Marise Payne (NSW, Liberal Party, Minister for Human Services) Share this | Hansard source

I thank Senator Back for his question and for his particular interest in this important area of Australian trade and investment. The landmark China-Australia free trade agreement, or ChAFTA, will unlock substantial new benefits and new jobs for Australians for years to come. In fact, industry has been universal in their praise of the agreement. The Business Council of Australia said:

This historic agreement is a transformative moment for the Australian economy. It puts many of our most important sectors on a more competitive footing internationally and gives Australian companies enormous scope to boost trade and create jobs.

The Australian industry Group said:

The agreement announced will provide Australian business with more export and investment opportunities through opening up access to the large Chinese market whilst seeking to ensure that appropriate safeguards have been included for local industry.

The Winemakers Federation praised the much awaited free-trade agreement with China, saying it 'seals this year's trade trifecta and has the potential to add tens of millions of dollars to the Australian wine industry's export earnings'. All of those levels of support were universal in their praise for the trade agreement.

What ChAFTA will do is add billions of dollars to the economy, create jobs and drive higher living standards for Australians. In fact, it will make sure that Australian businesses have unprecedented access to the world's second largest economy. It greatly enhances our competitiveness in key areas like agriculture, resources and energy, manufacturing, exports, services and investment. Frankly, given the achievement of the trade trifecta by this government in the short period we have been here, and the absolute lack of achievement on the other side in six years of government, it is a very significant achievement indeed.