While remaining optimistic that most Australians affected by COVID-19 would be in work after the crisis, Josh Frydenberg did not shy from the truth about the country’s coming debt.

In a press conference in Canberra, Treasurer Josh Frydenberg made no secret that Australians would be carrying a debt burden for some time after COVID-19.

“Of course, there will be a debt burden that will be left to pay for years to come,” he said.

“But we will approach those issues in the considered way that we have done in the past.”

No changes to the tax system

When asked how exactly Australia would pay this off, and fronted with concerns that young Aussies would be left to shoulder most of the burden, Mr Frydenberg said there would be no change to how people were taxed.

“We have no plans to change the GST,” he said.

“We are focused on is growing the economy… and by virtue of growing the economy and creating more jobs, then you see both expenditures go down and revenue go up.”

Thousands of businesses sign up for Job Keeper, but how many employees?

Mr Frydenberg confirmed 800,000 businesses had so far signed up for the Job Keeper program – which will give them $1500 a fortnight per employee to keep workers around – but could not confirm how many people would be getting the payment.

He said “we haven’t got those full details and that analysis is still yet to be done”.

It comes as projections from Treasury show Australia’s unemployment rate is likely to double the current 5.1 per cent and reach the highest levels since 1994.

More support for embattled industries like aviation will be “sector wide”

Despite calls for the Government to offer individual bailouts to companies like Virgin, which some are concerned is on the very verge of collapse, Mr Frydenberg doubled down on the choice of sector-wide support only.

“We’ve been very consistent in that message that we will support the aviation sector but we’re doing so with a sector-wide approach and you’ve seen that in the announcements to date,” he said.

“Australia’s been well served by having two major airlines operating in the domestic market. But Virgin and Qantas are both publicly listed companies, both with substantial share holders.”

Opposition Leader Anthony Albanese called for the Government to rescue the airline, by purchasing equity in airlines that need support to save jobs.

It comes as Virgin hired experts Deloitte to work on restructure scenarios, the Guardian reported.

More Perth coronavirus updates on SoPerth.com.au.