Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Hansard source

Thank you, Mr President, and I particularly thank Senator Sinodinos for this extremely important question. Our trade negotiations are very important elements of our microeconomic reform agenda and our trifecta of trade agreements with the major economies of North Asia are very powerful enablers and are part of this government's efforts to help diversify our economy. They are about placing us in the best possible position to take advantage of the opportunities that are coming down the line in the region all around us. These are agreements about empowering people, empowering our industries, our businesses, our farmers, our service providers and the people they employ. In particular, the landmark China-Australia Free Trade Agreement, the ChAFTA, will unlock substantial new benefits for Australians for decades to come. Even former Labor trade minister Simon Crean has said that:

This is a great deal for Australia.

Modelling conducted by the Centre for International Economics shows that ChAFTA will create almost 8,000 jobs in 2016 alone and close to 15,000 new jobs by 2020. In fact, 80 per cent of our economy is comprised of services and the ChAFTA provides unprecedented access for our world-class services into the world's biggest market. The opportunities for all Australians will be absolutely extraordinary in the decades ahead. The government is not the only one to recognise that, nor is former trade minister Mr Crean. But let me speak about Jennifer Westacott, CEO of the Business Council of Australia, who said in a recent weekend column:

In years to come we will look back and either see this as a time when Australia was finally in the right part of the world at the right time with the products to buy and sell or we will see it as a time when we let the biggest trading opportunity in our history slip by.

We do not intend to let that happen. (Time expired)