Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Williams for that question. The China-Australia Free Trade Agreement is, of course, a great win for Australia and it is particularly a great win for our services sector. This is important, because services today constitute about 72 per cent of Australia's economic activity. China is indeed Australia's largest services market, with exports in services in 2013 valued at about $7 billion. China has offered Australia the best-ever services commitments in a free trade agreement—other than China's agreements with its own regions, Hong Kong and Macau.

Most valuably, the market opening includes new or significantly improved market access for Australian banks, insurers, securities and futures companies, law firms and professional services suppliers—education services exporters, as well as health, aged care, construction, manufacturing and telecommunications services—to businesses in China. China is already Australia's largest education services export market, worth about $4 billion in 2013. China will list all Commonwealth registered private higher education institutions on its Ministry of Education website, enabling an additional 77 institutions to the existing 105 Australian institutions to increase their profile and marketing across the Chinese markets. This means more money for Australia; it means more jobs. It is part of our plan to build a stronger, more prosperous economy, where everyone can get ahead.

China will provide new market access for Australian companies to undertake joint construction projects. With Chinese counterparts in Shanghai, Australian companies will be exempted from business restrictions— (Time expired)