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

I particularly thank Senator Sinodinos for his ongoing interest in this very important aspect of Australia's international trade engagement. This trifecta of trade agreements is about placing this nation in the best possible position to take advantage of the opportunities that are emerging in the region around us. In fact, the results of independent modelling show, in terms of jobs and growth, that these three FTAs are worth $24 billion in total additional income to Australia by 2035—$24 billion additional total income. In 2016, next year, if all three of the FTAs have taken effect—so, if that China-Australia Free Trade Agreement is passed—GDP is forecast to be a billion dollars higher. Those increased exports, logically, will then allow Australian businesses to hire more workers, with an annual net jobs increase of almost 8,000 people in 2016 and 15,000 people in 2020. So, in terms of jobs and growth, $24 billion in total additional income to Australia by 2035 and 15,000 extra jobs by 2020.

If the China-Australia Free Trade Agreement is implemented this year, it will result in a double bonus of tariff cuts for our exporters: one round of tariff cuts this year and a second round of tariff cuts in January 2016. So it is essential that the opposition supports this trade agreement to allow the benefits to flow immediately. It also explains why the agreement is being backed by luminary figures like Bob Hawke, like Bob Carr, like Martin Ferguson, like Simon Crean, like every Labor Premier in Australia, because they realise the benefits, they realise the advantages and they are actually prepared to engage on the international stage for Australia to bring those to fruition. (Time expired)