Warren Truss (Wide Bay, National Party, Leader of the Nationals) Share this | Hansard source

That is four times the rate that we inherited from the previous government—four times the rate. But we need to do better and the China free trade agreement is good news for us all. The opportunities for further job creation, in both city and country, are enormous. The opportunities for northern Australia are particularly significant. The Our north, our future white paper on northern Australia helps equip the north to be able to take advantage of the opportunities that the China free trade agreement will open up.

Northern Australia has an enormous amount to offer to Chinese investors. The talents and skills of northern Australia can add significantly to our trade relationship with China. The majority of our exports to China, in fact, come from northern Australia, so there is already a strong linkage—a strong connection—and there are huge opportunities for us to expand on that. For instance, in the resources sector across Australia, the Minerals Council of Australia has outlined some of the benefits to Australian industry as a result of the China-Australia Free Trade Agreement. Reducing tariffs on minerals, including the elimination of all coal tariffs, is likely to save the Australian industry around $600 million. That is $600 million just from the elimination of those tariffs alone. That, clearly, is going to have an enormous boost for northern Australia.

But there is plenty more. Beef tariffs of up to 25 per cent will be gone. Wine tariffs of 30 per cent, horticulture tariffs of 30 per cent, seafood tariffs of 15 per cent, dairy tariffs of 20 per cent—all will be eliminated under this arrangement. Of course, one of the most spectacular of northern Australian industries is the pearling industry. Paspaley Pearls can look forward to a 21 per cent reduction in their tariffs over the first four years of this agreement. So there are very substantial benefits.

The Chairman of the Australian Livestock Exporters' Council welcomed the agreement and congratulated the government and Andrew Robb on their efforts to bring it to a conclusion. And who is the chairman of the live exporters council? Simon Crean, the former transport minister. He knows this will be good for Australia. He knows this will be good for northern Australia. We know this will be good for northern Australia and it is high time members opposite got on board.

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