Australia has avoided widespread business collapse following the COVID-19 pandemic, the federal government says. 

Treasurer Josh Frydenberg told Neil Breen new data shows Australia has been able to successfully ride the pandemic.

The number of trading businesses in the Australian economy grew by 3.8 per cent in the year, despite a wave of lockdowns.

“I do think businesses see the upside of this recovery and they see the new opportunities that are being created,” Mr Frydenberg said.

“There is $340 billion that has been accumulated on household, as well as business balance sheets, that was not there at the start of the pandemic.

“Now, this is a combination of government support, but also money that wasn’t spent as the health restrictions started to bite.”

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