Tim Wilson (Goldstein, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer inform the House how Australia's strong trading performance, with the Morrison-McCormack government's new free trade agreement with the United Kingdom, is helping to consolidate our strong economic recovery from the COVID-19 pandemic?

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Goldstein, a former Human Rights Commissioner, passionate about super and a fierce opponent of Labor's $57 billion retiree tax. More trade means more jobs.

Hon. Members:

Honourable members interjecting—

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

Order, members on both sides. The member for Goldstein is about to be ejected when he's asked his own question!

Josh Frydenberg (Kooyong, Liberal Party, Treasurer) Share this | Link to this | Hansard source

One in five Australians work in a job related to trade. That is why the coalition has pursued more bilateral and multilateral trade agreements, including trade agreements with Japan, Korea, China, Indonesia, Hong Kong and Peru and the Trans-Pacific Partnership 11-nation agreement. Those agreements are helping to drive more jobs across the country. They've also helped sell more beef from the Burdekin, more dairy from Dennington, and more wine from the Barossa and the Margaret River. What we have seen is that Australia's current account surplus has increased by more than 14 per cent in the March quarter, to more than $18 billion. That's eight consecutive current account surpluses, the longest run on record.

Today we're very pleased that we've been able to secure a free trade agreement with the United Kingdom, and well done to the member for Wannon, the trade minister. Well done to our Prime Minister. Well done to our ag minister. Well done to our DPM. Well done to all those involved in helping to secure this deal, a deal with Australia's fifth-largest trading partner, a deal with Australia's second-largest foreign investor, a deal with a country that we have shared more than $30 billion with in two-way trade. This deal will see 99 per cent of Australia's good exports enter the UK economy tariff free once this agreement comes into force. It will help cut red tape. It will help the movement of workers across our two great countries. It will help Australian businesses in the professional services sector to build on the success to date. Indeed, we saw more than $700 million of professional services exports in 2019, more than 13 per cent of our services exports. This deal will help create more jobs across our two countries.