Matt Gregg (Deakin, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Prime Minister. How did the Prime Minister's recent trip to China help to promote and protect Australia's interests?

Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the member for Deakin for his question, and I know from my visit to his now electorate on many occasions during the last term that he understands the importance that these global relationships can have, and at a time of global economic uncertainty and strategic competition in our region, it is particularly important. The way Australia navigates this uncertainty and manages this competition is critical to both our security and our prosperity, and our relationship with China is an important part of that. One in four Australian jobs depend upon trade, and nearly a third of our exports go to one destination: China. Indeed, it is absolutely critical for jobs here in Australia. We know, from the fact that the impediments to trade have been removed, the benefits in repairing and stabilising that relationship. Of course, we have a different political system and different values. But we'll cooperate where we can, we'll disagree where we must and we'll engage in our national interest.

I'm asked how it will benefit this relationship. The leaders of some of Australia's biggest companies and biggest employers who accompanied me on this visit certainly know that that's the case. The Business Council of Australia understand. That's why they had a high-level delegation of CEOs and chairs of finance companies and universities, as well as resource companies, manufacturing sectors and legal service providers. We know that the big iron ore exporters Fortescue, BHP, Rio Tinto and Hancock certainly understand it, which is why they participated, with their counterparts, in the steel decarbonisation roundtable, something that could make an enormous difference—Ross Garnaut expects it could be worth three to four times the value of our iron ore exports today, as well as the most significant contribution we could make to reducing global emissions.

The beef producers of Queensland know that this relationship matters. The lobster fishers in Geraldton know that this matters. The rural communities who grow barley know that this matters. Our tourism operators—and we signed a significant expansion deal there—know that it matters. The wine sector, found in the Barossa Valley, Margaret River, Tasmania, the Yarra Valley or the Hunter Valley, knows that this matters. Australia's relationships in the modern world matter, which is why we need to have a mature and responsible approach to it and which is why this visit will produce real concrete benefits for Australian jobs and our Australian economy.