Labor backs Frydenberg’s call for a global economy freeze

Labor backs Frydenberg's call for a global economy freeze

Labor frontbencher Stephen Jones says he supports the Treasurer’s call to put the global economy into a “controlled” hibernation.

Treasurer Josh Frydenberg met with G20 finance ministers via video conference on Tuesday, where he urged the group to commit to a fiscal support target to aid recovery on the other side of the coronavirus crisis.

Speaking to Sky News, the Shadow Assistant Treasurer said Mr Frydenberg had his “100 per cent” support with the approach.

“We know from our experience in the global financial crisis that the best results are going to occur when you have all of the G20 nations moving in a synchronised fashion,” Mr Jones said.

“When we come out of this Australia, as a trading nation, knows it’s going to need access to healthy markets around the world to sell our agriculture products … services, to attract tourism.

“And if economies, and our neighbours, aren’t booming then people aren’t going to be coming to Australia on planes or in boats. They’re not going to be buying our exports or our commodities and our minerals.”