Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Hansard source

I thank the member for Capricornia for her question. I do appreciate her support for the China-Australia Free Trade Agreement and I do appreciate her support for the plan that this government took to the last election—a plan for a strong and prosperous economy that would deliver us a safe and secure Australia. I am pleased to report to her and to the House that the plan is working, and we are sticking to the plan. The plan is working and we are sticking to it. The latest instalment in our plan, the next step in our plan, is the finalisation in this parliament of the Australia-China export agreement—the China-Australia Free Trade Agreement—because that will deliver more jobs for Australians and more jobs in Capricornia.

I can inform the House that modelling by the Centre for International Economics shows that the China-Australia Free Trade Agreement, along with the agreements also negotiated with Korea and Japan, will make households more than $4,000 better off and boost GDP by almost $25 billion over the next couple of decades. That is a $25 billion boost to GDP over the next two decades. Why will it do that? It will do that because, under this agreement, tariffs on some 95 per cent of our exports to China will be completely abolished: beef tariffs—gone; dairy tariffs—gone; lamb tariffs—gone; wine tariffs—gone. That is why this is so good for jobs in our country, including in Capricornia.

If the China FTA enters into force before the year's end, exporters will get two quick tariff cuts—one when the agreement enters into force and another on 1 January 2016. That is why I say to members opposite that the legislation for this export agreement must be passed this year. It absolutely must be passed this year. If it is not passed this year the beef industry will lose $110 million; the dairy industry will lose $60 million; the wine industry will lose $50 million and the grains industry will lose $43 million. As Bob Carr said, the China FTA gives Australia better access to this market than any other country. He said:

There will be more jobs and higher wages in Australia if the China FTA goes ahead.

That is from Bob Carr. If only the Leader of the Opposition would channel Bob Carr. Instead, all he can do is channel the hate speech of the CFMEU. (Time expired)

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