Josh Frydenberg says Omicron is 75 per cent less severe than Delta and other COVID variants. Is that correct?

The claim

Following a wave of coronavirus cases driven by the Omicron variant in December and January, Treasurer Josh Frydenberg defended the government's decision to move towards "normalised settings" for financial support related to the pandemic.

" … [W]e are always watching to see how the pandemic evolves. But what we do know as well is that the Omicron variant is 75 per cent less severe than the Delta variant and previous variants," Mr Frydenberg told Patricia Karvelas on ABC Radio's RN Breakfast program.

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