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

I thank Senator Reynolds for that very important question. The historic China-Australia Free Trade Agreement is a central part of our plan for stronger growth and more jobs. The Australian economy continues to grow, despite the biggest fall in our terms of trade in about 50 years. The Australian economy continues to grow when other commodity based economies, like Canada and Brazil, are actually in recession. Australia as a trading nation always needs to look for opportunities in key markets around the world to get better access for our businesses to sell their products. China, the second biggest economy in the world and a key market for Australian product, is a very important market for us, and the opportunities for Australian services providers and for Australian agriculture and fisheries exporters are indeed significant.

Already $9 billion worth of agriculture and fisheries product is exported into China every year. Already about $7 billion worth of services are exported to China every year. As a result of the China-Australia Free Trade Agreement, we will be able to grow that strongly, moving forward, and that will create more jobs and more opportunities here in Australia. Don't take my word for it. Let me talk to the Senate through the voice of agricultural producer Geoff McLarty, in the seat of Canning, at Pinjarra. He said the trade deal with China is the 'best bit of news' of the past years. He said:

He still has a bad taste in his mouth from Labor's ban on live exports in 2011 and does not share Opposition Leader Bill Shorten's concerns about the FTA jeopardising Australian jobs.

I am quoting him directly:

'The free trade agreement is one of the best bits of news we've had in the last few years,' he said. 'Beef prices have improved generally, but to be able to export—'

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