Bridget Archer (Bass, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer inform the House of what the Morrison government is doing to support our economic recovery and why every Australian state and territory needs to stay committed to the national plan that has been agreed to so that we can live with COVID into the future?

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

I thank the honourable member for Bass for her question and acknowledge her strong advocacy and involvement in her local community, formerly as a councillor and indeed as a mayor, and as a beef farmer as well, over the course of her career before coming to this place. She's a strong advocate for small business, and it was really pleasing that the Morrison government joined with the Gutwein government recently in providing support for small businesses, with grants ranging from $2,000 to $10,000 in the state of Tasmania.

Small business is doing it really tough right now—in and out of lockdown, and the uncertainty that that creates. That's why we've been providing grants to small business. But today we've gone further by expanding our small and medium-size business loan scheme. This scheme has already delivered more than 70,000 loans worth more than $6 billion. To be eligible for that scheme you needed to be on JobKeeper in the March quarter. We're now removing that requirement, and small and medium-size businesses—whether they're in the tourism industry, whether they're in the hospitality industry or whether they're in the construction sector—will be able to apply for loans of up to $5 million, of up to 10 years duration and with up to the first two years being repayment-free. This money can be used as working capital; this money can be used to expand the business through investment in machinery and equipment; or this money can be used for refinancing.

But the long-term sustainable future of small business is not with government loans or in government grants; it's by actually sticking to the plan agreed by national cabinet, which will see restrictions eased at 70 and 80 per cent vaccination rates. We know from the Doherty institute that zero COVID forever is unrealistic, which means we must learn to live with the virus—as we have done with influenza, with just 200,000 cases a year here in Australia, and 600 deaths.

So, we're seeking to learn to live with the virus, and our support for small business is based on how integral we believe they are to our community and to our economy, and when we ease the restrictions we can start to see them reopen and get their customers back. I say to the House, and I say to the honourable member: if we don't ease restrictions at 70 and 80 per cent, when do we? When do we see our kids go back to school? When do we see businesses reopen? When can we join with loved ones at funerals or at weddings? And when can we travel more freely across our own country? We need to give people hope, and the plan led by the Prime Minister and agreed at national cabinet gives that hope. (Time expired)