received a boost to their cash flow and now have easier access to new loans. Rent relief is underway for commercial and residential tenants, while business continuity payments are keeping childcare services afloat. The economic battlefront is one we continue to deal with today.