Australia news live: Gladys Berejiklian announces no more Covid hotspots in NSW as Asic chairman to stand down

At the peak of this crisis, $250bn worth of loans had their repayments deferred. About three-quarters of those loans were home loans and about a quarter of them referred to SME loans.

As of the most recent data, 80% of those home loans where the repayments were deferred, payments have started again, and about 90% of those small business loans where the payments were deferred, we are now seeing the payments being made again.

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The unemployment rate fell to 6.6%. 785,000 jobs were created over the last seven months. It is off the back of rising house prices in our capital cities and regional areas, off the bark of strong retail numbers, off the back of increased economic activity and economic growth.

And, of course, the IMF has recalibrated economic forecasts which sees Australia better positioned than nearly any other country in the world.

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