Delayed vaccine will cause ‘significant impact on the bottom line’: Treasurer

Treasurer Josh Frydenberg has refused to confirm whether 1.5 per cent of Australia’s GDP would be wiped off every six months if a vaccine isn’t available across the country when the government predicts it will be.

Sky News Chief Anchor Kieran Gilbert asked “if it’s six months late, does it wipe 1.5 per cent of GDP off?”

“It will have a significant impact on the bottom line,” Mr Frydenberg said.

“So if it’s a year later, what three per cent of GDP off?” Mr Gilbert said.

“It will depend on the circumstances at the time, we will continue to update our forecasts,” Mr Frydenberg said.

“It’s a yes, is that a yes?” Mr Gilbert said.

“We will update our numbers in next May’s budget,” Mr Frydenberg said.

“But right now we have predicated some of the assumptions in this budget on a vaccine being available across the country by the end of next year, and as you know we’ve put ourselves in the best possible position.”

Mr Frydenberg confirmed the early introduction of a vaccine by six months would add 1.5 per cent in GDP in annual GDP growth – or about $34 billion.

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