Craig Emerson (Rankin, Australian Labor Party, Minister for Trade) Share this | Hansard source

I am pleased to report that on trade policy we have had so far a very active year with the release of a landmark trade policy by the Gillard government that reconnects with the Hawke-Keating tradition of economic reform and the fashioning of an open, competitive economy that has laid the foundations for 20 years of recession-free economic growth in this country. That is a proud achievement and has been made possible by the productivity gains that have emanated from the reforms of the 1980s and early 1990s. Those reforms include the floating of the dollar, the liberalisation of the financial markets and also the liberalisation of product markets through gradual reductions in industry protection. There was a period under the previous coalition government where the government lost its way in terms of maintaining the disciplines of those reforms, and this trade strategy seeks to reconnect with the traditions and the disciplines that have served Australia so well.

The second major development is the completion of a review of the Australian trade service, Austrade, which has resulted in a refocusing of Austrade's activities. Austrade was established by the previous Labor government but quite remarkably had not been the subject of a comprehensive review for a period of about 20 years—since 1990, in fact. This review initiated by the CEO of Austrade, Mr Peter Grey—and I thank him for his work in doing that—has led to a refocusing. Austrade is a great Australian institution and represents Australia very well overseas, but it had been loaded up with so many responsibilities by so many different governments over the years that it had not ever got the authority to cease some of the activities that it was engaged in, but in fact was expected to do more and more. That is why there was merit in this refocusing.

To summarise that refocusing, the effort will be concentrated more in emerging markets in developing countries—frontier markets. Where their markets are already mature, perhaps Austrade does not need the same level of presence that it has now. So this is a reallocation of resources to emerging markets in such countries and regions as Latin America, parts of Africa, Central Asia and west China in particular. So this reorientation makes good sense because that is where Austrade can make the greatest gains.

I do not propose to go on any longer because I think democracy dictates that it should not just be me speaking here but that we enable other members of the parliament to ask me questions.

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