Ken O'Dowd (Flynn, National Party) Share this | Link to this | Hansard source

My question is to the Minister for Agriculture and Water Resources. Will the minister please update the House on how seven new live export markets and three new free-trade agreements with China, Japan and Korea are helping cattle producers and cattle processors in both my electorate of Flynn and across Australia.

Barnaby Joyce (New England, National Party, Deputy Leader of the Nationals) Share this | Link to this | Hansard source

I thank the honourable member for Flynn for his question. He has had long experience from fuel distributing to being an all-round good fella. He is a person who clearly understands his electorate. His electorate is one of the primary cattle producing areas not only of Australia but, I would say, around the globe. In fact there are more cattle produced in the Fitzroy Basin than in the whole of the Northern Territory. It is a great industry that supports the jobs of thousands of people around Rockhampton. I also note the member for Capricornia, who would also have a strong interest in jobs around Capricornia. This government provides the impetus, provides the experience that drives jobs and has driven soft commodities to probably the best turnaround it has ever seen in this nation.

I was very interested to see on Bloomberg, in discussions with the Treasurer, exactly what has happened. On Bloomberg itself they talk about Australia's beef export surge into China. What they have shown quite clearly—I am happy to table this—is that beef exports in the previous three years have reached record levels. It would not be a surprise that the last three years is when the coalition has been in government. They stated that we have seen a sixfold increase in three years in our exports into China. It is the planning that goes behind that. Of course we have got good market conditions, of course there is a protein deficit in the world and of course we are doing everything in our power to make sure that we capitalise on it. That is why we are seeing record prices in beef and that is why we are delivering these better returns back through the farm gate.

Even today, as we note these better returns, we can announce that we will be bringing into the parliament a further extension of the white paper—that is, the extension of farm management deposits from $400,000 to $800,000. I know that the member for Maranoa has been very interested in and highly supportive of driving that program ahead, in driving that facility ahead. This in itself will allow people to be able to offset the money they have in their farm management deposit against the money they owe to the bank. Basically if they work it well, they will be able to get a tax deduction for paying off their place, because we want them to have greater equity in their property.

We continue to see this extensive drive and better returns in beef prices just like we are seeing them in sheep prices, just like we are seeing a turnaround in wine prices, just like we are seeing a turnaround in wool prices. It certainly is great to be part of a government that is bringing real dignity back through the farm gate, that is giving this nation the strongest soft commodity turnaround in its history and that has brought agricultural exports to now our second biggest export after iron ore.