John Alexander (Bennelong, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Communications. Will the minister inform the House how digital industries stand to benefit from the government's historic free trade agreement with China? Are there any threats to the government's approach?

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

I thank the honourable member for his question. The honourable member's electorate of Bennelong contains some of Australia's leading technology businesses and some of its leading research institutions, both private and public sector. The CSIRO's laboratories are in the Macquarie Park district in his electorate. While the member's electorate does not contain an iron ore mine or a coalmine, it is poised to benefit immensely from the China-Australia Free Trade Agreement, the best free trade agreement ever entered into or ever negotiated by China with any comparable developed country.

Ms MacTiernan interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Perth will cease interjecting.

Malcolm Turnbull (Wentworth, Liberal Party, Minister for Communications) Share this | Link to this | Hansard source

The achievement of the trade minister is remarkable. The future of our children's jobs and our grandchildren's jobs lies in the benefits that come from this agreement. The Labor Party has shown itself, by its attachment to the misleading, dishonest campaign by the CFMEU, to be bogged in the past. It has shown itself to be a party that is frightened of the future and that tries to play on people's fears and anxieties, instead of recognising that this economy of China—which the Treasurer just said had been led by investment for many years and is now rebalancing to a consumer society, a consumption based economy—offers every single Australian business enormous opportunities and offers so many benefits for digital industries and businesses that can transact on digital platforms.

China's online retail market, at half a trillion dollars a year, is larger than that of the United States already, and it is growing rapidly. Chinese online platforms like Richard Liu's JD.com, which launched its Australian operation here in Melbourne recently—which I attended—is the second largest online platform in Australia. They are seeking, spurred on by the example of the China-Australia Free Trade Agreement, and reaching out to Australian businesses of every kind to be on that platform. It goes right across the board. Only last week, 10 Australian education technology start-ups visited a range of businesses across China, as part of a mission sponsored by our government and the New South Wales government, with teacher training software and English language software. All of these are opportunities that are made available by this free trade agreement, whose importance is not simply in its text but in the good housekeeping seal of approval that it gives to every Chinese person and every Chinese business that trading with Australia is good.