Carol Brown (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. The Albanese Labor government has been working to make Australia's economy more resilient and our exports more diverse. In improving our relationship with Australia's biggest trading partners, we've seen the removal of over $20 billion in trade impediments with China. What else is the government doing to open new export opportunities and create more well-paying local jobs through trade?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Brown for that question that I know is so important to her home state of Tasmania. Australia's economic prosperity is directly linked to open and stable international markets. One in four Australian jobs relate to trade. Jobs in export industries pay nine per cent more on average, and 32 per cent of Australia's economic output is supported by trade.

I'm proud of what the Albanese Labor government has achieved in the past three years, with solid foundations laid for continuing the work of building stronger and deeper trading relationships with international partners. I recently delivered a keynote speech at the Lowy Institute outlining the Albanese Labor government's second-term trade agenda. Market diversification will continue to be central to the government's trade agenda.

The government will work hard to bring priority agreements into force and progress ongoing negotiations. This includes progressing trade negotiations with the European Union, which would open a market of over 450 million consumers. We're keen to build on the existing trade deal with India to create a new market access for Aussie exporters, particularly for our farmers. We remain committed to strengthening economic ties with our neighbours by implementing a range of initiatives under the Southeast Asia Economic Strategy. The Albanese government is successfully delivering on our commitment of creating new trade opportunities, because more trade means more national income and more well-paying local jobs.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Brown, first supplementary?

Carol Brown (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Thank you, Minister, for that response. One of the many achievements during the Albanese Labor government's first term was signing a new trade agreement with the United Arab Emirates, the gateway to the markets of the Middle East. As Australia's first trade agreement in the Middle East, it unlocks incredible potential in the region. What does this new trade agreement mean for Australian businesses, local jobs and Australian consumers?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Brown for her first supplementary question. I know how significant this agreement is going to be for her constituents in Tasmania.

On 31 July the Albanese Labor government passed the necessary legislation to incorporate the United Arab Emirates comprehensive economic partnership agreement into law. It's a great deal for Australian exporters, with over 99 per cent of all Australian products soon to enter the UAE tariff free, including meat, dairy, grains and minerals. The agreement will also deliver cheaper prices at the checkout, with Australian households and businesses saving about $40 million a year. The UAE has some of the largest sovereign wealth funds in the world, which, through this agreement, will help accelerate Australia's energy transition. The Albanese Labor government will continue to pursue trade agreements just like this one.

Sue Lines (President) Share this | Link to this | Hansard source

Senator Brown, second supplementary?

Carol Brown (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Earlier this year, the Trump administration applied tariffs against every nation in the world. What is the Albanese Labor government's approach to removing these tariffs, and what actions have we taken to ensure that Australians are insulated from the effects?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Thank you, Senator Brown, for that very insightful second supplementary question. The Australia-US economic partnership has delivered mutual benefits for over 70 years. We are vital to one another's prosperity. In 2024, two-way investment increased to just over $2.9 trillion, with a 23.8 per cent increase from 2023. While we were disappointed by the decision to impose tariffs on Australia, no country has reciprocal tariffs lower than those of Australia.

Tariffs drive up prices for consumers, including ordinary working families, who will pay more at the checkout for the goods impacted by them. In response to the global uncertainty these tariffs have caused, the Albanese Labor government is implementing a $50 million initiative to support affected sectors and has already completed five new business missions to secure and grow new markets. (Time expired)