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Speaker 1: Jonesy and Amanda in the morning one w Satham.

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Speaker 2: Well, we were just saying earlier that the pandemic is

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Speaker 2: costing US four billion dollars a week. More than four

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Speaker 2: point seven million Australians are set to receive their job

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Speaker 2: keeper benefits from today. That just gives you an insight

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Speaker 2: into how many people's lives, jobs have been interrupted. What

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Speaker 2: will the road out look like, how long will it take?

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Speaker 3: Well?

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Speaker 2: Who better to us than our treasurer Josh Friedenburg, who

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Speaker 2: joined us this morning. Good morning Treasurer, good morning, nice

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Speaker 2: to be with here.

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Speaker 3: Great to have you on the show. Jost you you

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Speaker 3: must be the busiest man in the history of busy men.

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Speaker 2: Hell of a time to be a treasurer.

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Speaker 1: It's a challenging time, but like it is for the

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Speaker 1: rest of the country as well. And you know how,

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Speaker 1: our thanks go out to all those health workers on

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Speaker 1: the front line who are helping to save lives, and

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Speaker 1: our thoughts with all those people who are doing it

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Speaker 1: tough as well.

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Speaker 2: Indeed, when you read the figures, I mean there's been

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Speaker 2: three hundred and twenty billion dollars worth of economic support

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Speaker 2: that the government has already provided. Where does it all

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Speaker 2: come from what will it mean long term that we've

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Speaker 2: got this money available now, Well.

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Speaker 1: We end up having to borrow it, essentially by issuing

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Speaker 1: bonds that the government issues through the international markets that

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Speaker 1: gets bought by overseas banks overseas governments. We pay interest

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Speaker 1: on those bonds like your listeners may pay interest on

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Speaker 1: their mortgage, and eventually we have to pay it back.

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Speaker 1: There's no money tree at the back of the Treasurer's

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Speaker 1: parliamentary garden. But I think it's been absolutely necessary at

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Speaker 1: this particular time that we spend the amount of support

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Speaker 1: that we've given because the country has faced a real challenge.

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Speaker 3: You must have been happy with that surplus that you're

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Speaker 3: delivered in the budget before. But you guys, as Scott

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Speaker 3: Morrison said, you didn't see this coming. No one saw

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Speaker 3: this pandemic coming.

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Speaker 1: Yeah, well, we balance the budget for the first time

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Speaker 1: in eleven years. We've predicted that we'd get a surplus,

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Speaker 1: and obviously we've been hit by the fires, hit by

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Speaker 1: the drought, but we're still on track to do that.

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Speaker 1: But when we got hit by the coronavirus, that was

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Speaker 1: the last straw. If you like, that really meant that

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Speaker 1: the surplus couldn't be delivered, and extra spending in all

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Speaker 1: these areas was required and we had no hesitation in

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Speaker 1: doing that, and we continue to have the countries back

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Speaker 1: at this difficult time.

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Speaker 2: You've said, and we all know the economic shock of

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Speaker 2: this will be profound and will be prolonged. How long

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Speaker 2: will it be When will we feel like we used to?

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Speaker 1: Well, obviously we need to ease the restrictions in a

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Speaker 1: gradual way, and that's what the National Cabinet is considering.

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Speaker 1: We have to follow the health advice because it's served

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Speaker 1: us well. We haven't seen the level of deaths in

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Speaker 1: Australia that they've seen in the United States. We haven't

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Speaker 1: seen the lockdown that they've seen in Europe. But at

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Speaker 1: the same time, we've got to be on guard to

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Speaker 1: prevent a second outbreak of coronavirus cases. So we've got

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Speaker 1: to follow the medical advice. But I think we've got

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Speaker 1: to the point now where with the right protocols, with

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Speaker 1: the road processes, we can start lifting the restrictions. And

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Speaker 1: as you can see from the streets in the morning,

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Speaker 1: people are starting to get out and about much more

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Speaker 1: than they were a couple of weeks ago.

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Speaker 3: Does this mean that we'll probably move away from our

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Speaker 3: reliance on China for manufacturing and things that a lot

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Speaker 3: of people say, Oh, why can't we just bring local

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Speaker 3: manufacturing back to Australia, But it's not as simple as that.

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Speaker 1: Well, it's unrealistic to think that we can make everything

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Speaker 1: here in Australia. That we should make everything here in Australia.

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Speaker 1: That would be very costly and practically very difficult. But

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Speaker 1: what we can do is ensure that at times of

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Speaker 1: crisis we are a lot more self sufficient in certain areas.

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Speaker 1: We're al ready, for example, produce enough food for seventy

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Speaker 1: five million people even though we're a country of twenty

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Speaker 1: five million people. But when it comes to fuel security,

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Speaker 1: that's an area that we're focusing on to ensure we

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Speaker 1: increase our stocks, particularly capitalizing on the low oil price

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Speaker 1: at the moment. There are different issues in relation to

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Speaker 1: global supply chains and domestic manufacturing that we're examining right now.

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Speaker 2: Toilet paper supplies for as. Yea, you must have been

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Speaker 2: privy to some extraordinary meetings in recent months. I bet

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Speaker 2: this is a time that you will never forget. Was

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Speaker 2: it scary?

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Speaker 1: Oh? Look, it was very very challenging but you know,

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Speaker 1: politicians are not conscripts. We're all volunteers and this is

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Speaker 1: something that you know, we're privileged a position that we're

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Speaker 1: privileged to hold, and we represent our constituencies and indeed

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Speaker 1: there's a government represent the country. So I've obviously taken

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Speaker 1: to this task with the Prime Minister as best as

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Speaker 1: I can. We're not through it yet, but we've made

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Speaker 1: really significant progress and I'm very hopeful that we can

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Speaker 1: bounce back stronger on the other side of this and

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Speaker 1: Australians can be optimistic about their future.

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Speaker 3: Well good are you and scom I just said there

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Speaker 3: going Come on, can anything else go wrong? This must

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Speaker 3: be it? Surely nothing else.

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Speaker 2: There are murder wasps that that are making me way

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Speaker 2: to North America.

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Speaker 3: I've been reading murder was don't worry about wasps.

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Speaker 1: Okay, that's not your department while I'm staying indoors.

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Speaker 2: Up Dan movies and leaving.

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Speaker 3: It at that. Josh Fridenburg, thank you for joining us

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Speaker 3: this morning.

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Speaker 1: Good to be with you and look forward to joining

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Speaker 1: you again, and all the very best to your listeners.

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Speaker 1: Join the end Amanda in the morning one at one

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Speaker 1: point seven, tell you f