Josh Frydenberg says welfare dependency was at a 30-year low heading into the pandemic. Is that correct?

The claim

The Coalition Government has reassured Australians that the nation is well placed to emerge strongly from the coronavirus crisis in large part because of its handling of the economy in the years leading up to the pandemic.  

Treasurer Josh Frydenberg recently pointed to the Government’s success in cutting the unemployment rate before the pandemic, claiming this had produced the lowest welfare dependency for three decades.

“And let’s not forget that going into this crisis, we saw welfare dependency at a 30-year low because we’d got that unemployment rate down,” Mr Frydenberg told ABC’s Insiders program.

Is it correct that welfare dependency was at its lowest level in 30 years before the coronavirus crisis sent the economy into…