Michelle Landry (Capricornia, National Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. Will the Prime Minister update the House on how the free trade agreement signed today with China will boost jobs and help exporters in my electorate of Capricornia?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Capricornia for her question. This is indeed a historic day. On behalf of the Australian people I was there to witness the signing between Minister Robb and Minister Gao of China of this free trade agreement which will do so much for our two countries and will do so much to cement and build upon the friendship between our two countries. The historic agreement that was signed today means that more than 95 per cent of Australia's exports to China will enter duty free. Beef will enter duty free. Dairy will enter duty free. Wine will enter duty free. Most of our minerals will enter China duty free. That is very good for Australia and it is very good for China. For Australia it means more exports and lower prices for consumer goods. For China it means more exports and it means high-quality food. All of us in this place—all of us in this country—can be proud of the role that Australia has played in the Chinese economic miracle, which quite simply is the greatest advance in human prosperity in history. Australian iron ore, Australian coal, Australian gas and increasingly Australian food have done that. We on this side of the House have effected a trifecta of trade deals. That will be very good for our country and very good for the world. More trade means more jobs. More jobs and more trade mean a stronger economy. We have just seen some modelling from the Centre for International Economics of the three free trade agreements. Within two decades, Australian goods exports to China, Japan and Korea will be up 11.7 per cent, or $17 billion more than otherwise. Our service exports will be 14 per cent more than otherwise. Our GDP will be almost $25 billion more than otherwise. There will be 178,000 more jobs than otherwise, and real wages are expected to be half a per cent higher than they otherwise would be because of this trifecta of trade. This is a government which is getting on with the job of building a better Australia, creating a strong, safe and prosperous Australia for everyone.