Dave Sharma (Wentworth, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Trade, Tourism and Investment. Will the minister outline to the House how the Morrison government's approach to diversifying Australia's trade is supporting our economic comeback—

Mr Bowen interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Wentworth will pause for a second. The member for McMahon will leave under 94(a).

The member for McMahon then left the chamber.

The member for Wentworth can begin his question again.

Dave Sharma (Wentworth, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Trade, Tourism and Investment. Will the minister outline to the House how the Morrison government's approach to diversifying Australia's trade is supporting our economic comeback from the COVID-19 recession?

Andrew Gee (Calare, National Party, Minister for Decentralisation and Regional Education) Share this | Link to this | Hansard source

I thank the member for Wentworth for his question, and I commend him for the job he did as our ambassador in Israel for the trade and investment relationship between Israel and Australia. He did an outstanding job in strengthening that.

We are building a stronger, more secure Australia by diversifying market opportunities for Australian businesses. Just this year we've finalised FTAs with Indonesia, Hong Kong and Peru, which will eliminate barriers or provide better market access for 99 per cent of Australian goods. Our Digital Economy Agreement with Singapore was signed on 6 August, and our trade agreements under PACER Plus will enter into force on 13 December 2020, building on our record of delivering trade agreements with Korea, with Japan and with China and with the TPP-11 countries. We have finalised eight FTAs since coming to office. We have signed the Regional Comprehensive Economic Partnership, and the government is pursuing greater trade agreements with the European Union, the United Kingdom and the Pacific Alliance. We've already lifted the share of our trade that is covered by trade agreements from just 26 per cent to 70 per cent, and we are working to grow it even further. In the budget we announced $6.6 million to pursue more new FTAs around the world and to boost digital trade within the region.

Trade is vital for our comeback. One in five jobs in this country is trade related, and when it comes to regional Australia it is one in four jobs. That is why we are focused on delivering more opportunities for our exporters, right across the world. On average, Australian businesses that export hire 23 per cent more staff, pay 11 per cent higher wages and have labour productivity that is 13 per cent higher than that of nonexporters. Our trade agenda has already resulted in more Australian businesses exporting. Over 56,700 businesses, including 49,700 SMEs, are goods-exporting businesses. This is up seven per cent on the figure for the previous financial year and up 27 per cent since 2014. Since we have come to power, there are now more than 10,800 additional SMEs in this country who are exporting. That's creating jobs right around this nation and is powering our economic comeback from COVID-19.