E&OE TRANSCRIPT
PRESS CONFERENCE
BRISBANE
MONDAY, 9 MARCH 2020

SUBJECTS: Hannah Clarke; Impact of Coronavirus on the economy; Stimulus; Stock market; Oil and fuel prices; Timing of the Budget and parliamentary sittings.

JIM CHALMERS, SHADOW TREASURER: Good afternoon, everybody. It's a heartbreaking day here in Brisbane as Hannah Clarke and her three gorgeous little kids are laid to rest at their funeral today. It must be another excruciatingly sad day for everybody who loved Hannah and her kids. Our thoughts are with all of her family and friends as we all turn our minds again to redoubling our efforts to eliminate the scourge of family violence in our society.

I want to say a few things about the state of the economy following the outbreak of the Coronavirus and in anticipation of the Government's stimulus package which they'll be announcing later this week. I'm conscious that the stock market has taken a big hit as confidence here and around the world suffers from the outbreak of the virus and our dollar is lower again. There's a lot of anxiety and concern in our economy and in our community.

This Coronavirus will have a big impact on our economy so it warrants and demands a substantial response from our Government. The economy was already weak heading into the challenges of the fire season and the Coronavirus and now it's getting weaker. Before the virus hit we had slowing quarterly growth, annual growth was well below average, business investment went backwards for three quarters in a row. We've got stagnant wages, very high household debt and issues with consumption and productivity. Under the life of this Liberal-National Government net debt has more than doubled from $175 billion to $430 billion. Australia approaches these challenges from the Coronavirus from a position of relative weakness, not strength because of a long period of inaction and incompetence from Scott Morrison and Josh Frydenberg.

Australia needs this Government to do a better job managing these challenges than they have done managing the economy in recent years. Every single Australian has a stake, and an interest, in the Government doing a better job dealing with the challenge of Coronavirus in our economy than they've done over recent years, which have been characterised by insecure work, stagnant wages, slowing growth and weak business investment.

The Labor Party will examine what they announce tomorrow. We will be constructive, responsible and supportive where we can. Our priority will always be the workers and the employers in this economy and the communities around them.

Our preference is to support what they announce in coming days, but we haven't seen it yet and we need to make sure that the package is big enough, fast enough and of sufficient quality that it is worthy of our support. We also have a responsibility to point out if we think the package that they announce is insufficient or deficient in any way. Our responsibility is to be as constructive as we can to support where we can, but also to point out where we think the Government could have done a better job.

We need to make sure that whatever the Government announces is not too little, too late. We need to make sure that whatever they announce is big enough and fast enough to make a genuine difference in a floundering economy. We need the Government to focus on those most affected by these challenges whether it be workers without paid sick leave or businesses in affected sectors having trouble with cash flow. We need the Government to address the long-standing challenges in the economy which have been left unattended for too long.

We need the Government to do a better job getting this support out the door than they have done when it's come to getting drought assistance, fire assistance or infrastructure money out the door in recent times. We'll see what the Government announces. It needs to be big enough and fast enough to make a difference. We'll support it if it's a good package when it's announced. Our interests will always be workers, businesses and communities. We will always put the interests of Australians in the economy above politics. That's the difference between us and the Liberal-National Government in Canberra. We will look at what they announce and we'll respond in due course.

JOURNALIST: [Inaudible]

CHALMERS: We've put some constructive suggestions on the table already. The response needs to be broad enough to make a difference, big enough and fast enough. We've said there's a case to look at Newstart and to see what else can be done in infrastructure. There’s a case for something to be done when it comes to business investment. They should talk to the business community about things like BAS deferral and other ideas. There is a substantial issue with workers who don't have paid sick leave so they should be looking at ways to deal with that pressure. There are a range of things the Government should be looking at. We don't want them to drag their feet any longer. The need is substantial and it's urgent. It's time for the Government to come forward with a plan to deal with these issues. If it's a good plan we will support it but if it's deficient or insufficient we'll make those points as well.

JOURNALIST: The Saudis have dropped the price of oil. How important is it for the economy, not just consumers?

CHALMERS: It's absolutely crucial that the petrol retailers in Australia pass on these substantial reductions in the fuel price. The petrol retailers in this country should not be taking advantage of Australians who are already doing it tough. The petrol retailers in this country should not be taking us for mugs by hanging on to these substantial reductions in the fuel price. This is not a political issue. Every Member of Parliament calls on the petrol retailers to do the right thing, to pass on these price reductions, to make sure that Australian motorists get the benefit of these price reductions. They're doing it tough enough in the economy and they need this price relief at the bowser.

JOURNALIST: Senator Rex Patrick is calling for the Budget to be brought forward due to concerns of people gathering at Parliament and possibly infecting each other. Do you have concerns about parliamentary sittings?

CHALMERS: When it comes to the spread of the virus we should be taking the medical advice of the experts. I know that the Chief Medical Officer has made some comments this morning and I know that he works very closely with the Chief Medical Officers of the States as well. As always, we should be taking their advice when it comes to transmission of this virus in workplaces whether it be the Parliament or other workplaces. We should be taking the best advice and sharing that information and that advice so that people can make the best decisions possible.

When it comes to bringing forward the Budget or having the Parliament sit earlier or sooner than scheduled, all of those options should be on the table. The Government should be considering ways to get support into the hands of workers, businesses and communities as soon as possible. If they came to us with a proposal to expedite that support we would look for ways to be helpful and constructive as always.

ENDS