Fiona Nash (NSW, National Party, Assistant Minister for Health) Share this | Hansard source

I thank the senator for his question. As noted by many members on this side of the chamber, at its core this agreement will mean more jobs from more Australians. It will mean better access to the world's second largest economy, an improved competitive position the export markets, more prospects for increased two-way investment and reduced cost for imports for Australian businesses and consumers alike.

The China-Australia FTA will open significant opportunities for Australia in the world's second largest economy and one of the world's fastest growing economies. China is Australia's largest export destination for both goods and services, accounting for nearly a third of total exports. It is our largest export market for agriculture, resources and services and is a growing source of investment, creating jobs and economic prosperity for Australia. The benefits of this agreement are far reaching and one of the great beneficiaries in our economy is services—in particular, our world-class health sector. Those of us from rural electorates often think of the free trade agreement in terms of agriculture, beef and primary produce. We often forget that China is already Australia's largest services market, worth nearly $7½ billion dollars in 2013-14

This agreement will knock down barriers to trade in services. For the Chinese economy, which is transitioning its population into the modern world health care, the hospital system is there but the primary care system is well and truly ripe for development. The opportunities we have to help provide 1.3 billion citizens with primary care are very positive. The opening up of Chinese health industry to foreign investment represents an unprecedented opportunity for Australian businesses, given China's growing middle class and its increased demand for quality health care.