Christopher Pyne (Sturt, Liberal Party, Leader of the House) Share this | Hansard source

I thank the member for Hindmarsh for his question because he, like me and the rest of the government, is focused on trying to grow the economy, trying to increase the size of the pie, which will lift revenues for the Australian government and take care of a lot of the problems left to us, by the previous government, two years ago. The commitment that we have on this side of the House to free trade—to things like the Trans-Pacific Partnership Agreement, the China-Australia Free Trade Agreement, free trade agreements with South Korea and Japan—are all designed to create jobs and grow the economy. Labor, on the other hand, believe that they can frighten the Australian people back into poverty and win an election based on that fear campaign. We, on this side of the House, have an optimistic view of the Australian economy and the future for our country, and that is an optimism shared by the Australian public.

I was only recently talking to the member for Hindmarsh about a very successful advanced manufacturer in his electorate called Philmac. Philmac is a business that makes advanced designs and manufactured fittings and valves for the movement and control of water. It is a very old business, but it puts a lot of money and effort into research and development. It started in 1929, and it is constantly innovating and changing its business model and products. It holds many world patents and has been extremely successful exporting to 30 countries. The TPP—the Trans-Pacific Partnership Agreement—is going to advantage firms just like Philmac in Hindmarsh, and just like Carbon Revolution in the member for Corangamite's electorate in Geelong. It will do this by opening up to Australia access to markets to 40 per cent of the world's economy. It will reduce tariffs on $12.3 billion of dutiable exports to Trans-Pacific Partnership countries—they will be eliminated. That is 98 per cent of all tariffs in member countries being eliminated. It will reduce administrative costs for Australian businesses in the future as they will trade under one set of rules through the TPP where previously Australian businesses had to deal with a number of different bilateral rules as part of different free trade agreements.

Mr Husic interjecting—

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