My question is to the Prime Minister. How will Australia's landmark free trade agreement with the European Union benefit the Australian economy and jobs, as well as our producers and consumers? Why is the implementation of this deal in Australia's national interest?

I thank the member for Moore for his question. The free trade agreement that is proposed with the world's second-largest economy will bring major benefits to Australia. This is a market with 450 million people spanning 27 countries with a large middle class purchasing goods and services. This will add $10 billion of benefit to the Australian economy. It eliminates European tariffs on critical minerals, expanding investment in that crucial industry, which will put us at a competitive advantage with other countries that are seeking to expand their exports into Europe. That is why this is such an important issue.

For Australian industry and producers, 98 per cent of trade with the EU will be tariff free. It removes all tariffs on Australian wine. It removes all tariffs on Australian fruits, vegetables and tree nuts. It removes 87 per cent of tariffs on Australian dairy. It delivers an eight-fold increase of Australian beef exports compared with what is exported today. It delivers a five-fold increase of Australian sheepmeat exports compared with what is delivered today. It delivers a better deal for Australian red meat than the agreement between the EU and South American countries. This will support more than 338,000 Australian jobs across the economy that rely on two-way trade with Europe. It means cheaper goods for Australian consumers. No doubt, this is a win for business, jobs, consumers and the Australian economy.

At a time when free trade is under some siege from parts of the world, we need to stand up for a market based economy and free trade. One in four Australian jobs rely on trade. One-third of our economic output is supported by trade. There is no question that it is in our national interest to implement this deal, harness its economic benefits and send a message to the world that Australia supports free and fair trade. I call upon all senators to support this agreement. It is in the national interest. All of the other agreements that have been set from whatever political party was in government have been supported on a bipartisan basis because they have been in Australia's national interest, and this is certainly in Australia's national interest.