Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Hansard source

I can indeed update the Senate, because this is a fabulous story, as Senator Scullion was recently adverting to in his observations about the benefits for agriculture in Australia. The China-Australia Free Trade Agreement is going to unlock substantial new benefits for Australians for decades to come. In fact, industry has been universal in its praise for the agreement, which will see unprecedented access for Australian business to the world's second-largest economy.

Let me cite a couple of those. The Business Council of Australia said:

This historic agreement is a transformative moment for the Australian economy. It puts many of our most important sectors on a more competitive footing internationally, and gives Australian companies enormous scope to boost trade and create jobs.

Similarly, the Australian Industry Group has said that:

The agreement … will provide Australian business with more export and investment opportunities through opening up access to the large Chinese market …

And the Winemakers' Federation stated that this:

… much-awaited free trade agreement with China seals this year's trade trifecta and has the potential to add tens of millions of dollars to the Australian wine industry's export earnings.

What ChAFTA will do is create jobs and drive higher living standards for Australians. It is a transformational agreement that removes barriers to trade and investment and represents a high water mark in our relationship with China. I know that the free-trade forums being run by Minister Robb, Minister Billson and, on occasion, the Prime Minister, are attracting enormous attention from local businesses from one side of the country to the other. All of the industry groups that represent the members of those organisations are, in fact, confirming for the Australian government and for the Australian people the extraordinary value of the China-Australia Free Trade Agreement.